Mizuho Markets Americas LLC Invests $20.55 Million in Etsy, Inc. (NASDAQ:ETSY)

Mizuho Markets Americas LLC acquired a new stake in shares of Etsy, Inc. (NASDAQ:ETSY) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 370,000 shares of the specialty retailer’s stock, valued at approximately $20,546,000. Mizuho Markets Americas LLC owned 0.32% of Etsy as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Blue Trust Inc. grew its position in Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after acquiring an additional 231 shares in the last quarter. Sheaff Brock Investment Advisors LLC raised its holdings in shares of Etsy by 7.0% during 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 in the last quarter. Meridian Management Co. lifted its position in Etsy by 0.4% in the 2nd quarter. Meridian Management Co. now owns 63,409 shares of the specialty retailer’s stock worth $3,740,000 after buying an additional 241 shares during the last quarter. GAMMA Investing LLC grew its position in Etsy by 25.6% during the second quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock valued at $73,000 after acquiring an additional 253 shares during the last quarter. Finally, UMB Bank n.a. lifted its holdings in shares of Etsy by 112.3% in the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after acquiring an additional 292 shares during the last quarter. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Etsy Stock Performance

Shares of Etsy stock opened at $49.63 on Friday. The stock has a 50 day moving average price of $52.13 and a 200-day moving average price of $57.12. Etsy, Inc. has a one year low of $47.10 and a one year high of $89.58. The stock has a market cap of $5.58 billion, a price-to-earnings ratio of 25.32, a price-to-earnings-growth ratio of 6.31 and a beta of 1.99.

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

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

Insider Buying and Selling

In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the company’s stock in a transaction 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 completion of the sale, the insider now directly owns 592 shares in the company, valued at approximately $30,257.12. This represents a 70.91 % decrease in their position. The sale 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 shares were sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. In the last three months, insiders sold 5,369 shares of company stock valued at $280,200. Insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

ETSY has been the topic of a number of analyst reports. Bank of America lowered their price objective on Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. UBS Group cut their price objective on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. Piper Sandler reaffirmed a “neutral” rating and issued a $56.00 target price on shares of Etsy in a report on Friday, August 23rd. Evercore ISI upgraded shares of Etsy to a “strong-buy” rating in a report on Thursday, August 1st. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Etsy from $48.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, November 1st. Four analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Etsy currently has an average rating of “Hold” and a consensus 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.