Etsy, Inc. (NASDAQ:ETSY) Shares Sold by Bares Capital Management Inc.

Bares Capital Management Inc. reduced its position in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 49.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,922,119 shares of the specialty retailer's stock after selling 1,911,762 shares during the period. Etsy accounts for about 9.7% of Bares Capital Management Inc.'s holdings, making the stock its 6th biggest position. Bares Capital Management Inc. owned approximately 1.71% of Etsy worth $106,735,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Pacer Advisors Inc. grew its stake in Etsy by 183.9% during the third 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 in the last quarter. Van ECK Associates Corp grew its stake in Etsy by 14.3% during the second quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer's stock valued at $339,964,000 after acquiring an additional 721,454 shares in the last quarter. Renaissance Technologies LLC grew its stake in Etsy by 21.1% in the 2nd 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. Marshall Wace LLP grew its stake in Etsy by 304.2% in the 2nd quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer's stock worth $82,703,000 after buying an additional 1,055,296 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in Etsy by 76.2% in the 2nd quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer's stock worth $69,685,000 after buying an additional 517,480 shares in the last quarter. Institutional investors own 99.53% of the company's stock.

Insider Buying and Selling

In other news, insider Nicholas Daniel sold 750 shares of the firm's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.15, for a total transaction of $39,862.50. Following the sale, the insider now owns 25,121 shares of the company's stock, valued at $1,335,181.15. This trade represents a 2.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Merilee Buckley sold 1,676 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 $85,660.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,069 shares of company stock worth $261,888. 2.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ETSY has been the subject of a number of research reports. Raymond James cut their price target on shares of Etsy from $72.00 to $65.00 and set an "outperform" rating for the company in a research note on Wednesday, October 23rd. Moffett Nathanson upped their price objective on shares of Etsy from $60.00 to $61.00 and gave the stock a "neutral" rating in a report on Tuesday, November 26th. Wells Fargo & Company decreased their price objective on shares of Etsy from $47.00 to $44.00 and set an "underweight" rating for the company in a report on Friday, November 1st. Truist Financial decreased their price objective on shares of Etsy from $76.00 to $70.00 and set a "buy" rating for the company in a report on Thursday, October 31st. Finally, Loop Capital reduced their target price on shares of Etsy from $50.00 to $45.00 and set a "sell" rating on the stock in a research report on Monday, August 12th. Four analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $64.71.

Etsy Price Performance

Shares of ETSY stock traded up $0.01 during mid-day trading on Tuesday, hitting $58.76. 2,564,682 shares of the stock traded hands, compared to its average volume of 3,733,281. The stock has a market cap of $6.61 billion, a P/E ratio of 29.97, a P/E/G ratio of 6.76 and a beta of 1.99. The stock's fifty day moving average is $52.29 and its two-hundred day moving average is $56.03. Etsy, Inc. has a 52-week low of $47.10 and a 52-week high of $89.58.

Etsy (NASDAQ:ETSY - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.09). Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The company had revenue of $662.40 million for the quarter, compared to analyst estimates of $652.47 million. During the same quarter last year, the company earned $0.64 EPS. The business's revenue was up 4.1% compared to the same quarter last year. As a group, equities analysts forecast that Etsy, Inc. will post 2.25 EPS for the current fiscal year.

Etsy declared that its Board of Directors has authorized a share repurchase 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 reacquire up to 17.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

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.