Meritage Portfolio Management Purchases 159,820 Shares of Etsy, Inc. (NASDAQ:ETSY)

Meritage Portfolio Management grew its position in shares of Etsy, Inc. (NASDAQ:ETSY) by 152.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 264,689 shares of the specialty retailer’s stock after purchasing an additional 159,820 shares during the quarter. Etsy makes up about 0.9% of Meritage Portfolio Management’s investment portfolio, making the stock its 21st largest position. Meritage Portfolio Management owned 0.23% of Etsy worth $14,698,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ETSY. Blue Trust Inc. lifted its holdings in shares of Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after acquiring an additional 231 shares during the last quarter. UMB Bank n.a. boosted its position in Etsy by 112.3% during the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after buying an additional 292 shares during the period. 1620 Investment Advisors Inc. purchased a new stake in Etsy during the second quarter valued at about $42,000. Capital Performance Advisors LLP purchased a new position in shares of Etsy in the third quarter worth about $43,000. Finally, Headlands Technologies LLC bought a new stake in shares of Etsy in the 1st quarter valued at about $59,000. Institutional investors own 99.53% of the company’s stock.

Etsy Price Performance

ETSY stock traded down $0.10 on Friday, reaching $53.31. 3,613,021 shares of the company traded hands, compared to its average volume of 3,816,161. The firm has a fifty day simple moving average of $52.37 and a 200-day simple moving average of $57.58. The company has a market cap of $6.00 billion, a P/E ratio of 27.20, a price-to-earnings-growth ratio of 6.26 and a beta of 1.99. Etsy, Inc. has a one year low of $47.10 and a one year high of $89.58.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.09). Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The company had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $652.47 million. During the same period in the prior year, the firm earned $0.64 EPS. Etsy’s revenue for the quarter was up 4.1% compared to the same quarter last year. On average, sell-side analysts forecast that Etsy, Inc. will post 2.25 EPS for the current year.

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

Insider Transactions at Etsy

In related news, insider Toni Thompson Nadal sold 1,443 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the completion of the sale, the insider now owns 592 shares of the company’s stock, valued at $30,257.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $85,660.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Toni Thompson Nadal sold 1,443 shares of the stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the transaction, the insider now owns 592 shares in the company, valued at approximately $30,257.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,369 shares of company stock worth $280,200. Corporate insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

ETSY has been the topic of several recent analyst reports. Raymond James cut their target price on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Evercore ISI upgraded shares of Etsy to a “strong-buy” rating in a research report on Thursday, August 1st. Wedbush lowered their price objective on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Wolfe Research initiated coverage on Etsy in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Finally, Barclays lowered their price target on Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $64.87.

Etsy 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.