Moloney Securities Asset Management LLC Purchases New Position in Etsy, Inc. (NASDAQ:ETSY)

Moloney Securities Asset Management LLC purchased a new stake in Etsy, Inc. (NASDAQ:ETSY) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 20,422 shares of the specialty retailer’s stock, valued at approximately $1,134,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Everence Capital Management Inc. acquired a new stake in shares of Etsy in the third quarter valued at approximately $834,000. TD Asset Management Inc raised its stake in shares of Etsy by 16.8% during the first quarter. TD Asset Management Inc now owns 1,540,465 shares of the specialty retailer’s stock worth $105,861,000 after purchasing an additional 221,275 shares during the last quarter. Diversified Trust Co raised its stake in shares of Etsy by 11.5% during the second quarter. Diversified Trust Co now owns 6,459 shares of the specialty retailer’s stock worth $381,000 after purchasing an additional 668 shares during the last quarter. Advisors Asset Management Inc. raised its stake in shares of Etsy by 12.6% during the first quarter. Advisors Asset Management Inc. now owns 146,865 shares of the specialty retailer’s stock worth $10,093,000 after purchasing an additional 16,458 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its stake 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 purchasing an additional 48,900 shares during the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

Etsy Price Performance

NASDAQ ETSY opened at $52.73 on Wednesday. The firm has a market capitalization of $6.05 billion, a P/E ratio of 26.90, a P/E/G ratio of 6.19 and a beta of 1.99. Etsy, Inc. has a 1-year low of $47.10 and a 1-year high of $89.58. The business’s 50-day simple moving average is $52.54 and its 200-day simple moving average is $57.91.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). The company had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 earnings per share. On average, equities research analysts expect that Etsy, Inc. will post 2.27 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Loop Capital cut their price target on Etsy from $50.00 to $45.00 and set a “sell” rating for the company in a research note on Monday, August 12th. Deutsche Bank Aktiengesellschaft increased their price objective on Etsy from $48.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Evercore ISI upgraded Etsy to a “strong-buy” rating in a research report on Thursday, August 1st. Raymond James dropped their price target on Etsy from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Finally, Piper Sandler restated a “neutral” rating and issued a $56.00 price target on shares of Etsy in a research report on Friday, August 23rd. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Etsy presently has a consensus rating of “Hold” and an average price target of $64.87.

Insider Activity at Etsy

In related news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total transaction of $41,550.00. Following the sale, the insider now directly owns 18,083 shares in the company, valued at approximately $1,001,798.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Etsy news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total transaction of $41,550.00. Following the sale, the insider now directly owns 18,083 shares in the company, valued at $1,001,798.20. The trade was a 0.00 % decrease in their position. The transaction 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 Etsy stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $73,751.73. Following the sale, the insider now owns 592 shares in the company, valued at $30,257.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,369 shares of company stock worth $280,200. 2.60% of the stock is currently owned by company insiders.

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.