Etsy, Inc. (NASDAQ:ETSY) Shares Sold by Rovin Capital UT ADV

Rovin Capital UT ADV reduced its holdings in Etsy, Inc. (NASDAQ:ETSY) by 19.5% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 6,589 shares of the specialty retailer’s stock after selling 1,597 shares during the quarter. Rovin Capital UT ADV’s holdings in Etsy were worth $366,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of ETSY. Everence Capital Management Inc. bought a new position in Etsy in the third quarter worth about $834,000. TD Asset Management Inc grew its stake in Etsy by 16.8% during the 1st quarter. TD Asset Management Inc now owns 1,540,465 shares of the specialty retailer’s stock worth $105,861,000 after buying an additional 221,275 shares during the last quarter. Diversified Trust Co increased its position in Etsy by 11.5% in the second quarter. Diversified Trust Co now owns 6,459 shares of the specialty retailer’s stock worth $381,000 after buying an additional 668 shares during the period. Advisors Asset Management Inc. lifted its stake in Etsy by 12.6% in the first quarter. Advisors Asset Management Inc. now owns 146,865 shares of the specialty retailer’s stock valued at $10,093,000 after buying an additional 16,458 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its position in shares of Etsy by 740.9% during the third quarter. Louisiana State Employees Retirement System now owns 55,500 shares of the specialty retailer’s stock worth $3,082,000 after acquiring an additional 48,900 shares during the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ETSY shares. Piper Sandler reissued a “neutral” rating and set a $56.00 target price on shares of Etsy in a research note on Friday, August 23rd. Raymond James cut their target price on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft increased their price target on Etsy from $48.00 to $50.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. Wells Fargo & Company dropped their price target on shares of Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a research report on Friday, November 1st. Finally, UBS Group lowered their price objective on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $64.87.

Etsy Stock Performance

Shares of NASDAQ ETSY opened at $53.31 on Friday. The stock has a market cap of $6.00 billion, a price-to-earnings ratio of 27.20, a PEG ratio of 6.17 and a beta of 1.99. The business has a 50 day simple moving average of $52.37 and a 200 day simple moving average of $57.66. Etsy, Inc. has a 52 week low of $47.10 and a 52 week high of $89.58.

Etsy (NASDAQ:ETSY) last released 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 business had revenue of $662.40 million for 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%. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.64 EPS. On average, analysts predict that Etsy, Inc. will post 2.25 EPS for the current year.

Etsy announced that its Board of Directors has approved a share buyback program on Wednesday, October 30th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Etsy

In other news, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $73,751.73. Following the transaction, the insider now owns 592 shares of the company’s stock, valued at $30,257.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $85,660.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Toni Thompson Nadal sold 1,443 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $73,751.73. Following the completion of the sale, the insider now owns 592 shares in the company, valued at approximately $30,257.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,369 shares of company stock worth $280,200. 2.60% of the stock is owned by corporate insiders.

About Etsy

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.