Impax Asset Management Group plc Has $5.89 Million Stock Position in Etsy, Inc. (NASDAQ:ETSY)

Impax Asset Management Group plc grew its position in Etsy, Inc. (NASDAQ:ETSY) by 11.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 111,261 shares of the specialty retailer’s stock after purchasing an additional 11,261 shares during the period. Impax Asset Management Group plc’s holdings in Etsy were worth $5,885,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in ETSY. Blue Trust Inc. increased its stake in Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after buying an additional 231 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Etsy in the third quarter worth $1,233,000. Louisiana State Employees Retirement System raised its holdings 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 in the last quarter. Bristlecone Advisors LLC raised its holdings in shares of Etsy by 34.2% during the third quarter. Bristlecone Advisors LLC now owns 8,119 shares of the specialty retailer’s stock worth $451,000 after acquiring an additional 2,067 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its stake in Etsy by 404.3% in the third quarter. State of Alaska Department of Revenue now owns 65,483 shares of the specialty retailer’s stock valued at $3,636,000 after purchasing an additional 52,497 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Etsy Stock Performance

Shares of NASDAQ:ETSY opened at $53.24 on Tuesday. The company has a market cap of $5.70 billion, a P/E ratio of 22.46, a P/E/G ratio of 2.57 and a beta of 2.00. The stock’s 50-day moving average is $54.26 and its 200-day moving average is $53.78. Etsy, Inc. has a 52-week low of $47.10 and a 52-week high of $74.46.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.08. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The company had revenue of $852.16 million for the quarter, compared to the consensus estimate of $861.37 million. During the same period last year, the business posted $0.62 earnings per share. The firm’s revenue was up 1.2% compared to the same quarter last year. As a group, equities analysts predict that Etsy, Inc. will post 2.57 EPS for the current year.

Etsy announced that its board has authorized a stock buyback plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Insider Activity at Etsy

In related news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the completion of the sale, the insider now owns 22,198 shares in the company, valued at approximately $1,228,437.32. This trade represents a 6.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ETSY. Jefferies Financial Group raised Etsy from an “underperform” rating to a “hold” rating and raised their price target for the stock from $45.00 to $55.00 in a research note on Monday, January 13th. Wells Fargo & Company raised their price objective on shares of Etsy from $44.00 to $47.00 and gave the company an “underweight” rating in a research report on Thursday, February 20th. Canaccord Genuity Group decreased their target price on shares of Etsy from $105.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Deutsche Bank Aktiengesellschaft downgraded shares of Etsy to a “hold” rating and cut their price target for the company from $45.00 to $43.00 in a report on Wednesday, February 12th. Finally, Truist Financial decreased their price objective on shares of Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Four research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $58.78.

Etsy 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.