Public Sector Pension Investment Board Purchases 239,200 Shares of Etsy, Inc. (NASDAQ:ETSY)

Public Sector Pension Investment Board increased its position in Etsy, Inc. (NASDAQ:ETSY) by 5,666.9% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 243,421 shares of the specialty retailer’s stock after buying an additional 239,200 shares during the quarter. Public Sector Pension Investment Board’s holdings in Etsy were worth $13,517,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Meritage Portfolio Management increased its stake in Etsy by 152.4% in the 3rd quarter. Meritage Portfolio Management now owns 264,689 shares of the specialty retailer’s stock worth $14,698,000 after purchasing an additional 159,820 shares during the period. Everence Capital Management Inc. purchased a new position in Etsy in the 3rd quarter worth approximately $834,000. Pacer Advisors Inc. increased its stake in Etsy by 183.9% in the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock worth $331,067,000 after purchasing an additional 3,861,668 shares during the period. Principal Financial Group Inc. increased its stake in Etsy by 313.1% in the 3rd quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock worth $30,125,000 after purchasing an additional 411,165 shares during the period. Finally, Thrivent Financial for Lutherans increased its stake in Etsy by 258.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 118,434 shares of the specialty retailer’s stock worth $6,576,000 after purchasing an additional 85,396 shares during the period. Institutional investors own 99.53% of the company’s stock.

Insider Activity

In other news, insider Toni Thompson Nadal sold 1,443 shares of the company’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 $73,751.73. Following the transaction, the insider now directly owns 592 shares of the company’s stock, valued at $30,257.12. This represents a 70.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total value of $41,550.00. Following the transaction, the insider now directly owns 18,083 shares in the company, valued at approximately $1,001,798.20. The trade was a 3.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,819 shares of company stock valued at $303,438 over the last ninety days. 2.60% of the stock is currently owned by corporate insiders.

Etsy Trading Down 0.9 %

Etsy stock opened at $54.31 on Friday. The business’s fifty day simple moving average is $52.02 and its two-hundred day simple moving average is $56.47. Etsy, Inc. has a 12 month low of $47.10 and a 12 month high of $89.58. The company has a market capitalization of $6.11 billion, a price-to-earnings ratio of 27.71, a price-to-earnings-growth ratio of 6.57 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last announced its quarterly 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). The business had revenue of $662.40 million for the quarter, compared to the consensus estimate of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.64 earnings per share. On average, equities research analysts predict 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 permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ETSY shares. Stifel Nicolaus decreased their price target on Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Raymond James reduced their target price on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Truist Financial reduced their target price on Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Bank of America reduced their target price on Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Finally, Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of Etsy in a research note on Thursday, October 31st. Four research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $64.71.

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.