Cibc World Market Inc. Has $2.02 Million Stock Holdings in Etsy, Inc. $ETSY

Cibc World Market Inc. decreased its position in Etsy, Inc. (NASDAQ:ETSY) by 92.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 30,392 shares of the specialty retailer’s stock after selling 361,524 shares during the period. Cibc World Market Inc.’s holdings in Etsy were worth $2,018,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Heritage Wealth Advisors grew its stake in Etsy by 476.5% in the second quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer’s stock valued at $25,000 after acquiring an additional 405 shares during the period. Elevation Point Wealth Partners LLC bought a new position in shares of Etsy during the 2nd quarter valued at about $35,000. Employees Retirement System of Texas bought a new stake in Etsy during the 2nd quarter worth approximately $47,000. SJS Investment Consulting Inc. raised 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 buying an additional 756 shares during the period. Finally, Salomon & Ludwin LLC acquired a new stake in Etsy during the 3rd quarter worth approximately $55,000. Institutional investors own 99.53% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ETSY shares. Needham & Company LLC increased their price objective on shares of Etsy from $72.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. BNP Paribas Exane started coverage on shares of Etsy in a research note on Monday, November 24th. They issued a “neutral” rating for the company. Citigroup reissued a “buy” rating on shares of Etsy in a research note on Tuesday, December 30th. UBS Group upped their price objective on Etsy from $67.00 to $75.00 and gave the stock a “neutral” rating in a research report on Monday, October 20th. Finally, Jefferies Financial Group dropped their target price on Etsy from $62.00 to $55.00 and set a “hold” rating on the stock in a research report on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eighteen have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Etsy has an average rating of “Hold” and an average price target of $63.52.

Etsy Price Performance

Shares of NASDAQ ETSY opened at $45.75 on Tuesday. The firm has a market cap of $4.52 billion, a price-to-earnings ratio of 36.89, a P/E/G ratio of 10.65 and a beta of 1.77. The stock’s fifty day moving average price is $56.18 and its two-hundred day moving average price is $59.78. Etsy, Inc. has a one year low of $40.05 and a one year high of $76.51.

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

Insider Activity

In related news, insider Josh Silverman sold 21,666 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was 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 directly owned 90,661 shares in the company, valued at approximately $4,828,604.86. The trade was a 19.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Merilee Buckley sold 5,636 shares of the firm’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $58.45, for a total value of $329,424.20. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 135,934 shares of company stock valued at $7,663,369 in the last quarter. Corporate insiders own 2.80% of the company’s stock.

Etsy Company 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.