Sumitomo Mitsui Trust Group Inc. Sells 17,829 Shares of Etsy, Inc. (NASDAQ:ETSY)

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in Etsy, Inc. (NASDAQ:ETSY - Free Report) by 23.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 58,815 shares of the specialty retailer's stock after selling 17,829 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.05% of Etsy worth $3,111,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Blue Trust Inc. raised its holdings in Etsy by 106.5% during the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer's stock valued at $26,000 after buying an additional 231 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in Etsy during the 3rd quarter valued at $43,000. Versant Capital Management Inc raised its holdings in Etsy by 153.1% during the 4th quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer's stock valued at $44,000 after buying an additional 499 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in Etsy during the 3rd quarter valued at $59,000. Finally, Quarry LP raised its holdings in Etsy by 120.4% during the 3rd quarter. Quarry LP now owns 1,953 shares of the specialty retailer's stock valued at $108,000 after buying an additional 1,067 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors.

Etsy Price Performance

ETSY stock traded up $1.88 during trading on Monday, hitting $57.20. 3,997,177 shares of the stock traded hands, compared to its average volume of 2,577,241. Etsy, Inc. has a 1 year low of $47.10 and a 1 year high of $78.65. The firm's 50 day moving average is $54.90 and its two-hundred day moving average is $53.86. The stock has a market cap of $6.43 billion, a price-to-earnings ratio of 29.18, a price-to-earnings-growth ratio of 2.71 and a beta of 2.00.

Remove Ads

Etsy declared that its board has initiated a stock buyback plan on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts recently commented on ETSY shares. Bank of America lowered their price target on shares of Etsy from $61.00 to $58.00 and set a "neutral" rating for the company in a report on Thursday, October 24th. Wells Fargo & Company lowered their price target on shares of Etsy from $47.00 to $44.00 and set an "underweight" rating for the company in a report on Friday, November 1st. Barclays lowered their price target on shares of Etsy from $60.00 to $55.00 and set an "equal weight" rating for the company in a report on Thursday, October 31st. Jefferies Financial Group raised shares of Etsy from an "underperform" rating to a "hold" rating and boosted their price objective for the company from $45.00 to $55.00 in a research report on Monday, January 13th. Finally, Citigroup boosted their price objective on shares of Etsy from $54.00 to $56.00 and gave the company a "neutral" rating in a research report on Friday. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $62.50.

Insider Activity at Etsy

In related news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $55.34, for a total transaction of $83,010.00. Following the sale, the insider now directly owns 22,198 shares of the company's stock, valued at approximately $1,228,437.32. This represents a 6.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.60% of the stock is currently owned by insiders.

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.