State of Alaska Department of Revenue Sells 1,551 Shares of Etsy, Inc. (NASDAQ:ETSY)

State of Alaska Department of Revenue lowered its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 2.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 63,932 shares of the specialty retailer’s stock after selling 1,551 shares during the quarter. State of Alaska Department of Revenue owned about 0.06% of Etsy worth $3,381,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. grew its stake in Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after buying an additional 231 shares during the last quarter. UMB Bank n.a. boosted its holdings 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 acquiring an additional 292 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of Etsy in the third quarter valued at about $43,000. Versant Capital Management Inc increased its stake in shares of Etsy by 153.1% in the fourth quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer’s stock worth $44,000 after purchasing an additional 499 shares during the period. Finally, Prospera Private Wealth LLC acquired a new position in shares of Etsy during the 3rd quarter worth about $59,000. Institutional investors and hedge funds own 99.53% of the company’s stock.

Wall Street Analyst Weigh In

ETSY has been the topic of several recent analyst reports. The Goldman Sachs Group downgraded Etsy from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $70.00 to $45.00 in a research report on Tuesday, October 15th. Raymond James dropped their target price on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Barclays reduced their price target on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Jefferies Financial Group upgraded shares of Etsy from an “underperform” rating to a “hold” rating and boosted their price objective for the stock from $45.00 to $55.00 in a report on Monday, January 13th. Finally, Wells Fargo & Company reduced their target price on shares of Etsy from $47.00 to $44.00 and set an “underweight” rating for the company in a research note on Friday, November 1st. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $62.42.

Insider Activity at Etsy

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $55.34, for a total transaction of $83,010.00. Following the completion of the sale, the insider now directly owns 22,198 shares of the company’s stock, valued at approximately $1,228,437.32. The trade was a 6.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.60% of the stock is currently owned by company insiders.

Etsy Stock Performance

Etsy stock opened at $54.40 on Monday. The business’s fifty day moving average is $55.20 and its two-hundred day moving average is $54.19. The firm has a market cap of $6.12 billion, a P/E ratio of 27.76, a P/E/G ratio of 2.71 and a beta of 2.00. Etsy, Inc. has a 52 week low of $47.10 and a 52 week high of $80.30.

Etsy announced that its board has approved a share repurchase program on Wednesday, October 30th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

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.