Geode Capital Management LLC Trims Stock Position in Etsy, Inc. (NASDAQ:ETSY)

Geode Capital Management LLC trimmed its stake in Etsy, Inc. (NASDAQ:ETSY) by 32.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,957,834 shares of the specialty retailer’s stock after selling 946,105 shares during the period. Geode Capital Management LLC’s holdings in Etsy were worth $108,747,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ETSY. Pacer Advisors Inc. increased its position in shares of Etsy by 183.9% during the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock worth $331,067,000 after purchasing an additional 3,861,668 shares in the last quarter. Marshall Wace LLP increased its position in Etsy by 304.2% during the second quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock worth $82,703,000 after buying an additional 1,055,296 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Etsy in the third quarter valued at approximately $55,530,000. Holocene Advisors LP acquired a new stake in shares of Etsy in the third quarter valued at approximately $49,061,000. Finally, Renaissance Technologies LLC grew its position in shares of Etsy by 21.1% during the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after acquiring an additional 734,200 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Etsy Trading Down 7.1 %

ETSY stock opened at $56.64 on Thursday. The firm has a 50 day moving average of $53.36 and a 200-day moving average of $55.97. The company has a market cap of $6.37 billion, a price-to-earnings ratio of 28.90, a PEG ratio of 6.96 and a beta of 1.99. Etsy, Inc. has a 12-month low of $47.10 and a 12-month high of $89.58.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data 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). The firm had revenue of $662.40 million for the quarter, compared to analyst estimates of $652.47 million. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.64 earnings per share. Sell-side analysts forecast that Etsy, Inc. will post 2.25 earnings per share for the current fiscal year.

Etsy announced that its Board of Directors has initiated a stock buyback plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Etsy

In other Etsy news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $52.50, for a total transaction of $39,375.00. Following the completion of the transaction, the insider now owns 24,371 shares in the company, valued at approximately $1,279,477.50. The trade was a 2.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The disclosure for this sale can be found here. Insiders sold 5,069 shares of company stock valued at $261,888 in the last 90 days. 2.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ETSY shares. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of Etsy in a research note on Thursday, October 31st. Barclays decreased their target price on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Wells Fargo & Company dropped their price target on Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a research report on Friday, November 1st. Truist Financial decreased their price objective on Etsy from $76.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Finally, The Goldman Sachs Group lowered Etsy from a “neutral” rating to a “sell” rating and dropped their target price for the company from $70.00 to $45.00 in a report on Tuesday, October 15th. Four equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $63.17.

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.