Etsy, Inc. $ETSY Shares Acquired by Public Sector Pension Investment Board

Public Sector Pension Investment Board increased its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 21.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 430,824 shares of the specialty retailer’s stock after purchasing an additional 75,295 shares during the quarter. Public Sector Pension Investment Board owned 0.44% of Etsy worth $28,602,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several equities analysts recently commented on ETSY shares. Wells Fargo & Company dropped their target price on Etsy from $58.00 to $52.00 and set an “underweight” rating on the stock in a report on Thursday, October 30th. Needham & Company LLC upped their price objective on Etsy from $72.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Morgan Stanley raised their target price on Etsy from $61.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 29th. Jefferies Financial Group lowered their price target on Etsy from $62.00 to $55.00 and set a “hold” rating for the company in a report on Thursday. Finally, Cantor Fitzgerald dropped their price target on shares of Etsy from $64.00 to $55.00 and set a “neutral” rating on the stock in a research note on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eighteen have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, 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 firm’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 filing with the SEC, which is available through this hyperlink. Also, insider Josh Silverman sold 86,666 shares of Etsy stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $57.46, for a total transaction of $4,979,828.36. Following the completion of the transaction, the insider owned 90,661 shares in the company, valued at approximately $5,209,381.06. This represents a 48.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 135,934 shares of company stock worth $7,663,369 over the last ninety days. Corporate insiders own 2.80% of the company’s stock.

Etsy Stock Down 1.1%

Shares of NASDAQ ETSY opened at $45.75 on Friday. The business has a 50-day moving average price of $56.36 and a 200 day moving average price of $59.88. The stock has a market cap of $4.52 billion, a PE ratio of 36.89, a price-to-earnings-growth ratio of 10.65 and a beta of 1.77. Etsy, Inc. has a 52-week low of $40.05 and a 52-week high of $76.51.

Etsy declared that its Board of Directors has initiated a stock buyback plan on Thursday, December 18th that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the specialty retailer to buy up to 14.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

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.