Mizuho Markets Americas LLC Acquires New Stake in Etsy, Inc. (NASDAQ:ETSY)

Mizuho Markets Americas LLC bought a new position in Etsy, Inc. (NASDAQ:ETSY - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 370,000 shares of the specialty retailer's stock, valued at approximately $20,546,000. Mizuho Markets Americas LLC owned 0.32% of Etsy as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in ETSY. Janney Montgomery Scott LLC grew its position in shares of Etsy by 26.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 11,078 shares of the specialty retailer's stock worth $761,000 after buying an additional 2,299 shares in the last quarter. Headlands Technologies LLC bought a new stake in Etsy during the first quarter valued at about $59,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in 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 valued at $8,626,000 after purchasing an additional 13,096 shares in the last quarter. M&G Plc bought a new stake in Etsy during the first quarter valued at about $796,000. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its position 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 valued at $5,796,000 after purchasing an additional 2,028 shares in the last quarter. Institutional investors own 99.53% of the company's stock.

Etsy Stock Down 2.8 %

Shares of Etsy stock traded down $1.41 on Friday, reaching $49.63. The company's stock had a trading volume of 3,217,620 shares, compared to its average volume of 3,764,288. The company has a market capitalization of $5.58 billion, a P/E ratio of 25.32, a PEG ratio of 6.31 and a beta of 1.99. Etsy, Inc. has a 52-week low of $47.10 and a 52-week high of $89.58. The stock has a 50-day moving average price of $52.13 and a 200-day moving average price of $57.12.

Etsy (NASDAQ:ETSY - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The specialty retailer reported $0.45 EPS 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 analysts' expectations of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm's quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.64 earnings per share. Sell-side analysts forecast that Etsy, Inc. will post 2.25 earnings per share for the current fiscal year.

Etsy announced that its board has approved a share buyback plan on Wednesday, October 30th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Loop Capital dropped their price objective on Etsy from $50.00 to $45.00 and set a "sell" rating on the stock in a research report on Monday, August 12th. Barclays lowered their price target on Etsy from $60.00 to $55.00 and set an "equal weight" rating for the company in a report on Thursday, October 31st. UBS Group lowered their price target on Etsy from $65.00 to $58.00 and set a "neutral" rating for the company in a report on Tuesday, October 15th. Piper Sandler reissued a "neutral" rating and issued a $56.00 price target on shares of Etsy in a report on Friday, August 23rd. Finally, Raymond James lowered their price target on Etsy from $72.00 to $65.00 and set an "outperform" rating for the company in a report on Wednesday, October 23rd. Four equities research 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's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $64.87.

Insider Transactions at Etsy

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the business's stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $85,660.36. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Toni Thompson Nadal sold 1,443 shares of the business's 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 directly owns 592 shares in the company, valued at $30,257.12. This trade represents a 70.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,369 shares of company stock valued at $280,200 over the last ninety days. Insiders own 2.60% of the company's stock.

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.