Etsy, Inc. (NASDAQ:ETSY) Shares Purchased by Bristlecone Advisors LLC

Bristlecone Advisors LLC increased its holdings in shares of Etsy, Inc. (NASDAQ:ETSY) by 164.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,489 shares of the specialty retailer’s stock after purchasing an additional 13,370 shares during the quarter. Bristlecone Advisors LLC’s holdings in Etsy were worth $1,137,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. UMB Bank n.a. grew its position in Etsy by 112.3% in the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after acquiring an additional 292 shares in the last quarter. Blue Trust Inc. grew its position in Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after acquiring an additional 231 shares in the last quarter. Schaper Benz & Wise Investment Counsel Inc. WI grew its position in Etsy by 1.2% in the 3rd quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 43,142 shares of the specialty retailer’s stock valued at $2,396,000 after acquiring an additional 508 shares in the last quarter. Everence Capital Management Inc. acquired a new position in Etsy in the 3rd quarter valued at about $834,000. Finally, Lecap Asset Management Ltd. grew its position in Etsy by 75.2% in the 3rd quarter. Lecap Asset Management Ltd. now owns 17,859 shares of the specialty retailer’s stock valued at $992,000 after acquiring an additional 7,664 shares in the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Nicholas Daniel sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total value of $83,010.00. Following the transaction, the insider now owns 22,198 shares of the company’s stock, valued at approximately $1,228,437.32. The trade was a 6.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Barclays dropped their target price on Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Jefferies Financial Group raised Etsy from an “underperform” rating to a “hold” rating and boosted their price objective for the stock from $45.00 to $55.00 in a research report on Monday, January 13th. Bank of America lowered their price objective on Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Etsy in a research report on Thursday, October 31st. Finally, Stifel Nicolaus lowered their price objective on Etsy from $64.00 to $56.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Etsy has a consensus rating of “Hold” and a consensus target price of $62.42.

Etsy Trading Down 0.4 %

Shares of NASDAQ ETSY opened at $54.18 on Tuesday. Etsy, Inc. has a twelve month low of $47.10 and a twelve month high of $80.30. The stock has a 50 day moving average of $55.18 and a two-hundred day moving average of $54.14. The stock has a market cap of $6.09 billion, a P/E ratio of 27.64, a P/E/G ratio of 2.71 and a beta of 2.00.

Etsy declared that its Board of Directors has authorized a share buyback program on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to buy up to 17.8% of its shares through open market purchases. Shares buyback programs are typically 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.