iA Global Asset Management Inc. Has $2.37 Million Holdings in Etsy, Inc. (NASDAQ:ETSY)

iA Global Asset Management Inc. decreased its holdings in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 97.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,698 shares of the specialty retailer's stock after selling 1,730,521 shares during the period. iA Global Asset Management Inc.'s holdings in Etsy were worth $2,371,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Worldquant Millennium Advisors LLC purchased a new stake in Etsy during the third quarter valued at about $4,392,000. Two Sigma Advisers LP lifted its position in shares of Etsy by 558.7% in the third quarter. Two Sigma Advisers LP now owns 216,700 shares of the specialty retailer's stock worth $12,033,000 after purchasing an additional 183,800 shares in the last quarter. Stevens Capital Management LP purchased a new stake in shares of Etsy in the third quarter worth approximately $271,000. Quantinno Capital Management LP lifted its position in shares of Etsy by 354.9% in the third quarter. Quantinno Capital Management LP now owns 50,425 shares of the specialty retailer's stock worth $2,800,000 after purchasing an additional 39,340 shares in the last quarter. Finally, Quarry LP lifted its position in shares of Etsy by 120.4% in the third quarter. Quarry LP now owns 1,953 shares of the specialty retailer's stock worth $108,000 after purchasing an additional 1,067 shares in the last quarter. Institutional investors own 99.53% of the company's stock.

Etsy Trading Up 2.5 %

Shares of ETSY stock traded up $1.45 on Monday, reaching $58.75. The company had a trading volume of 3,373,948 shares, compared to its average volume of 3,738,209. The company has a 50-day moving average of $52.22 and a 200-day moving average of $56.06. Etsy, Inc. has a 12 month low of $47.10 and a 12 month high of $89.58. The stock has a market cap of $6.61 billion, a PE ratio of 29.23, a PEG ratio of 6.76 and a beta of 1.99.

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

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

Insiders Place Their Bets

In other news, insider Nicholas Daniel sold 750 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $52.50, for a total value of $39,375.00. Following the completion of the sale, the insider now owns 24,371 shares of the company's stock, valued at approximately $1,279,477.50. This represents a 2.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Toni Thompson Nadal sold 1,443 shares of the stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $73,751.73. Following the transaction, the insider now owns 592 shares in the company, valued at $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 5,069 shares of company stock valued at $261,888 in the last quarter. 2.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ETSY. Bank of America dropped their price objective on Etsy from $61.00 to $58.00 and set a "neutral" rating on the stock in a report on Thursday, October 24th. Truist Financial dropped their price objective on Etsy from $76.00 to $70.00 and set a "buy" rating on the stock in a report on Thursday, October 31st. Raymond James dropped their price objective on Etsy from $72.00 to $65.00 and set an "outperform" rating on the stock in a report on Wednesday, October 23rd. The Goldman Sachs Group downgraded Etsy from a "neutral" rating to a "sell" rating and dropped their price objective for the stock from $70.00 to $45.00 in a report on Tuesday, October 15th. Finally, Piper Sandler reiterated a "neutral" rating and set a $56.00 price target on shares of Etsy in a report on Friday, August 23rd. 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 stock. According to data from MarketBeat, Etsy currently has an average rating of "Hold" and a consensus price target of $64.71.

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.