Geneva Capital Management LLC Sells 27,814 Shares of Etsy, Inc. (NASDAQ:ETSY)

Geneva Capital Management LLC lowered its stake in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 47.9% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 30,244 shares of the specialty retailer's stock after selling 27,814 shares during the period. Geneva Capital Management LLC's holdings in Etsy were worth $1,679,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Victory Capital Management Inc. boosted its stake in shares of Etsy by 422.1% in the 3rd quarter. Victory Capital Management Inc. now owns 101,099 shares of the specialty retailer's stock worth $5,614,000 after buying an additional 81,734 shares during the last quarter. Apollon Wealth Management LLC bought a new position in Etsy in the third quarter valued at about $225,000. Meritage Portfolio Management lifted its holdings in Etsy by 152.4% in the third quarter. Meritage Portfolio Management now owns 264,689 shares of the specialty retailer's stock valued at $14,698,000 after acquiring an additional 159,820 shares during the period. Assetmark Inc. grew its stake in shares of Etsy by 9.0% during the 3rd quarter. Assetmark Inc. now owns 24,411 shares of the specialty retailer's stock valued at $1,356,000 after purchasing an additional 2,025 shares during the period. Finally, Applied Finance Capital Management LLC bought a new stake in shares of Etsy during the 3rd quarter valued at about $1,289,000. Hedge funds and other institutional investors own 99.53% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Loop Capital dropped their price objective on shares of Etsy from $50.00 to $45.00 and set a "sell" rating on the stock in a report on Monday, August 12th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Etsy from $48.00 to $50.00 and gave the stock a "hold" rating in a research note on Friday, November 1st. Citigroup reduced their price objective on Etsy from $65.00 to $54.00 and set a "neutral" rating for the company in a research note on Thursday, October 31st. Truist Financial lowered their target price on Etsy from $76.00 to $70.00 and set a "buy" rating on the stock in a research report on Thursday, October 31st. Finally, Barclays reduced their price target 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. Four analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Etsy presently has a consensus rating of "Hold" and a consensus price target of $64.87.

Insider Transactions at Etsy

In related news, insider Nicholas Daniel sold 750 shares of the firm's 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 transaction, the insider now owns 18,083 shares of the company's stock, valued at $1,001,798.20. This trade represents a 3.98 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the business's stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,369 shares of company stock worth $280,200. 2.60% of the stock is currently owned by company insiders.

Etsy Stock Performance

NASDAQ ETSY traded down $2.39 on Thursday, hitting $51.04. 3,248,161 shares of the stock were exchanged, compared to its average volume of 3,766,707. Etsy, Inc. has a 52-week low of $47.10 and a 52-week high of $89.58. The firm has a market capitalization of $5.74 billion, a P/E ratio of 27.26, a P/E/G ratio of 6.37 and a beta of 1.99. The stock has a fifty day moving average price of $52.29 and a two-hundred day moving average price of $57.30.

Etsy (NASDAQ:ETSY - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). The firm had revenue of $662.40 million for 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 business's revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.64 earnings per share. Sell-side analysts expect that Etsy, Inc. will post 2.25 earnings per share for the current fiscal year.

Etsy declared that its Board of Directors has initiated a stock repurchase program on Wednesday, October 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the specialty retailer to buy up to 17.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its shares are undervalued.

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.