DAVENPORT & Co LLC Cuts Stake in Etsy, Inc. $ETSY

DAVENPORT & Co LLC cut its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 23.5% in the 3rd quarter, Holdings Channel.com reports. The fund owned 788,526 shares of the specialty retailer’s stock after selling 241,894 shares during the period. DAVENPORT & Co LLC’s holdings in Etsy were worth $52,350,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Heritage Wealth Advisors grew its position in Etsy by 476.5% during the 2nd quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer’s stock valued at $25,000 after purchasing an additional 405 shares during the last quarter. Signaturefd LLC raised its holdings in Etsy by 52.7% in the second quarter. Signaturefd LLC now owns 556 shares of the specialty retailer’s stock worth $28,000 after buying an additional 192 shares during the last quarter. Elevation Point Wealth Partners LLC bought a new position in shares of Etsy in the second quarter worth approximately $35,000. SVB Wealth LLC purchased a new stake in shares of Etsy during the first quarter valued at approximately $36,000. Finally, Employees Retirement System of Texas purchased a new stake in shares of Etsy during the second quarter valued at approximately $47,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Insider Transactions at Etsy

In other Etsy news, CEO Josh Silverman sold 150,000 shares of the stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $72.50, for a total value of $10,875,000.00. Following the transaction, the chief executive officer directly owned 62,674 shares in the company, valued at approximately $4,543,865. This trade represents a 70.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Goyal Kruti Patel sold 7,685 shares of Etsy stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $75.01, for a total transaction of $576,451.85. Following the transaction, the insider owned 54,840 shares in the company, valued at $4,113,548.40. This represents a 12.29% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 241,105 shares of company stock worth $16,594,854. 2.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

ETSY has been the topic of several analyst reports. Moffett Nathanson reaffirmed a “neutral” rating on shares of Etsy in a research report on Wednesday, October 29th. Evercore ISI cut Etsy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 30th. Zacks Research raised Etsy from a “hold” rating to a “strong-buy” rating in a report on Friday, October 10th. BNP Paribas Exane initiated coverage on Etsy in a report on Monday, November 24th. They issued a “neutral” rating for the company. Finally, Bank of America upped their target price on shares of Etsy from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $64.52.

Etsy Price Performance

Shares of ETSY opened at $55.13 on Wednesday. The firm has a market capitalization of $5.44 billion, a P/E ratio of 44.46, a PEG ratio of 10.65 and a beta of 1.76. Etsy, Inc. has a one year low of $40.05 and a one year high of $76.51. The business has a fifty day moving average of $59.39 and a 200 day moving average of $59.84.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, October 29th. The specialty retailer reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.06. The business had revenue of $678.03 million for the quarter, compared to analysts’ expectations of $655.83 million. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%.The business’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period last year, the firm posted $0.45 earnings per share. Analysts expect that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

Etsy declared that its Board of Directors has approved a share buyback program on Thursday, December 18th that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 14.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

About Etsy

Etsy, Inc (NASDAQ: ETSY) operates a global e-commerce marketplace focused on handmade, vintage and unique goods. The platform connects individual artisans, small businesses and collectors with buyers seeking one-of-a-kind items, ranging from handcrafted jewelry and clothing to home décor and art supplies. Etsy’s revenue is primarily generated through listing fees, transaction fees on sales and optional seller services such as advertising and shipping labels.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy has cultivated a community-driven ethos, encouraging sustainable practices and personal entrepreneurship.