Great Lakes Advisors LLC Acquires New Position in Etsy, Inc. $ETSY

Great Lakes Advisors LLC acquired a new stake in Etsy, Inc. (NASDAQ:ETSY) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 28,455 shares of the specialty retailer’s stock, valued at approximately $1,889,000.

A number of other institutional investors have also modified their holdings of ETSY. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Etsy by 1,309.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,304 shares of the specialty retailer’s stock valued at $1,215,000 after acquiring an additional 17,005 shares in the last quarter. Ballentine Partners LLC raised its position in Etsy by 5.2% during the 3rd quarter. Ballentine Partners LLC now owns 4,951 shares of the specialty retailer’s stock valued at $329,000 after purchasing an additional 243 shares in the last quarter. Hussman Strategic Advisors Inc. lifted its holdings in shares of Etsy by 33.3% in the 3rd quarter. Hussman Strategic Advisors Inc. now owns 42,000 shares of the specialty retailer’s stock worth $2,788,000 after buying an additional 10,500 shares during the period. Vanguard Personalized Indexing Management LLC grew its position in shares of Etsy by 14.6% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 5,989 shares of the specialty retailer’s stock worth $398,000 after buying an additional 763 shares in the last quarter. Finally, Sage Rhino Capital LLC purchased a new position in shares of Etsy during the third quarter valued at $220,000. 99.53% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Josh Silverman sold 86,666 shares of the company’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $57.46, for a total transaction of $4,979,828.36. Following the transaction, the insider owned 90,661 shares in the company, valued at $5,209,381.06. This represents a 48.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Richard Edward Colburn III sold 3,200 shares of the stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $57.80, for a total transaction of $184,960.00. Following the completion of the transaction, the insider directly owned 4,387 shares of the company’s stock, valued at $253,568.60. The trade was a 42.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 154,056 shares of company stock valued at $8,931,918. 2.80% of the stock is currently owned by corporate insiders.

Etsy Stock Down 3.9%

Shares of ETSY opened at $52.81 on Friday. The company has a 50 day moving average of $56.70 and a two-hundred day moving average of $60.51. Etsy, Inc. has a twelve month low of $40.05 and a twelve month high of $76.51. The company has a market cap of $5.21 billion, a price-to-earnings ratio of 42.59, a price-to-earnings-growth ratio of 10.65 and a beta of 1.74.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data on Wednesday, October 29th. The specialty retailer reported $0.63 EPS for the quarter, beating the consensus estimate of $0.57 by $0.06. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%.The firm had revenue of $678.03 million during the quarter, compared to analyst estimates of $655.83 million. During the same quarter in the prior year, the business posted $0.45 EPS. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, sell-side analysts expect that Etsy, Inc. will post 2.57 EPS for the current year.

Etsy declared that its board has initiated a share buyback program on Thursday, December 18th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the specialty retailer to buy up to 14.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts recently weighed in on ETSY shares. Zacks Research raised shares of Etsy from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Truist Financial upped their price target on shares of Etsy from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. JPMorgan Chase & Co. increased their price objective on shares of Etsy from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Monday, October 13th. Cantor Fitzgerald reduced their price objective on shares of Etsy from $64.00 to $55.00 and set a “neutral” rating for the company in a research note on Thursday, January 8th. Finally, The Goldman Sachs Group increased their target price on Etsy from $48.00 to $57.00 and gave the company a “sell” rating in a research report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eighteen have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Etsy currently has an average rating of “Hold” and an average target price of $63.72.

About Etsy

Etsy, Inc (NASDAQ: ETSY) operates a global e-commerce marketplace focused on handmade, vintage and unique goods. The platform connects individual artisans, small businesses and collectors with buyers seeking one-of-a-kind items, ranging from handcrafted jewelry and clothing to home décor and art supplies. Etsy’s revenue is primarily generated through listing fees, transaction fees on sales and optional seller services such as advertising and shipping labels.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy has cultivated a community-driven ethos, encouraging sustainable practices and personal entrepreneurship.