Southpoint Capital Advisors LP decreased its holdings in Etsy Inc (NASDAQ:ETSY) by 53.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 750,000 shares of the specialty retailer’s stock after selling 850,000 shares during the period. Etsy accounts for about 0.7% of Southpoint Capital Advisors LP’s holdings, making the stock its 29th biggest position. Southpoint Capital Advisors LP owned 0.62% of Etsy worth $15,338,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of ETSY. Royal Bank of Canada increased its stake in shares of Etsy by 30.3% in the second quarter. Royal Bank of Canada now owns 8,812 shares of the specialty retailer’s stock worth $133,000 after purchasing an additional 2,049 shares in the last quarter. Steward Partners Investment Advisory LLC grew its stake in Etsy by 99.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,728 shares of the specialty retailer’s stock valued at $137,000 after acquiring an additional 3,361 shares in the last quarter. Public Employees Retirement Association of Colorado purchased a new position in Etsy during the fourth quarter valued at approximately $154,000. Trexquant Investment LP purchased a new position in Etsy during the third quarter valued at approximately $192,000. Finally, Keybank National Association OH purchased a new position in Etsy during the fourth quarter valued at approximately $205,000. Hedge funds and other institutional investors own 79.94% of the company’s stock.
ETSY has been the subject of several recent analyst reports. Morgan Stanley cut shares of Etsy from an “equal weight” rating to an “underweight” rating and set a $17.00 price objective for the company. in a research note on Friday, January 12th. Zacks Investment Research cut shares of Etsy from a “hold” rating to a “sell” rating in a research note on Monday, January 22nd. KeyCorp started coverage on shares of Etsy in a research note on Wednesday, December 20th. They issued an “overweight” rating for the company. BidaskClub cut shares of Etsy from a “buy” rating to a “hold” rating in a research note on Saturday, January 13th. Finally, Roth Capital raised shares of Etsy from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $20.50 to $28.00 in a research note on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Etsy presently has a consensus rating of “Hold” and a consensus price target of $21.19.
Etsy announced that its Board of Directors has authorized a share buyback program on Friday, November 17th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the specialty retailer to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
In other news, Director Jonathan D. Klein sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $21.31, for a total value of $1,065,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.00% of the company’s stock.
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Etsy, Inc (Etsy) operates a marketplace where people around the world connect, both online and offline, to make, sell and buy goods. The Company offers a range of seller services and tools that help entrepreneurs start, grow and manage their businesses. The Company’s community includes Etsy sellers, Etsy buyers, Etsy employees, its partners and investors.
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