Meritage Portfolio Management Increases Stock Holdings in Etsy, Inc. (NASDAQ:ETSY)

Meritage Portfolio Management increased its stake in Etsy, Inc. (NASDAQ:ETSY - Free Report) by 152.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 264,689 shares of the specialty retailer's stock after purchasing an additional 159,820 shares during the quarter. Etsy comprises about 0.9% of Meritage Portfolio Management's portfolio, making the stock its 21st biggest holding. Meritage Portfolio Management owned 0.23% of Etsy worth $14,698,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of Etsy by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 13,528,736 shares of the specialty retailer's stock worth $929,695,000 after acquiring an additional 91,900 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Etsy by 14.3% in the 2nd quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer's stock valued at $339,964,000 after purchasing an additional 721,454 shares during the period. Renaissance Technologies LLC lifted its position in shares of Etsy by 21.1% in the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer's stock worth $248,623,000 after purchasing an additional 734,200 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Etsy by 52.3% during the 2nd quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer's stock valued at $123,875,000 after buying an additional 721,453 shares during the period. Finally, TD Asset Management Inc raised its stake in shares of Etsy by 16.8% during the 1st quarter. TD Asset Management Inc now owns 1,540,465 shares of the specialty retailer's stock worth $105,861,000 after purchasing an additional 221,275 shares in the last quarter. Institutional investors own 99.53% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ETSY shares. Citigroup decreased their price objective on shares of Etsy from $65.00 to $54.00 and set a "neutral" rating for the company in a report on Thursday, October 31st. Barclays dropped their price target on shares of Etsy from $60.00 to $55.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 31st. Truist Financial dropped their price objective on Etsy from $76.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, October 31st. Deutsche Bank Aktiengesellschaft increased their price objective on Etsy from $48.00 to $50.00 and gave the company a "hold" rating in a research report on Friday, November 1st. Finally, Wolfe Research assumed coverage on Etsy in a research report on Tuesday, July 16th. They issued a "peer perform" rating for the company. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $64.87.

Insider Activity at Etsy

In other Etsy news, insider Nicholas Daniel sold 750 shares of the firm's stock in a transaction on 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 directly owns 18,083 shares of the company's stock, valued at approximately $1,001,798.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Merilee Buckley sold 1,676 shares of the business's stock in a transaction that occurred on Thursday, October 3rd. The stock was 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 accessible through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total value of $41,550.00. Following the completion of the transaction, the insider now directly owns 18,083 shares of the company's stock, valued at approximately $1,001,798.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,369 shares of company stock valued at $280,200 in the last three months. Corporate insiders own 2.60% of the company's stock.

Etsy Stock Performance

Shares of NASDAQ:ETSY traded down $0.10 during mid-day trading on Friday, reaching $53.31. 3,613,021 shares of the company's stock were exchanged, compared to its average volume of 3,816,161. The firm has a market capitalization of $6.00 billion, a price-to-earnings ratio of 27.20, a PEG ratio of 6.26 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's fifty day moving average price is $52.37 and its 200-day moving average price is $57.52.

Etsy (NASDAQ:ETSY - Get Free Report) last issued 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 business had revenue of $662.40 million during 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 company's revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 earnings per share. Analysts predict that Etsy, Inc. will post 2.25 EPS for the current fiscal year.

Etsy announced that its Board of Directors has initiated a share buyback 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 repurchase up to 17.8% of its stock through open market purchases. Stock repurchase plans are generally 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.