Advisors Asset Management Inc. Boosts Stake in Etsy, Inc. (NASDAQ:ETSY)

Advisors Asset Management Inc. raised its holdings in shares of Etsy, Inc. (NASDAQ:ETSY) by 7.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 177,703 shares of the specialty retailer’s stock after buying an additional 11,594 shares during the period. Advisors Asset Management Inc. owned about 0.16% of Etsy worth $9,868,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ETSY. Meritage Portfolio Management lifted its holdings in Etsy by 152.4% during the 3rd quarter. Meritage Portfolio Management now owns 264,689 shares of the specialty retailer’s stock valued at $14,698,000 after buying an additional 159,820 shares in the last quarter. Everence Capital Management Inc. purchased a new position in shares of Etsy during the third quarter worth approximately $834,000. Principal Financial Group Inc. raised its stake in shares of Etsy by 313.1% during the third quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock valued at $30,125,000 after acquiring an additional 411,165 shares in the last quarter. Diversified Trust Co boosted its holdings in shares of Etsy by 11.5% in the second quarter. Diversified Trust Co now owns 6,459 shares of the specialty retailer’s stock valued at $381,000 after purchasing an additional 668 shares during the period. Finally, Louisiana State Employees Retirement System grew its stake in Etsy by 740.9% in the third quarter. Louisiana State Employees Retirement System now owns 55,500 shares of the specialty retailer’s stock worth $3,082,000 after purchasing an additional 48,900 shares in the last quarter. Institutional investors own 99.53% of the company’s stock.

Etsy Stock Performance

Shares of ETSY opened at $50.86 on Thursday. The business’s 50-day moving average is $52.03 and its two-hundred day moving average is $56.78. The company has a market capitalization of $5.72 billion, a P/E ratio of 25.95, a P/E/G ratio of 5.86 and a beta of 1.99. Etsy, Inc. has a fifty-two week low of $47.10 and a fifty-two week high of $89.58.

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

Etsy announced that its board has initiated a stock 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 repurchase up to 17.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Insider Activity at Etsy

In related news, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $85,660.36. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total transaction of $41,550.00. Following the transaction, the insider now owns 18,083 shares of the company’s stock, valued at $1,001,798.20. This represents a 3.98 % decrease in their ownership of the stock. 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 three months. Company insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Evercore ISI raised shares of Etsy to a “strong-buy” rating in a research note on Thursday, August 1st. Oppenheimer downgraded shares of Etsy from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. Raymond James reduced their price objective on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. Truist Financial cut their price target on Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Finally, Wells Fargo & Company dropped their price objective on Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a research report on Friday, November 1st. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Etsy 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.