Moloney Securities Asset Management LLC Decreases Stake in Etsy, Inc. (NASDAQ:ETSY)

Moloney Securities Asset Management LLC lessened its stake in Etsy, Inc. (NASDAQ:ETSY) by 42.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 11,717 shares of the specialty retailer’s stock after selling 8,705 shares during the quarter. Moloney Securities Asset Management LLC’s holdings in Etsy were worth $620,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ETSY. Pacer Advisors Inc. lifted its position in shares of Etsy by 183.9% during the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after acquiring an additional 3,861,668 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Etsy in the 3rd quarter valued at approximately $55,530,000. Holocene Advisors LP acquired a new position in Etsy during the third quarter worth $49,061,000. Assenagon Asset Management S.A. boosted its position in Etsy by 132.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock worth $78,827,000 after purchasing an additional 850,520 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Etsy by 313.1% in the third quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock valued at $30,125,000 after purchasing an additional 411,165 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 related news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total transaction of $83,010.00. Following the transaction, the insider now owns 22,198 shares in the company, valued at approximately $1,228,437.32. The trade was a 6.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.60% of the stock is currently owned by corporate insiders.

Etsy Stock Performance

Shares of NASDAQ:ETSY opened at $54.40 on Monday. The stock has a 50-day simple moving average of $55.20 and a 200-day simple moving average of $54.19. The stock has a market capitalization of $6.12 billion, a P/E ratio of 27.76, a PEG ratio of 2.71 and a beta of 2.00. Etsy, Inc. has a 1 year low of $47.10 and a 1 year high of $80.30.

Etsy declared that its Board of Directors has approved a share buyback program on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Moffett Nathanson lifted their price target on Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Jefferies Financial Group raised shares of Etsy from an “underperform” rating to a “hold” rating and upped their price target for the company from $45.00 to $55.00 in a report on Monday, January 13th. Truist Financial dropped their price objective on shares of Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. Citigroup reduced their target price on Etsy from $65.00 to $54.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Finally, 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. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Etsy presently has an average rating of “Hold” and an average target price of $62.42.

About Etsy

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.