CIBC Asset Management Inc Has $429,000 Position in Etsy, Inc. (NASDAQ:ETSY)

CIBC Asset Management Inc reduced its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 49.2% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 7,722 shares of the specialty retailer’s stock after selling 7,481 shares during the quarter. CIBC Asset Management Inc’s holdings in Etsy were worth $429,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. UniSuper Management Pty Ltd grew its holdings in Etsy by 703.2% during the 1st quarter. UniSuper Management Pty Ltd now owns 13,895 shares of the specialty retailer’s stock worth $955,000 after acquiring an additional 12,165 shares during the period. Bessemer Group Inc. raised its position in Etsy by 7,221.3% during the first quarter. Bessemer Group Inc. now owns 29,871 shares of the specialty retailer’s stock worth $2,052,000 after acquiring an additional 29,463 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in shares of Etsy by 29.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 87,702 shares of the specialty retailer’s stock worth $6,032,000 after acquiring an additional 19,862 shares during the period. Sheaff Brock Investment Advisors LLC grew its stake in Etsy by 7.0% in the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 3,659 shares of the specialty retailer’s stock valued at $251,000 after buying an additional 240 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its position in Etsy by 51.0% during the 1st quarter. Canada Pension Plan Investment Board now owns 318,400 shares of the specialty retailer’s stock worth $21,880,000 after buying an additional 107,600 shares during the period. 99.53% of the stock is currently owned by institutional investors.

Etsy Stock Performance

Etsy stock opened at $51.98 on Friday. The firm has a 50 day moving average price of $52.03 and a 200 day moving average price of $56.75. Etsy, Inc. has a fifty-two week low of $47.10 and a fifty-two week high of $89.58. The company has a market capitalization of $5.85 billion, a PE ratio of 26.52, a price-to-earnings-growth ratio of 5.95 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. Etsy’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 earnings per share. As a group, equities research analysts forecast that Etsy, Inc. will post 2.25 earnings per share for the current year.

Etsy declared that its board has approved a share buyback plan on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the specialty retailer to purchase up to 17.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

ETSY has been the subject of several research analyst reports. Cantor Fitzgerald reissued a “neutral” rating and set a $50.00 target price on shares of Etsy in a research note on Monday, October 7th. Raymond James lowered their price objective on Etsy from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. Loop Capital reduced their price objective on Etsy from $50.00 to $45.00 and set a “sell” rating for the company in a research note on Monday, August 12th. Piper Sandler reaffirmed a “neutral” rating and issued a $56.00 price objective on shares of Etsy in a research report on Friday, August 23rd. Finally, Evercore ISI upgraded shares of Etsy to a “strong-buy” rating in a research report on Thursday, August 1st. Four analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Etsy presently has an average rating of “Hold” and a consensus target price of $64.87.

Insider Activity at Etsy

In related news, insider Toni Thompson Nadal sold 1,443 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $73,751.73. Following the sale, the insider now owns 592 shares of the company’s stock, valued at approximately $30,257.12. This represents a 70.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $85,660.36. The disclosure for this sale can be found here. Insiders sold a total of 5,369 shares of company stock worth $280,200 in the last 90 days. 2.60% of the stock is owned by insiders.

About Etsy

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items.