Polen Capital Management LLC Cuts Holdings in Etsy, Inc. (NASDAQ:ETSY)

Polen Capital Management LLC lowered its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 39.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,037 shares of the specialty retailer’s stock after selling 9,701 shares during the period. Polen Capital Management LLC’s holdings in Etsy were worth $795,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Lindbrook Capital LLC lifted its stake in shares of Etsy by 55.7% during the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after purchasing an additional 181 shares during the last quarter. Kestra Investment Management LLC purchased a new stake in shares of Etsy during the fourth quarter valued at about $38,000. Versant Capital Management Inc boosted its holdings in shares of Etsy by 153.1% in the 4th quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer’s stock valued at $44,000 after buying an additional 499 shares in the last quarter. Blue Trust Inc. grew its position in shares of Etsy by 95.1% in the 4th quarter. Blue Trust Inc. now owns 874 shares of the specialty retailer’s stock worth $46,000 after buying an additional 426 shares during the last quarter. Finally, Denver PWM LLC raised its stake in shares of Etsy by 36.1% during the 4th quarter. Denver PWM LLC now owns 1,090 shares of the specialty retailer’s stock worth $58,000 after acquiring an additional 289 shares in the last quarter. Institutional investors own 99.53% of the company’s stock.

Etsy Stock Performance

Shares of ETSY stock opened at $46.29 on Tuesday. Etsy, Inc. has a fifty-two week low of $43.75 and a fifty-two week high of $71.72. The stock’s fifty day moving average is $52.25 and its two-hundred day moving average is $53.15. The firm has a market capitalization of $4.96 billion, a P/E ratio of 19.53, a PEG ratio of 2.57 and a beta of 2.23.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.08. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The firm 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 firm posted $0.62 earnings per share. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. On average, equities analysts forecast that Etsy, Inc. will post 2.57 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on ETSY shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of Etsy in a report on Thursday, February 20th. Truist Financial dropped their target price on Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. Loop Capital reduced their target price on Etsy from $45.00 to $40.00 and set a “sell” rating on the stock in a research report on Thursday, February 20th. Jefferies Financial Group raised shares of 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 report on Monday, January 13th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Etsy in a report on Monday, December 16th. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $58.78.

Insider Transactions at Etsy

In other news, CEO Josh Silverman sold 21,666 shares of Etsy stock in a transaction on Monday, February 24th. The stock was sold at an average price of $52.05, for a total transaction of $1,127,715.30. Following the transaction, the chief executive officer now owns 5,004 shares in the company, valued at $260,458.20. The trade was a 81.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $50.48, for a total transaction of $75,720.00. Following the completion of the sale, the insider now directly owns 20,698 shares of the company’s stock, valued at $1,044,835.04. This represents a 6.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,666 shares of company stock worth $1,286,445 in the last ninety days. Insiders own 2.60% of the company’s stock.

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.