LMR Partners LLP Takes Position in Etsy, Inc. (NASDAQ:ETSY)

LMR Partners LLP purchased a new position in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 11,869 shares of the specialty retailer's stock, valued at approximately $659,000.

Other hedge funds also recently bought and sold shares of the company. Mitsubishi UFJ Trust & Banking Corp raised its stake in Etsy by 2.4% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 85,395 shares of the specialty retailer's stock worth $5,796,000 after purchasing an additional 2,028 shares during the period. Vanguard Group Inc. lifted its holdings in Etsy by 0.7% in the first quarter. Vanguard Group Inc. now owns 13,528,736 shares of the specialty retailer's stock valued at $929,695,000 after acquiring an additional 91,900 shares during the last quarter. UniSuper Management Pty Ltd grew its position in Etsy by 703.2% in the first quarter. UniSuper Management Pty Ltd now owns 13,895 shares of the specialty retailer's stock worth $955,000 after acquiring an additional 12,165 shares during the period. Bessemer Group Inc. increased its stake in Etsy by 7,221.3% during the first quarter. Bessemer Group Inc. now owns 29,871 shares of the specialty retailer's stock worth $2,052,000 after acquiring an additional 29,463 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its position in Etsy by 29.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 87,702 shares of the specialty retailer's stock valued at $6,032,000 after purchasing an additional 19,862 shares during the period. Institutional investors and hedge funds own 99.53% of the company's stock.

Insiders Place Their Bets

In other news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction 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 $1,279,477.50. The trade was a 2.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction that occurred on Thursday, October 3rd. The stock was 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 ninety days, insiders have sold 5,369 shares of company stock worth $280,200. 2.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ETSY shares. Barclays cut their price objective 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. Oppenheimer lowered shares of Etsy from an "outperform" rating to a "market perform" rating in a report on Thursday, August 1st. 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. Wedbush lowered their price target on Etsy from $65.00 to $58.00 and set a "neutral" rating for the company in a research report on Tuesday, October 22nd. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Etsy from $48.00 to $50.00 and gave the company a "hold" rating in a report on Friday, November 1st. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $64.87.

Etsy Stock Up 0.9 %

Shares of NASDAQ ETSY traded up $0.45 during midday trading on Wednesday, hitting $50.86. The company had a trading volume of 2,233,302 shares, compared to its average volume of 3,752,617. The firm has a market capitalization of $5.72 billion, a price-to-earnings ratio of 25.72, a price-to-earnings-growth ratio of 5.86 and a beta of 1.99. Etsy, Inc. has a twelve month low of $47.10 and a twelve month high of $89.58. The business has a 50-day simple moving average of $52.05 and a two-hundred day simple moving average of $56.83.

Etsy (NASDAQ:ETSY - Get Free Report) last announced 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 analysts' expectations of $652.47 million. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. Etsy's revenue was up 4.1% compared to the same quarter last year. During the same period last year, the firm earned $0.64 EPS. On average, equities analysts forecast that Etsy, Inc. will post 2.25 EPS for the current year.

Etsy announced that its board has authorized a stock buyback program on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board 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.