Etsy, Inc. (NASDAQ:ETSY) Shares Sold by Knuff & Co LLC

Knuff & Co LLC trimmed its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 51.2% during the 3rd quarter, Holdings Channel reports. The fund owned 6,650 shares of the specialty retailer’s stock after selling 6,984 shares during the quarter. Knuff & Co LLC’s holdings in Etsy were worth $369,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Blue Trust Inc. raised its position in shares of 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 during the period. UMB Bank n.a. increased its stake 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 valued at $31,000 after purchasing an additional 292 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in Etsy in the 2nd quarter worth about $42,000. Capital Performance Advisors LLP purchased a new position in Etsy during the third quarter worth approximately $43,000. Finally, GAMMA Investing LLC grew its holdings in Etsy by 25.6% in the second quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock valued at $73,000 after purchasing an additional 253 shares during the period. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Etsy Price Performance

ETSY opened at $50.56 on Tuesday. The stock has a market capitalization of $5.69 billion, a PE ratio of 25.80, a P/E/G ratio of 5.86 and a beta of 1.99. Etsy, Inc. has a 12-month low of $47.10 and a 12-month high of $89.58. The firm’s fifty day moving average price is $52.09 and its 200 day moving average price is $56.89.

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

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

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ETSY shares. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Etsy in a research note on Thursday, October 31st. The Goldman Sachs Group cut shares of Etsy from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $70.00 to $45.00 in a research note on Tuesday, October 15th. Cantor Fitzgerald reissued a “neutral” rating and issued a $50.00 price target on shares of Etsy in a research note on Monday, October 7th. Truist Financial lowered their price target on shares of Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Finally, Evercore ISI upgraded shares of Etsy to a “strong-buy” rating in a report on Thursday, August 1st. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Etsy has an average rating of “Hold” and an average price target of $64.87.

Insider Buying and Selling

In related news, CAO Merilee Buckley sold 1,676 shares of the 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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 in the company, valued at $1,001,798.20. This represents a 3.98 % decrease in their position. 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. 2.60% of the stock is owned by insiders.

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.