Nisa Investment Advisors LLC Lowers Holdings in Etsy, Inc. (NASDAQ:ETSY)

Nisa Investment Advisors LLC lowered its position in shares of Etsy, Inc. (NASDAQ:ETSY) by 28.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,105 shares of the specialty retailer’s stock after selling 856 shares during the period. Nisa Investment Advisors LLC’s holdings in Etsy were worth $111,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in shares of Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after purchasing an additional 231 shares in the last quarter. UMB Bank n.a. increased its holdings in Etsy by 112.3% during the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after buying an additional 292 shares during the period. Capital Performance Advisors LLP bought a new position in Etsy in the third quarter worth approximately $43,000. Versant Capital Management Inc lifted its holdings in Etsy by 153.1% during the fourth quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer’s stock worth $44,000 after buying an additional 499 shares during the period. Finally, Prospera Private Wealth LLC purchased a new position in shares of Etsy in the 3rd quarter valued at $59,000. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Stock Performance

NASDAQ ETSY opened at $56.06 on Friday. The firm has a market capitalization of $6.31 billion, a P/E ratio of 28.60, a PEG ratio of 2.55 and a beta of 1.99. The stock has a 50-day simple moving average of $55.15 and a two-hundred day simple moving average of $54.63. Etsy, Inc. has a fifty-two week low of $47.10 and a fifty-two week high of $80.30.

Etsy (NASDAQ:ETSY) last announced 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 company 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 company’s revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.64 earnings per share. As a group, analysts forecast that Etsy, Inc. will post 2.26 earnings per share for the current year.

Etsy announced that its board has approved a stock buyback plan on Wednesday, October 30th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ETSY. Bank of America dropped their price objective on Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Raymond James cut their price objective on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Morgan Stanley decreased their target price on shares of Etsy from $47.00 to $45.00 and set an “underweight” rating for the company in a research report on Monday, January 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of Etsy in a report on Thursday, October 31st. Finally, Moffett Nathanson increased their price objective on Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Etsy currently has a consensus rating of “Hold” and an average target price of $62.42.

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.