Etsy, Inc. (NASDAQ:ETSY) Position Reduced by MML Investors Services LLC

MML Investors Services LLC reduced its position in Etsy, Inc. (NASDAQ:ETSY) by 11.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,000 shares of the specialty retailer’s stock after selling 510 shares during the period. MML Investors Services LLC’s holdings in Etsy were worth $222,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Pacer Advisors Inc. grew its holdings in shares of Etsy by 183.9% during the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after buying an additional 3,861,668 shares in the last quarter. Marshall Wace LLP boosted its position in Etsy by 304.2% during the 2nd quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock worth $82,703,000 after acquiring an additional 1,055,296 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Etsy during the 3rd quarter valued at about $55,530,000. Holocene Advisors LP acquired a new position in shares of Etsy in the 3rd quarter valued at about $49,061,000. Finally, Renaissance Technologies LLC lifted its position in shares of Etsy by 21.1% in the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after purchasing an additional 734,200 shares in the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

Etsy Stock Down 2.3 %

Etsy stock opened at $53.84 on Friday. Etsy, Inc. has a twelve month low of $47.10 and a twelve month high of $83.31. The company has a 50 day moving average of $53.96 and a 200-day moving average of $55.63. The stock has a market capitalization of $6.06 billion, a PE ratio of 27.47, a price-to-earnings-growth ratio of 6.96 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last announced its 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 firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.64 EPS. Equities analysts anticipate that Etsy, Inc. will post 2.25 EPS for the current fiscal year.

Etsy announced that its board has initiated a share buyback plan on Wednesday, October 30th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the specialty retailer to buy up to 17.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. UBS Group dropped their price objective on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Raymond James dropped their price target on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Citigroup reduced their price objective on Etsy from $65.00 to $54.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. JMP Securities restated a “market perform” rating on shares of Etsy in a research note on Monday, December 16th. Finally, Wells Fargo & Company cut their price target on Etsy from $47.00 to $44.00 and set an “underweight” rating for the company in a research note on Friday, November 1st. Four analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $63.17.

Insider Activity

In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the completion of the sale, the insider now directly owns 592 shares in the company, valued at $30,257.12. This trade represents a 70.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction that occurred 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. In the last 90 days, insiders sold 5,069 shares of company stock valued at $261,888. 2.60% of the stock is owned by insiders.

About Etsy

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.