Etsy, Inc. (NASDAQ:ETSY) Shares Acquired by Victory Capital Management Inc.

Victory Capital Management Inc. increased its holdings in shares of Etsy, Inc. (NASDAQ:ETSY) by 422.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 101,099 shares of the specialty retailer’s stock after purchasing an additional 81,734 shares during the quarter. Victory Capital Management Inc. owned 0.09% of Etsy worth $5,614,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. grew its position in 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 acquiring an additional 231 shares in the last quarter. UMB Bank n.a. increased its position in Etsy by 112.3% during 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 period. 1620 Investment Advisors Inc. acquired a new position in Etsy during the second quarter worth approximately $42,000. Capital Performance Advisors LLP acquired a new position in Etsy during the third quarter worth approximately $43,000. Finally, GAMMA Investing LLC increased its holdings 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 valued at $73,000 after purchasing an additional 253 shares during the period. 99.53% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ETSY has been the topic of a number of recent analyst reports. 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 report on Thursday, October 24th. Raymond James reduced their price objective on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Etsy in a research note on Thursday, October 31st. Citigroup decreased their price target on Etsy from $65.00 to $54.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Finally, Oppenheimer downgraded Etsy from an “outperform” rating to a “market perform” rating in a report on Thursday, August 1st. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $64.87.

Insider Transactions at Etsy

In other news, CAO Merilee Buckley sold 1,676 shares of the business’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $85,660.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $52.50, for a total value of $39,375.00. Following the sale, the insider now directly owns 24,371 shares in the company, valued at $1,279,477.50. This trade represents a 2.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,819 shares of company stock valued at $303,438. Corporate insiders own 2.60% of the company’s stock.

Etsy Price Performance

NASDAQ:ETSY opened at $52.30 on Friday. Etsy, Inc. has a 12-month low of $47.10 and a 12-month high of $89.58. The firm has a market capitalization of $5.88 billion, a P/E ratio of 26.68, a P/E/G ratio of 5.95 and a beta of 1.99. The business has a 50 day simple moving average of $52.03 and a 200 day simple moving average of $56.75.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share for the quarter, missing the consensus estimate 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 firm’s revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.64 EPS. Research analysts anticipate that Etsy, Inc. will post 2.25 EPS for the current fiscal year.

Etsy announced that its board has initiated a stock repurchase program on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

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.