Pallas Capital Advisors LLC Takes Position in Etsy, Inc. (NASDAQ:ETSY)

Pallas Capital Advisors LLC bought a new stake in Etsy, Inc. (NASDAQ:ETSY - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 5,293 shares of the specialty retailer's stock, valued at approximately $280,000.

Other hedge funds have also added to or reduced their stakes in the company. Pacer Advisors Inc. boosted its holdings in Etsy by 183.9% in the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer's stock valued at $331,067,000 after purchasing an additional 3,861,668 shares during the period. Marshall Wace LLP raised its position in shares of Etsy by 304.2% in the second quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer's stock valued at $82,703,000 after buying an additional 1,055,296 shares in the last quarter. AQR Capital Management LLC increased its stake in Etsy by 76.2% during the 2nd quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer's stock worth $69,685,000 after acquiring an additional 517,480 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Etsy in the 3rd quarter valued at $55,530,000. Finally, Dimensional Fund Advisors LP raised its stake in Etsy by 53.6% in the second quarter. Dimensional Fund Advisors LP now owns 933,062 shares of the specialty retailer's stock valued at $55,032,000 after purchasing an additional 325,709 shares in the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on ETSY shares. Cantor Fitzgerald reissued a "neutral" rating and issued a $50.00 target price on shares of Etsy in a report on Monday, October 7th. Barclays decreased their price objective on shares of Etsy from $60.00 to $55.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 31st. Raymond James cut their target price on Etsy from $72.00 to $65.00 and set an "outperform" rating for the company in a research note on Wednesday, October 23rd. Moffett Nathanson lifted their price target on Etsy from $60.00 to $61.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Finally, Bank of America dropped their price objective on Etsy from $61.00 to $58.00 and set a "neutral" rating for the company in a research report on Thursday, October 24th. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $62.54.

Insider Activity at Etsy

In other news, insider Nicholas Daniel sold 750 shares of the business's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $52.50, for a total transaction of $39,375.00. Following the completion of the sale, the insider now owns 24,371 shares in the company, valued at $1,279,477.50. The trade was a 2.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.60% of the stock is owned by corporate insiders.

Etsy Stock Down 1.0 %

Etsy stock traded down $0.55 during trading hours on Thursday, reaching $52.72. 2,240,529 shares of the company's stock were exchanged, compared to its average volume of 2,835,362. The firm's 50 day simple moving average is $54.83 and its 200 day simple moving average is $54.94. Etsy, Inc. has a twelve month low of $47.10 and a twelve month high of $80.30. The firm has a market capitalization of $5.93 billion, a PE ratio of 26.90, a PEG ratio of 7.23 and a beta of 1.99.

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 anticipate that Etsy, Inc. will post 2.25 EPS for the current year.

Etsy declared that its board has authorized a share repurchase 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 repurchase up to 17.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management 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.