Retirement Systems of Alabama Cuts Holdings in Etsy, Inc. (NASDAQ:ETSY)

Retirement Systems of Alabama decreased its position in shares of Etsy, Inc. (NASDAQ:ETSY) by 5.1% in the fourth quarter, HoldingsChannel reports. The firm owned 26,390 shares of the specialty retailer’s stock after selling 1,426 shares during the quarter. Retirement Systems of Alabama’s holdings in Etsy were worth $2,139,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Etsy by 23.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 309,333 shares of the specialty retailer’s stock valued at $19,977,000 after purchasing an additional 57,785 shares in the last quarter. Northern Trust Corp grew its position in shares of Etsy by 4.3% during the third quarter. Northern Trust Corp now owns 1,194,153 shares of the specialty retailer’s stock valued at $77,118,000 after purchasing an additional 48,934 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Etsy in the fourth quarter worth about $2,273,000. International Assets Investment Management LLC purchased a new position in Etsy in the fourth quarter worth about $38,490,000. Finally, CVA Family Office LLC purchased a new position in Etsy in the fourth quarter worth about $27,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Morgan Stanley dropped their price target on Etsy from $55.00 to $52.00 and set an “underweight” rating for the company in a research report on Thursday, May 2nd. Wedbush dropped their price target on Etsy from $70.00 to $65.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Citigroup dropped their price target on Etsy from $72.00 to $62.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Guggenheim decreased their price objective on shares of Etsy from $95.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Finally, Truist Financial decreased their price objective on shares of Etsy from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $79.96.

Insider Activity at Etsy

In related news, CEO Josh Silverman sold 63,047 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the completion of the transaction, the chief executive officer now directly owns 23,140 shares in the company, valued at $1,677,650. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Merilee Buckley sold 1,671 shares of the business’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total transaction of $108,681.84. Following the completion of the transaction, the chief accounting officer now directly owns 2,827 shares in the company, valued at $183,868.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Josh Silverman sold 63,047 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the transaction, the chief executive officer now owns 23,140 shares of the company’s stock, valued at $1,677,650. The disclosure for this sale can be found here. Insiders sold 66,968 shares of company stock worth $4,836,827 over the last three months. Company insiders own 2.60% of the company’s stock.

Etsy Price Performance

Shares of ETSY opened at $62.57 on Thursday. The firm has a market capitalization of $7.32 billion, a PE ratio of 28.57, a price-to-earnings-growth ratio of 4.73 and a beta of 2.00. Etsy, Inc. has a 1-year low of $56.60 and a 1-year high of $102.81. The company’s fifty day moving average price is $67.22 and its 200-day moving average price is $71.46.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). The company had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $646.30 million. Etsy had a net margin of 10.75% and a negative return on equity of 67.27%. Etsy’s quarterly revenue was up .8% compared to the same quarter last year. During the same period last year, the firm earned $0.53 earnings per share. As a group, research analysts anticipate that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

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.