Etsy, Inc. (NASDAQ:ETSY) Shares Sold by GPS Wealth Strategies Group LLC

GPS Wealth Strategies Group LLC lowered its stake in Etsy, Inc. (NASDAQ:ETSY) by 17.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,405 shares of the specialty retailer’s stock after selling 520 shares during the quarter. GPS Wealth Strategies Group LLC’s holdings in Etsy were worth $127,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Pacer Advisors Inc. lifted its stake in shares of Etsy by 183.9% in the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock worth $331,067,000 after acquiring an additional 3,861,668 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Etsy during the third quarter worth approximately $55,530,000. Holocene Advisors LP bought a new stake in shares of Etsy in the third quarter worth $49,061,000. Assenagon Asset Management S.A. raised its holdings in Etsy by 132.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock valued at $78,827,000 after acquiring an additional 850,520 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Etsy by 313.1% during the 3rd 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 during the last quarter. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Etsy Stock Performance

ETSY opened at $54.81 on Tuesday. The stock’s fifty day moving average is $55.19 and its 200-day moving average is $54.38. Etsy, Inc. has a one year low of $47.10 and a one year high of $80.30. The company has a market capitalization of $6.17 billion, a PE ratio of 27.96, a P/E/G ratio of 2.69 and a beta of 2.00.

Etsy declared that its Board of Directors has initiated a stock buyback program on Wednesday, October 30th that allows the company to repurchase $1.00 billion in outstanding 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 generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Etsy in a research report on Monday, December 16th. Wedbush decreased their target price on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Bank of America dropped their price target on Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Citigroup decreased their price objective on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating for the company in a report on Thursday, October 31st. Finally, Morgan Stanley decreased their price target on shares of Etsy from $47.00 to $45.00 and set an “underweight” rating for the company in a report on Monday, January 13th. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $62.42.

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.