ICICI Prudential Asset Management Co Ltd Buys 11,000 Shares of Etsy, Inc. (NASDAQ:ETSY)

ICICI Prudential Asset Management Co Ltd grew its position in shares of Etsy, Inc. (NASDAQ:ETSY) by 7.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 151,760 shares of the specialty retailer’s stock after acquiring an additional 11,000 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in Etsy were worth $8,427,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of ETSY. Marshall Wace LLP increased its stake in shares of Etsy by 304.2% in the second quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock worth $82,703,000 after purchasing an additional 1,055,296 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Etsy by 21.1% in the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after buying an additional 734,200 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Etsy by 14.3% during the 2nd quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock valued at $339,964,000 after purchasing an additional 721,454 shares during the period. Pacer Advisors Inc. raised its stake in Etsy by 52.3% during the 2nd quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer’s stock worth $123,875,000 after acquiring an additional 721,453 shares during the period. Finally, AQR Capital Management LLC lifted its position in Etsy by 76.2% during the second quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock valued at $69,685,000 after purchasing an additional 517,480 shares during the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Insider Buying and Selling at Etsy

In other news, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the business’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Toni Thompson Nadal sold 1,443 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 592 shares of the company’s stock, 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. Over the last 90 days, insiders sold 5,369 shares of company stock valued at $280,200. 2.60% of the stock is currently owned by company insiders.

Etsy Stock Performance

Shares of Etsy stock traded up $0.05 on Wednesday, reaching $54.05. 741,810 shares of the company’s stock were exchanged, compared to its average volume of 3,754,291. The company has a market capitalization of $6.08 billion, a P/E ratio of 27.55, a price-to-earnings-growth ratio of 6.37 and a beta of 1.99. Etsy, Inc. has a 52 week low of $47.10 and a 52 week high of $89.58. The firm’s 50-day moving average is $52.33 and its two-hundred day moving average is $57.33.

Etsy (NASDAQ:ETSY) last posted its 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 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 firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.64 EPS. On average, analysts expect that Etsy, Inc. will post 2.25 EPS for the current fiscal year.

Etsy announced that its Board of Directors has authorized a stock buyback plan on Wednesday, October 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the specialty retailer to buy up to 17.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

ETSY has been the subject of a number of analyst reports. Truist Financial decreased their price objective on Etsy from $76.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. 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 report on Wednesday, October 23rd. Loop Capital cut their target price on Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a research report on Monday, August 12th. Stifel Nicolaus reduced their price target on shares of Etsy from $64.00 to $56.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Finally, Evercore ISI upgraded Etsy to a “strong-buy” rating in a report on Thursday, August 1st. Four analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Etsy presently has a consensus rating of “Hold” and an average target price of $64.87.

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.