Etsy, Inc. (NASDAQ:ETSY) Shares Sold by Denver PWM LLC

Denver PWM LLC lessened its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 42.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 801 shares of the specialty retailer’s stock after selling 597 shares during the quarter. Denver PWM LLC’s holdings in Etsy were worth $44,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky raised its stake in Etsy by 32.0% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 27,911 shares of the specialty retailer’s stock valued at $1,550,000 after acquiring an additional 6,766 shares during the last quarter. Coldstream Capital Management Inc. raised its stake in shares of Etsy by 11.6% during the third quarter. Coldstream Capital Management Inc. now owns 4,302 shares of the specialty retailer’s stock worth $239,000 after purchasing an additional 448 shares during the last quarter. M&T Bank Corp lifted its holdings in shares of Etsy by 18.8% during the third quarter. M&T Bank Corp now owns 5,600 shares of the specialty retailer’s stock worth $311,000 after purchasing an additional 885 shares during the period. PYA Waltman Capital LLC raised its position in Etsy by 34.3% during the 3rd quarter. PYA Waltman Capital LLC now owns 23,048 shares of the specialty retailer’s stock worth $1,280,000 after buying an additional 5,889 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Etsy in the 3rd quarter worth $4,376,000. 99.53% of the stock is owned by institutional investors and hedge funds.

Etsy Price Performance

Shares of NASDAQ ETSY opened at $58.58 on Friday. The company has a market cap of $6.59 billion, a PE ratio of 29.89, a price-to-earnings-growth ratio of 6.96 and a beta of 1.99. The company has a 50-day simple moving average of $52.71 and a 200-day simple moving average of $56.06. 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 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). Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The business had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. During the same quarter last year, the firm posted $0.64 earnings per share. The company’s revenue was up 4.1% on a year-over-year basis. On average, analysts anticipate that Etsy, Inc. will post 2.25 EPS for the current year.

Etsy declared that its board has authorized a stock buyback plan on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.15, for a total value of $39,862.50. Following the transaction, the insider now owns 25,121 shares in the company, valued at approximately $1,335,181.15. This trade represents a 2.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction dated Thursday, October 3rd. The stock was 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. Over the last ninety days, insiders have sold 5,069 shares of company stock worth $261,888. 2.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ETSY. Piper Sandler reissued a “neutral” rating and set a $56.00 price target on shares of Etsy in a report on Friday, August 23rd. Wedbush reduced their price target on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Raymond James dropped their price objective on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Barclays reduced their target price on Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Finally, The Goldman Sachs Group downgraded shares of Etsy from a “neutral” rating to a “sell” rating and cut their price target 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 given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Etsy currently has an average rating of “Hold” and a consensus target price of $64.71.

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.