Public Sector Pension Investment Board Purchases 239,200 Shares of Etsy, Inc. (NASDAQ:ETSY)

Public Sector Pension Investment Board increased its position in shares of Etsy, Inc. (NASDAQ:ETSY) by 5,666.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 243,421 shares of the specialty retailer’s stock after purchasing an additional 239,200 shares during the quarter. Public Sector Pension Investment Board owned 0.22% of Etsy worth $13,517,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ETSY. Blue Trust Inc. boosted its holdings in shares of Etsy by 106.5% during the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after buying an additional 231 shares in the last quarter. Meridian Management Co. lifted its holdings in shares of Etsy by 0.4% in the 2nd quarter. Meridian Management Co. now owns 63,409 shares of the specialty retailer’s stock worth $3,740,000 after purchasing an additional 241 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Etsy by 25.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock worth $73,000 after purchasing an additional 253 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Etsy by 112.3% in the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after purchasing an additional 292 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Etsy by 3.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 8,915 shares of the specialty retailer’s stock worth $526,000 after purchasing an additional 316 shares in the last quarter. Institutional investors own 99.53% of the company’s stock.

Analyst Upgrades and Downgrades

ETSY has been the topic of a number of recent research reports. Raymond James cut their target price on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Barclays dropped their price objective on Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Loop Capital dropped their price objective on Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a research note on Monday, August 12th. Bank of America dropped their price objective on Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Finally, UBS Group dropped their price objective on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $64.71.

Insider Buying and Selling at Etsy

In other news, insider Toni Thompson Nadal sold 1,443 shares of Etsy 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 sale, the insider now owns 592 shares in the company, valued at approximately $30,257.12. This trade represents a 70.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total value of $41,550.00. Following the sale, the insider now owns 18,083 shares of the company’s stock, valued at approximately $1,001,798.20. This trade represents a 3.98 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,819 shares of company stock valued at $303,438 in the last quarter. 2.60% of the stock is currently owned by corporate insiders.

Etsy Stock Down 0.9 %

ETSY stock opened at $54.31 on Friday. The firm has a market capitalization of $6.11 billion, a PE ratio of 27.71, a PEG ratio of 6.57 and a beta of 1.99. Etsy, Inc. has a twelve month low of $47.10 and a twelve month high of $89.58. The stock has a 50-day simple moving average of $52.02 and a two-hundred day simple moving average of $56.47.

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, equities research analysts anticipate that Etsy, Inc. will post 2.25 EPS for the current fiscal year.

Etsy announced that its board has authorized 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 board of directors believes its stock is undervalued.

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.