Etsy, Inc. $ETSY Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. trimmed its position in Etsy, Inc. (NASDAQ:ETSY) by 21.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 91,277 shares of the specialty retailer’s stock after selling 24,200 shares during the quarter. Advisors Asset Management Inc. owned approximately 0.09% of Etsy worth $6,060,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of ETSY. Heritage Wealth Advisors grew its stake in Etsy by 476.5% in the 2nd quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer’s stock valued at $25,000 after buying an additional 405 shares during the last quarter. Elevation Point Wealth Partners LLC acquired a new position in shares of Etsy during the second quarter worth approximately $35,000. Employees Retirement System of Texas acquired a new position in shares of Etsy during the second quarter valued at $47,000. SJS Investment Consulting Inc. grew its holdings in Etsy by 12,600.0% during the 3rd quarter. SJS Investment Consulting Inc. now owns 762 shares of the specialty retailer’s stock worth $51,000 after acquiring an additional 756 shares during the period. Finally, Salomon & Ludwin LLC bought a new stake in shares of Etsy in the 3rd quarter valued at about $55,000. Institutional investors and hedge funds own 99.53% of the company’s stock.

Etsy Stock Down 2.8%

Shares of NASDAQ ETSY opened at $46.11 on Friday. The company’s fifty day simple moving average is $56.51 and its 200 day simple moving average is $60.00. The firm has a market cap of $4.55 billion, a PE ratio of 37.19, a P/E/G ratio of 10.65 and a beta of 1.77. Etsy, Inc. has a 12-month low of $40.05 and a 12-month high of $76.51.

Etsy declared that its Board of Directors has approved a stock repurchase program on Thursday, December 18th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the specialty retailer to buy up to 14.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Wells Fargo & Company lowered their price objective on shares of Etsy from $58.00 to $52.00 and set an “underweight” rating for the company in a research report on Thursday, October 30th. Moffett Nathanson reaffirmed a “neutral” rating on shares of Etsy in a research report on Wednesday, October 29th. The Goldman Sachs Group increased their price objective on Etsy from $48.00 to $57.00 and gave the stock a “sell” rating in a research report on Thursday, October 30th. Barclays increased their target price on Etsy from $60.00 to $62.00 and gave the stock an “equal weight” rating in a report on Thursday, October 30th. Finally, Raymond James Financial reissued an “outperform” rating and set a $78.00 target price (down previously from $80.00) on shares of Etsy in a research note on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eighteen have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $63.52.

Insiders Place Their Bets

In other news, insider Josh Silverman sold 21,666 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $53.26, for a total value of $1,153,931.16. Following the completion of the sale, the insider owned 90,661 shares in the company, valued at $4,828,604.86. This represents a 19.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Merilee Buckley sold 5,636 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $58.45, for a total value of $329,424.20. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 135,934 shares of company stock valued at $7,663,369 in the last 90 days. 2.80% of the stock is currently owned by company insiders.

About Etsy

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.