ING Groep NV Invests $13.24 Million in Etsy, Inc. (NASDAQ:ETSY)

ING Groep NV purchased a new position in Etsy, Inc. (NASDAQ:ETSY) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 250,248 shares of the specialty retailer’s stock, valued at approximately $13,236,000.

A number of other institutional investors also recently made changes to their positions in the stock. Pacer Advisors Inc. raised its holdings in shares of Etsy by 183.9% in the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock worth $331,067,000 after acquiring an additional 3,861,668 shares during the last quarter. Van ECK Associates Corp increased its stake in Etsy by 17.4% in the fourth quarter. Van ECK Associates Corp now owns 3,527,742 shares of the specialty retailer’s stock valued at $186,583,000 after purchasing an additional 522,111 shares during the last quarter. DAVENPORT & Co LLC increased its stake in Etsy by 12.1% in the fourth quarter. DAVENPORT & Co LLC now owns 1,748,008 shares of the specialty retailer’s stock valued at $92,452,000 after purchasing an additional 188,386 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Etsy by 132.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock valued at $78,827,000 after purchasing an additional 850,520 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Etsy in the third quarter valued at $55,530,000. 99.53% of the stock is owned by institutional investors and hedge funds.

Etsy Price Performance

Shares of NASDAQ ETSY opened at $51.40 on Friday. Etsy, Inc. has a 1-year low of $47.10 and a 1-year high of $78.65. The business has a 50-day moving average of $54.58 and a 200-day moving average of $53.81. The company has a market capitalization of $5.78 billion, a price-to-earnings ratio of 26.22, a PEG ratio of 2.83 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.08. The company had revenue of $852.16 million during the quarter, compared to the consensus estimate of $861.37 million. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The company’s revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.62 earnings per share. Research analysts expect that Etsy, Inc. will post 2.25 EPS for the current fiscal year.

Etsy announced that its Board of Directors has authorized a share repurchase program 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 programs are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms recently commented on ETSY. Truist Financial dropped their target price on Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. Bank of America dropped their target price on Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Stifel Nicolaus dropped their target price on Etsy from $56.00 to $51.00 and set a “hold” rating for the company in a research note on Thursday. Wells Fargo & Company upped their target price on Etsy from $44.00 to $47.00 and gave the company an “underweight” rating in a research note on Thursday. Finally, Cantor Fitzgerald lowered their price target on Etsy from $46.00 to $43.00 and set a “neutral” rating for the company in a research report on Thursday. Four research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Etsy currently has a consensus rating of “Hold” and a consensus price target of $60.08.

Insider Activity at Etsy

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total transaction of $83,010.00. Following the sale, the insider now owns 22,198 shares in the company, valued at $1,228,437.32. This represents a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 2.60% of the stock is currently owned by company insiders.

Etsy Company Profile

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.