Penserra Capital Management LLC Sells 11,112 Shares of Etsy, Inc. (NASDAQ:ETSY)

Penserra Capital Management LLC reduced its holdings in shares of Etsy, Inc. (NASDAQ:ETSY) by 18.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 48,206 shares of the specialty retailer’s stock after selling 11,112 shares during the period. Penserra Capital Management LLC’s holdings in Etsy were worth $2,676,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Blue Trust Inc. lifted its position in shares of Etsy by 106.5% during the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 231 shares during the last quarter. UMB Bank n.a. boosted its position in Etsy by 112.3% in the 3rd 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. 1620 Investment Advisors Inc. purchased a new position in shares of Etsy during the second quarter worth approximately $42,000. Capital Performance Advisors LLP bought a new stake in shares of Etsy during the third quarter valued at approximately $43,000. Finally, Prospera Private Wealth LLC purchased a new stake in shares of Etsy in the third quarter valued at approximately $59,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Etsy Price Performance

Shares of ETSY opened at $55.68 on Tuesday. The firm has a market capitalization of $6.26 billion, a PE ratio of 28.41, a price-to-earnings-growth ratio of 6.17 and a beta of 1.99. The company’s fifty day moving average price is $52.00 and its 200-day moving average price is $56.54. Etsy, Inc. has a 1-year low of $47.10 and a 1-year high of $89.58.

Etsy (NASDAQ:ETSY) last posted its quarterly 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). Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $652.47 million. During the same quarter in the previous year, the firm posted $0.64 EPS. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, research analysts anticipate that Etsy, Inc. will post 2.25 EPS for the current fiscal year.

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ETSY shares. Raymond James dropped their price target on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Oppenheimer lowered shares of Etsy from an “outperform” rating to a “market perform” rating in a report on Thursday, August 1st. Citigroup dropped their price objective on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Truist Financial cut their price objective on shares of Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Finally, UBS Group dropped their target price on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Etsy currently has a consensus rating of “Hold” and an average target price of $64.87.

Insider Buying and Selling

In other news, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total value of $41,550.00. Following the sale, the insider now directly owns 18,083 shares of the company’s stock, valued at $1,001,798.20. This represents a 3.98 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the firm’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 disclosure for this sale can be found here. In the last quarter, insiders have sold 5,819 shares of company stock worth $303,438. 2.60% of the stock is owned by company insiders.

Etsy Company Profile

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.