Meridiem Capital Partners LP Invests $18.52 Million in Etsy Inc $ETSY

Meridiem Capital Partners LP bought a new position in shares of Etsy Inc (NYSE:ETSY) during the 3rd quarter, Holdings Channel reports. The institutional investor bought 278,876 shares of the company’s stock, valued at approximately $18,515,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its stake in Etsy by 10.0% in the second quarter. Smartleaf Asset Management LLC now owns 1,734 shares of the company’s stock valued at $88,000 after acquiring an additional 158 shares in the last quarter. Alamea Verwaltungs GmbH increased its position in shares of Etsy by 2.3% during the second quarter. Alamea Verwaltungs GmbH now owns 7,380 shares of the company’s stock worth $370,000 after purchasing an additional 169 shares in the last quarter. Ameritas Investment Partners Inc. lifted its holdings in shares of Etsy by 0.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 28,705 shares of the company’s stock valued at $1,440,000 after purchasing an additional 172 shares during the last quarter. Heron Bay Capital Management lifted its holdings in shares of Etsy by 0.8% in the 2nd quarter. Heron Bay Capital Management now owns 26,215 shares of the company’s stock valued at $1,315,000 after purchasing an additional 219 shares during the last quarter. Finally, Ballentine Partners LLC boosted its position in shares of Etsy by 5.2% in the 3rd quarter. Ballentine Partners LLC now owns 4,951 shares of the company’s stock valued at $329,000 after purchasing an additional 243 shares during the period. 99.53% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Etsy

In other news, Director Charles Andrew Ballard sold 1,790 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $55.74, for a total value of $99,774.60. Following the sale, the director directly owned 4,006 shares in the company, valued at $223,294.44. This represents a 30.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Merilee Buckley sold 5,636 shares of Etsy stock in a transaction dated 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 116,058 shares of company stock valued at $6,576,362 in the last ninety days. Corporate insiders own 2.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ETSY shares. Jefferies Financial Group cut their price target on Etsy from $62.00 to $55.00 and set a “hold” rating on the stock in a research report on Thursday, February 12th. Canaccord Genuity Group cut their target price on shares of Etsy from $80.00 to $72.00 and set a “buy” rating on the stock in a report on Friday, February 20th. B. Riley Financial reduced their price target on shares of Etsy from $78.00 to $70.00 and set a “buy” rating for the company in a research report on Friday, February 20th. Wall Street Zen upgraded shares of Etsy from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Finally, Needham & Company LLC lowered their price objective on shares of Etsy from $76.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, February 20th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, seventeen have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $60.80.

Etsy Trading Up 3.2%

NYSE ETSY traded up $1.66 during mid-day trading on Friday, hitting $53.65. The stock had a trading volume of 217,794 shares, compared to its average volume of 3,853,983. The stock has a 50 day moving average price of $55.49. The firm has a market cap of $5.16 billion, a P/E ratio of 40.83, a price-to-earnings-growth ratio of 3.35 and a beta of 1.74. Etsy Inc has a 52-week low of $40.05 and a 52-week high of $76.51.

Etsy (NYSE:ETSY) last announced its quarterly earnings results on Thursday, February 19th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The business had revenue of $881.64 million during the quarter. Etsy had a negative return on equity of 24.94% and a net margin of 5.65%.

Etsy declared that its Board of Directors has initiated a stock repurchase plan on Thursday, December 18th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 14.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Etsy Company Profile

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.