Etsy, Inc. (NASDAQ:ETSY) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 76.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 76,644 shares of the specialty retailer's stock after selling 245,710 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.07% of Etsy worth $4,256,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Blue Trust Inc. increased its stake in shares of Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer's stock worth $26,000 after acquiring an additional 231 shares during the last quarter. UMB Bank n.a. boosted its holdings in Etsy by 112.3% in the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer's stock valued at $31,000 after purchasing an additional 292 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of Etsy in the 2nd quarter valued at approximately $42,000. Capital Performance Advisors LLP purchased a new stake in shares of Etsy during the 3rd quarter valued at approximately $43,000. Finally, GAMMA Investing LLC lifted its holdings in Etsy by 25.6% in the second quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer's stock valued at $73,000 after acquiring an additional 253 shares during the last quarter. Institutional investors and hedge funds own 99.53% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Barclays reduced their price objective on shares of Etsy from $60.00 to $55.00 and set an "equal weight" rating on the stock in a report on Thursday, October 31st. Piper Sandler reaffirmed a "neutral" rating and issued a $56.00 target price on shares of Etsy in a report on Friday, August 23rd. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Etsy from $48.00 to $50.00 and gave the company a "hold" rating in a research report on Friday, November 1st. Oppenheimer lowered shares of Etsy from an "outperform" rating to a "market perform" rating in a research note on Thursday, August 1st. Finally, Loop Capital reduced their target price on Etsy from $50.00 to $45.00 and set a "sell" rating for the company in a report on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Etsy currently has an average rating of "Hold" and an average price target of $64.87.

Insiders Place Their Bets

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nicholas Daniel sold 750 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $52.50, for a total transaction of $39,375.00. Following the transaction, the insider now owns 24,371 shares in the company, valued at approximately $1,279,477.50. The trade was a 2.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,369 shares of company stock valued at $280,200. Corporate insiders own 2.60% of the company's stock.

Etsy Stock Performance

ETSY stock traded down $0.14 during midday trading on Tuesday, hitting $50.42. 3,312,634 shares of the stock were exchanged, compared to its average volume of 3,759,256. The stock's 50-day moving average price is $52.09 and its 200-day moving average price is $56.89. The stock has a market cap of $5.67 billion, a price-to-earnings ratio of 25.80, a PEG ratio of 5.86 and a beta of 1.99. Etsy, Inc. has a fifty-two week low of $47.10 and a fifty-two week high of $89.58.

Etsy (NASDAQ:ETSY - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.09). Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The business had revenue of $662.40 million during the quarter, compared to analysts' expectations of $652.47 million. During the same period last year, the company earned $0.64 EPS. The firm's revenue for the quarter was up 4.1% on a year-over-year basis. Research analysts anticipate that Etsy, Inc. will post 2.25 EPS for the current year.

Etsy announced that its Board of Directors has approved a stock buyback program on Wednesday, October 30th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

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.