Illinois Municipal Retirement Fund Grows Holdings in Etsy, Inc. $ETSY

Illinois Municipal Retirement Fund boosted its holdings in shares of Etsy, Inc. (NASDAQ:ETSY) by 39.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,577 shares of the specialty retailer’s stock after acquiring an additional 17,831 shares during the period. Illinois Municipal Retirement Fund’s holdings in Etsy were worth $4,221,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Allianz Asset Management GmbH raised its stake in shares of Etsy by 1,648.1% in the third quarter. Allianz Asset Management GmbH now owns 706,679 shares of the specialty retailer’s stock worth $46,916,000 after purchasing an additional 666,253 shares during the last quarter. Chicago Partners Investment Group LLC boosted its position in shares of Etsy by 90.4% during the second quarter. Chicago Partners Investment Group LLC now owns 9,383 shares of the specialty retailer’s stock valued at $471,000 after buying an additional 4,455 shares during the last quarter. Monaco Asset Management SAM bought a new stake in Etsy in the 2nd quarter worth about $1,254,000. Y Intercept Hong Kong Ltd purchased a new position in Etsy in the 2nd quarter worth about $8,671,000. Finally, Great Lakes Advisors LLC bought a new position in Etsy during the 3rd quarter valued at about $1,889,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Analyst Ratings Changes

ETSY has been the subject of a number of research analyst reports. BTIG Research reduced their price target on shares of Etsy from $81.00 to $74.00 and set a “buy” rating for the company in a research note on Tuesday, December 30th. Raymond James Financial restated an “outperform” rating and issued a $78.00 target price (down previously from $80.00) on shares of Etsy in a report on Thursday, October 30th. Morgan Stanley boosted their target price on shares of Etsy from $61.00 to $65.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 29th. Truist Financial raised their price target on Etsy from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Finally, Wells Fargo & Company cut their price objective on Etsy from $58.00 to $52.00 and set an “underweight” rating for the company in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eighteen have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $63.52.

Insider Activity at Etsy

In related news, CAO Merilee Buckley sold 5,636 shares of Etsy 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Josh Silverman sold 21,666 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was 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 of the company’s stock, valued at $4,828,604.86. This represents a 19.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 135,934 shares of company stock valued at $7,663,369 over the last three months. 2.80% of the stock is currently owned by insiders.

Etsy Stock Down 1.1%

Shares of ETSY opened at $45.75 on Friday. The business has a 50-day simple moving average of $56.36 and a two-hundred day simple moving average of $59.88. Etsy, Inc. has a 52 week low of $40.05 and a 52 week high of $76.51. The stock has a market cap of $4.52 billion, a price-to-earnings ratio of 36.89, a PEG ratio of 10.65 and a beta of 1.77.

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