Etsy Inc $ETSY Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC cut its stake in Etsy Inc (NYSE:ETSY) by 81.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 144,756 shares of the company’s stock after selling 643,770 shares during the quarter. DAVENPORT & Co LLC owned approximately 0.15% of Etsy worth $8,025,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Elevation Point Wealth Partners LLC purchased a new stake in Etsy during the 2nd quarter worth approximately $35,000. Employees Retirement System of Texas purchased a new position in shares of Etsy in the second quarter valued at approximately $47,000. SJS Investment Consulting Inc. lifted its position in shares of Etsy by 12,600.0% in the third quarter. SJS Investment Consulting Inc. now owns 762 shares of the company’s stock valued at $51,000 after acquiring an additional 756 shares in the last quarter. Abich Financial Wealth Management LLC acquired a new stake in shares of Etsy in the third quarter worth approximately $51,000. Finally, Salomon & Ludwin LLC purchased a new stake in shares of Etsy during the third quarter worth approximately $55,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ETSY has been the subject of several recent research reports. Jefferies Financial Group reduced their price objective on Etsy from $62.00 to $55.00 and set a “hold” rating for the company in a research note on Thursday, February 12th. Truist Financial lifted their target price on shares of Etsy from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. B. Riley Financial dropped their target price on shares of Etsy from $78.00 to $70.00 and set a “buy” rating for the company in a report on Friday, February 20th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Etsy from $63.00 to $54.00 and set a “hold” rating for the company in a research report on Tuesday, February 24th. Finally, Barclays raised shares of Etsy from an “equal weight” rating to an “overweight” rating and set a $72.00 price target on the stock in a research note on Thursday, February 19th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, seventeen have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $60.80.

Etsy Stock Performance

Shares of Etsy stock opened at $48.45 on Friday. The stock’s 50 day moving average is $53.71. The stock has a market capitalization of $4.66 billion, a P/E ratio of 36.99, a price-to-earnings-growth ratio of 3.08 and a beta of 1.74. Etsy Inc has a one year low of $40.05 and a one year high of $76.51.

Etsy (NYSE:ETSY) last issued its earnings results on Thursday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.04. Etsy had a negative return on equity of 24.94% and a net margin of 5.65%.The company had revenue of $881.64 million during the quarter.

Etsy announced that its Board of Directors has initiated a share buyback program on Thursday, December 18th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the company to reacquire up to 14.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, Director Charles Andrew Ballard sold 1,790 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $55.74, for a total value of $99,774.60. Following the completion of the sale, the director owned 4,006 shares of the company’s stock, valued at approximately $223,294.44. This represents a 30.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Merilee Buckley sold 5,636 shares of the firm’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $58.45, for a total transaction of $329,424.20. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 116,058 shares of company stock valued at $6,576,362. 2.80% of the stock is currently owned by insiders.

About Etsy

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.