DAVENPORT & Co LLC Cuts Stake in Etsy, Inc. $ETSY

DAVENPORT & Co LLC lessened its holdings in Etsy, Inc. (NASDAQ:ETSY) by 23.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 788,526 shares of the specialty retailer’s stock after selling 241,894 shares during the quarter. DAVENPORT & Co LLC owned 0.80% of Etsy worth $52,350,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Focus Partners Advisor Solutions LLC purchased a new stake in Etsy during the 1st quarter valued at about $922,000. Findlay Park Partners LLP boosted its stake in shares of Etsy by 1.4% during the first quarter. Findlay Park Partners LLP now owns 1,236,000 shares of the specialty retailer’s stock valued at $58,314,000 after purchasing an additional 16,600 shares during the period. Chicago Partners Investment Group LLC grew its holdings in shares of Etsy by 90.4% in the second quarter. Chicago Partners Investment Group LLC now owns 9,383 shares of the specialty retailer’s stock worth $471,000 after purchasing an additional 4,455 shares during the last quarter. Friedenthal Financial bought a new position in shares of Etsy in the second quarter worth approximately $903,000. Finally, Monaco Asset Management SAM bought a new stake in Etsy during the 2nd quarter valued at $1,254,000. 99.53% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Bank of America raised their price target on shares of Etsy from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, October 10th. Evercore ISI cut Etsy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 30th. The Goldman Sachs Group upped their price target on Etsy from $48.00 to $57.00 and gave the company a “sell” rating in a research report on Thursday, October 30th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $64.00 price objective on shares of Etsy in a report on Thursday, October 30th. Finally, Moffett Nathanson reiterated a “neutral” rating on shares of Etsy in a research report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Etsy has a consensus rating of “Hold” and an average target price of $64.52.

Insider Activity

In other news, CAO Merilee Buckley sold 11,827 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $61.47, for a total value of $727,005.69. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Josh Silverman sold 21,666 shares of Etsy stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $54.67, for a total transaction of $1,184,480.22. Following the transaction, the chief executive officer directly owned 78,946 shares of the company’s stock, valued at approximately $4,315,977.82. This trade represents a 21.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 241,105 shares of company stock worth $16,594,854. 2.80% of the stock is currently owned by corporate insiders.

Etsy Stock Performance

Etsy stock opened at $55.13 on Wednesday. Etsy, Inc. has a fifty-two week low of $40.05 and a fifty-two week high of $76.51. The stock’s 50 day simple moving average is $59.39 and its two-hundred day simple moving average is $59.84. The stock has a market cap of $5.44 billion, a price-to-earnings ratio of 44.46, a PEG ratio of 10.65 and a beta of 1.76.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, October 29th. The specialty retailer reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%.The company had revenue of $678.03 million during the quarter, compared to analysts’ expectations of $655.83 million. During the same quarter last year, the business posted $0.45 EPS. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, analysts predict that Etsy, Inc. will post 2.57 earnings per share for the current year.

Etsy declared that its board has authorized a share buyback plan on Thursday, December 18th that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the specialty retailer to reacquire up to 14.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Etsy Profile

Etsy, Inc (NASDAQ: ETSY) operates a global e-commerce marketplace focused on handmade, vintage and unique goods. The platform connects individual artisans, small businesses and collectors with buyers seeking one-of-a-kind items, ranging from handcrafted jewelry and clothing to home décor and art supplies. Etsy’s revenue is primarily generated through listing fees, transaction fees on sales and optional seller services such as advertising and shipping labels.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy has cultivated a community-driven ethos, encouraging sustainable practices and personal entrepreneurship.