Etsy, Inc. (NASDAQ:ETSY) Shares Sold by Clearline Capital LP

Clearline Capital LP cut its position in shares of Etsy, Inc. (NASDAQ:ETSY) by 0.5% during the 3rd quarter, Holdings Channel reports. The firm owned 413,743 shares of the specialty retailer’s stock after selling 2,200 shares during the period. Etsy comprises 1.0% of Clearline Capital LP’s investment portfolio, making the stock its 10th largest position. Clearline Capital LP’s holdings in Etsy were worth $22,975,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Blue Trust Inc. boosted its holdings in Etsy by 106.5% during the third 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. UMB Bank n.a. boosted its stake in shares of Etsy by 112.3% during the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after acquiring an additional 292 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of Etsy in the 2nd quarter worth $42,000. Capital Performance Advisors LLP acquired a new stake in shares of Etsy during the third quarter worth $43,000. Finally, Prospera Private Wealth LLC purchased a new stake in shares of Etsy during the third quarter valued at $59,000. Institutional investors own 99.53% of the company’s stock.

Etsy Stock Performance

ETSY opened at $54.86 on Monday. The stock has a 50-day moving average of $52.04 and a 200-day moving average of $56.36. Etsy, Inc. has a 52-week low of $47.10 and a 52-week high of $89.58. The company has a market cap of $6.17 billion, a PE ratio of 27.99, a price-to-earnings-growth ratio of 6.48 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The firm had revenue of $662.40 million during the quarter, compared to the consensus estimate of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.64 EPS. On average, research analysts predict that Etsy, Inc. will post 2.25 earnings per share for the current year.

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

Insiders Place Their Bets

In other news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total value of $41,550.00. Following the transaction, the insider now directly owns 18,083 shares in the company, valued at approximately $1,001,798.20. The trade was a 3.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Toni Thompson Nadal sold 1,443 shares of the stock in a transaction that occurred on Thursday, October 3rd. The shares were 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 of the company’s stock, valued at approximately $30,257.12. The trade was a 70.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,819 shares of company stock valued at $303,438 in the last quarter. Insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

ETSY has been the topic of several recent analyst reports. Wells Fargo & Company cut their price objective on Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a report on Friday, November 1st. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Etsy from $48.00 to $50.00 and gave the company a “hold” rating in a report on Friday, November 1st. Stifel Nicolaus decreased their price objective on shares of Etsy from $64.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Wedbush reduced their target price on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of Etsy in a report on Thursday, October 31st. 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, the stock presently has an average rating of “Hold” and a consensus target price of $64.71.

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.