Cerity Partners LLC Acquires 5,128 Shares of Etsy, Inc. (NASDAQ:ETSY)

Cerity Partners LLC grew its holdings in Etsy, Inc. (NASDAQ:ETSY) by 28.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,884 shares of the specialty retailer’s stock after acquiring an additional 5,128 shares during the period. Cerity Partners LLC’s holdings in Etsy were worth $1,271,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Blue Trust Inc. grew its position in Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after acquiring an additional 231 shares in the last quarter. Meridian Management Co. lifted its stake in shares of Etsy by 0.4% in the second quarter. Meridian Management Co. now owns 63,409 shares of the specialty retailer’s stock worth $3,740,000 after buying an additional 241 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Etsy by 25.6% in the second quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock worth $73,000 after buying an additional 253 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Etsy by 112.3% in the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after buying an additional 292 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in shares of Etsy by 3.7% in the second quarter. Nisa Investment Advisors LLC now owns 8,915 shares of the specialty retailer’s stock worth $526,000 after buying an additional 316 shares during the last quarter. 99.53% of the stock is owned by institutional investors.

Insider Activity

In other Etsy news, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.15, for a total value of $39,862.50. Following the sale, the insider now directly owns 25,121 shares of the company’s stock, valued at approximately $1,335,181.15. The trade was a 2.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,069 shares of company stock valued at $261,888. Company insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ETSY shares. The Goldman Sachs Group cut shares of Etsy from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $70.00 to $45.00 in a research note on Tuesday, October 15th. Piper Sandler restated a “neutral” rating and issued a $56.00 price objective on shares of Etsy in a research note on Friday, August 23rd. Stifel Nicolaus cut their target price on shares of Etsy from $64.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Barclays cut their target price on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Finally, Citigroup cut their target price on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. Four analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $64.71.

Etsy Stock Up 3.2 %

Shares of NASDAQ ETSY opened at $57.23 on Wednesday. Etsy, Inc. has a 52 week low of $47.10 and a 52 week high of $89.58. The business has a 50-day simple moving average of $52.06 and a two-hundred day simple moving average of $56.24. The company has a market cap of $6.44 billion, a P/E ratio of 29.20, a P/E/G ratio of 6.55 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The business had revenue of $662.40 million for the quarter, compared to the consensus estimate of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The business’s revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.64 EPS. Equities research analysts anticipate that Etsy, Inc. will post 2.25 EPS for the current year.

Etsy announced that its board has initiated a stock repurchase program on Wednesday, October 30th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the specialty retailer to reacquire up to 17.8% 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, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. 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.