ICICI Prudential Asset Management Co Ltd Increases Holdings in Etsy, Inc. (NASDAQ:ETSY)

ICICI Prudential Asset Management Co Ltd lifted its stake in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 7.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 151,760 shares of the specialty retailer's stock after buying an additional 11,000 shares during the quarter. ICICI Prudential Asset Management Co Ltd owned about 0.13% of Etsy worth $8,427,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Janney Montgomery Scott LLC raised its holdings in shares of Etsy by 26.2% during the first quarter. Janney Montgomery Scott LLC now owns 11,078 shares of the specialty retailer's stock valued at $761,000 after purchasing an additional 2,299 shares during the period. Forsta AP Fonden boosted its holdings in Etsy by 7.8% in the first quarter. Forsta AP Fonden now owns 27,600 shares of the specialty retailer's stock worth $1,897,000 after acquiring an additional 2,000 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Etsy in the first quarter valued at approximately $59,000. TD Asset Management Inc increased its holdings in shares of Etsy by 16.8% during the first quarter. TD Asset Management Inc now owns 1,540,465 shares of the specialty retailer's stock valued at $105,861,000 after acquiring an additional 221,275 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Etsy by 11.6% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 125,529 shares of the specialty retailer's stock worth $8,626,000 after purchasing an additional 13,096 shares during the period. Institutional investors own 99.53% of the company's stock.

Etsy Stock Down 1.1 %

ETSY traded down $0.57 during trading on Wednesday, reaching $53.43. 3,993,422 shares of the company were exchanged, compared to its average volume of 3,769,071. The company's 50-day moving average is $52.29 and its two-hundred day moving average is $57.30. Etsy, Inc. has a 12-month low of $47.10 and a 12-month high of $89.58. The company has a market cap of $6.01 billion, a price-to-earnings ratio of 27.26, a P/E/G ratio of 6.37 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 for the quarter, missing analysts' consensus estimates 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 negative return on equity of 46.79% and a net margin of 9.17%. The business's revenue was up 4.1% on a year-over-year basis. During the same period last year, the company posted $0.64 EPS. Equities analysts forecast that Etsy, Inc. will post 2.25 earnings per share for the current year.

Etsy announced that its board has authorized a share repurchase plan on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board believes its stock is undervalued.

Insider Activity

In related news, CAO Merilee Buckley sold 1,676 shares of the firm's 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 sale was disclosed in a filing with the SEC, which is available through this link. In other news, CAO Merilee Buckley sold 1,676 shares of the company's stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Toni Thompson Nadal sold 1,443 shares of the firm's stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $73,751.73. Following the transaction, the insider now directly owns 592 shares in the company, valued at approximately $30,257.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,369 shares of company stock worth $280,200. 2.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ETSY has been the subject of a number of recent research reports. Evercore ISI upgraded shares of Etsy to a "strong-buy" rating in a research note on Thursday, August 1st. UBS Group decreased their target price on shares of Etsy from $65.00 to $58.00 and set a "neutral" rating for the company in a research report on Tuesday, October 15th. Truist Financial cut their price target on Etsy from $76.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday, October 31st. Citigroup lowered 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. Finally, Raymond James cut their target price on Etsy from $72.00 to $65.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 23rd. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Etsy has an average rating of "Hold" and a consensus target price of $64.87.

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.