Cibc World Market Inc. Sells 361,524 Shares of Etsy, Inc. $ETSY

Cibc World Market Inc. decreased its holdings in Etsy, Inc. (NASDAQ:ETSY) by 92.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 30,392 shares of the specialty retailer’s stock after selling 361,524 shares during the quarter. Cibc World Market Inc.’s holdings in Etsy were worth $2,018,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of ETSY. Holocene Advisors LP boosted its stake in Etsy by 697.4% in the second quarter. Holocene Advisors LP now owns 5,343,797 shares of the specialty retailer’s stock valued at $268,045,000 after buying an additional 4,673,615 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Etsy by 62.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the specialty retailer’s stock worth $185,197,000 after acquiring an additional 1,416,772 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Etsy by 37.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,552,308 shares of the specialty retailer’s stock valued at $103,058,000 after purchasing an additional 424,461 shares in the last quarter. Norges Bank bought a new stake in shares of Etsy during the 2nd quarter valued at approximately $65,207,000. Finally, Artisan Partners Limited Partnership acquired a new position in Etsy during the 2nd quarter worth approximately $50,033,000. Institutional investors and hedge funds own 99.53% of the company’s stock.

Etsy Price Performance

NASDAQ ETSY opened at $45.75 on Tuesday. Etsy, Inc. has a one year low of $40.05 and a one year high of $76.51. The business has a 50 day simple moving average of $56.18 and a 200 day simple moving average of $59.78. The stock has a market capitalization of $4.52 billion, a P/E ratio of 36.89, a P/E/G ratio of 10.65 and a beta of 1.77.

Etsy announced that its board has approved a stock buyback plan on Thursday, December 18th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the specialty retailer to buy up to 14.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Etsy

In other Etsy news, CAO Merilee Buckley sold 5,636 shares of Etsy stock in a transaction on Monday, January 5th. The shares were sold at an average price of $58.45, for a total value of $329,424.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Josh Silverman sold 21,666 shares of the stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $53.26, for a total transaction of $1,153,931.16. Following the transaction, the insider directly owned 90,661 shares in the company, valued at $4,828,604.86. This trade represents a 19.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 135,934 shares of company stock valued at $7,663,369 in the last quarter. 2.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Evercore cut shares of Etsy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 30th. The Goldman Sachs Group boosted their price objective on Etsy from $48.00 to $57.00 and gave the stock a “sell” rating in a research report on Thursday, October 30th. B. Riley Financial reiterated a “buy” rating on shares of Etsy in a research report on Thursday, October 30th. Stifel Nicolaus cut their price target on Etsy from $65.00 to $62.00 and set a “hold” rating on the stock in a research note on Tuesday, January 27th. Finally, Barclays upped their price objective on Etsy from $60.00 to $62.00 and gave the company an “equal weight” rating in a research note on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eighteen have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $63.52.

Etsy Company Profile

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.