Etsy, Inc. (NASDAQ:ETSY) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC reduced its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 32.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,957,834 shares of the specialty retailer’s stock after selling 946,105 shares during the quarter. Geode Capital Management LLC owned 1.74% of Etsy worth $108,747,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of ETSY. M&T Bank Corp increased its holdings in Etsy by 18.8% in the third quarter. M&T Bank Corp now owns 5,600 shares of the specialty retailer’s stock valued at $311,000 after buying an additional 885 shares in the last quarter. PYA Waltman Capital LLC increased its stake in shares of Etsy by 34.3% in the 3rd quarter. PYA Waltman Capital LLC now owns 23,048 shares of the specialty retailer’s stock valued at $1,280,000 after purchasing an additional 5,889 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Etsy in the 3rd quarter worth about $4,376,000. XTX Topco Ltd boosted its position in Etsy by 49.7% during the third quarter. XTX Topco Ltd now owns 12,918 shares of the specialty retailer’s stock worth $717,000 after purchasing an additional 4,291 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC acquired a new stake in Etsy in the third quarter valued at approximately $4,392,000. 99.53% of the stock is owned by institutional investors and hedge funds.

Etsy Stock Down 7.1 %

NASDAQ:ETSY opened at $56.64 on Thursday. Etsy, Inc. has a 52 week low of $47.10 and a 52 week high of $89.58. The company has a fifty day simple moving average of $53.36 and a two-hundred day simple moving average of $55.97. The company has a market cap of $6.37 billion, a price-to-earnings ratio of 28.90, a price-to-earnings-growth ratio of 6.96 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). The company had revenue of $662.40 million for the quarter, compared to analyst estimates 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 period in the previous year, the firm earned $0.64 earnings per share. On average, analysts expect that Etsy, Inc. will post 2.25 EPS for the current year.

Etsy declared that its board has approved 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 reacquire up to 17.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other news, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nicholas Daniel sold 750 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $52.50, for a total value of $39,375.00. Following the completion of the transaction, the insider now directly owns 24,371 shares in the company, valued at $1,279,477.50. This trade represents a 2.99 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,069 shares of company stock worth $261,888. Company insiders own 2.60% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on ETSY shares. UBS Group reduced their target price on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. 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 report on Thursday, October 31st. Wedbush cut their target price on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Citigroup decreased their price target on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Etsy from $48.00 to $50.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. Four equities 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 company has a consensus rating of “Hold” and an average price target of $63.17.

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.