Texas Capital Bank Wealth Management Services Inc Has $556,000 Position in Etsy, Inc. (NASDAQ:ETSY)

Texas Capital Bank Wealth Management Services Inc reduced its position in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 49.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,016 shares of the specialty retailer's stock after selling 9,984 shares during the quarter. Texas Capital Bank Wealth Management Services Inc's holdings in Etsy were worth $556,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. boosted its stake in Etsy by 106.5% during the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer's stock worth $26,000 after buying an additional 231 shares during the period. UMB Bank n.a. boosted its holdings in shares of 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 buying an additional 292 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new stake in shares of Etsy in the 2nd quarter worth $42,000. Capital Performance Advisors LLP acquired a new stake in shares of Etsy during the third quarter worth $43,000. Finally, Prospera Private Wealth LLC purchased a new stake in Etsy during the 3rd quarter valued at about $59,000. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Price Performance

Shares of ETSY traded up $0.88 during trading hours on Friday, hitting $58.09. The stock had a trading volume of 1,207,276 shares, compared to its average volume of 3,733,355. The stock has a market capitalization of $6.53 billion, a price-to-earnings ratio of 29.19, a P/E/G ratio of 6.75 and a beta of 1.99. The company's fifty day moving average is $52.22 and its two-hundred day moving average is $56.22. Etsy, Inc. has a 52 week low of $47.10 and a 52 week high of $89.58.

Etsy (NASDAQ:ETSY - Get Free Report) last released its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $652.47 million. During the same quarter in the previous year, the company posted $0.64 earnings per share. The business's revenue for the quarter was up 4.1% on a year-over-year basis. Equities analysts predict that Etsy, Inc. will post 2.25 EPS for the current fiscal year.

Etsy announced that its board has authorized a stock buyback program on Wednesday, October 30th that permits the company to buyback $1.00 billion in outstanding 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 usually an indication that the company's management believes its stock is undervalued.

Insider Activity

In other news, insider Nicholas Daniel sold 750 shares of Etsy 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 transaction, the insider now directly owns 24,371 shares in the company, valued at approximately $1,279,477.50. The trade was a 2.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Toni Thompson Nadal sold 1,443 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 transaction of $73,751.73. Following the sale, the insider now directly owns 592 shares of the company's stock, valued at $30,257.12. The trade was a 70.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,069 shares of company stock worth $261,888 over the last quarter. 2.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Piper Sandler reiterated a "neutral" rating and set a $56.00 price target on shares of Etsy in a research report on Friday, August 23rd. Raymond James decreased their price objective on Etsy from $72.00 to $65.00 and set an "outperform" rating on the stock in a report on Wednesday, October 23rd. Cantor Fitzgerald reissued a "neutral" rating and issued a $50.00 price target on shares of Etsy in a research note on Monday, October 7th. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price objective on shares of Etsy in a research note on Thursday, October 31st. Finally, Loop Capital decreased their price target on shares of Etsy from $50.00 to $45.00 and set a "sell" rating for the company in a research note on Monday, August 12th. Four analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $64.71.

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.