Stratos Wealth Partners LTD. Sells 14,893 Shares of Etsy, Inc. $ETSY

Stratos Wealth Partners LTD. lessened its position in shares of Etsy, Inc. (NASDAQ:ETSY) by 18.5% in the third quarter, HoldingsChannel.com reports. The firm owned 65,596 shares of the specialty retailer’s stock after selling 14,893 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in Etsy were worth $4,355,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ETSY. Smartleaf Asset Management LLC increased its position in shares of Etsy by 58.0% during the third quarter. Smartleaf Asset Management LLC now owns 2,740 shares of the specialty retailer’s stock worth $182,000 after buying an additional 1,006 shares during the period. Bessemer Group Inc. boosted its position in Etsy by 17.1% during the third quarter. Bessemer Group Inc. now owns 1,816 shares of the specialty retailer’s stock valued at $121,000 after acquiring an additional 265 shares during the last quarter. Savant Capital LLC boosted its position in Etsy by 2.0% during the third quarter. Savant Capital LLC now owns 70,116 shares of the specialty retailer’s stock valued at $4,655,000 after acquiring an additional 1,381 shares during the last quarter. Penserra Capital Management LLC grew its holdings in Etsy by 11.1% during the 3rd quarter. Penserra Capital Management LLC now owns 83,710 shares of the specialty retailer’s stock worth $5,557,000 after acquiring an additional 8,394 shares during the period. Finally, Allianz Asset Management GmbH raised its position in shares of Etsy by 1,648.1% in the 3rd quarter. Allianz Asset Management GmbH now owns 706,679 shares of the specialty retailer’s stock worth $46,916,000 after acquiring an additional 666,253 shares in the last quarter. Institutional investors own 99.53% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Raymond James Financial restated an “outperform” rating and set a $78.00 target price (down previously from $80.00) on shares of Etsy in a research report on Thursday, October 30th. Moffett Nathanson reissued a “neutral” rating on shares of Etsy in a research note on Wednesday, October 29th. Cantor Fitzgerald cut their price target on Etsy from $64.00 to $55.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. Citigroup reiterated a “buy” rating on shares of Etsy in a research note on Tuesday, December 30th. Finally, BTIG Research dropped their target price on shares of Etsy from $81.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, December 30th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eighteen have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $63.52.

Insiders Place Their Bets

In other Etsy news, CAO Merilee Buckley sold 5,636 shares of the business’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $58.45, for a total transaction of $329,424.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Josh Silverman sold 21,666 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $53.26, for a total transaction of $1,153,931.16. Following the completion of the transaction, the insider directly owned 90,661 shares in the company, valued at $4,828,604.86. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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.

Etsy Stock Down 2.8%

NASDAQ ETSY opened at $46.11 on Friday. Etsy, Inc. has a 52 week low of $40.05 and a 52 week high of $76.51. The business has a 50 day moving average price of $56.51 and a 200-day moving average price of $60.00. The company has a market cap of $4.55 billion, a price-to-earnings ratio of 37.19, a P/E/G ratio of 10.65 and a beta of 1.77.

Etsy announced 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 purchase up to 14.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is 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.