Meritage Portfolio Management Raises Position in Etsy, Inc. (NASDAQ:ETSY)

Meritage Portfolio Management lifted its stake in Etsy, Inc. (NASDAQ:ETSY) by 152.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 264,689 shares of the specialty retailer’s stock after acquiring an additional 159,820 shares during the period. Etsy makes up 0.9% of Meritage Portfolio Management’s portfolio, making the stock its 21st largest holding. Meritage Portfolio Management’s holdings in Etsy were worth $14,698,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Etsy by 0.7% in the first quarter. Vanguard Group Inc. now owns 13,528,736 shares of the specialty retailer’s stock worth $929,695,000 after purchasing an additional 91,900 shares during the period. Van ECK Associates Corp raised its holdings in Etsy by 14.3% during the second quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock valued at $339,964,000 after acquiring an additional 721,454 shares during the period. Renaissance Technologies LLC lifted its position in shares of Etsy by 21.1% in the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock valued at $248,623,000 after acquiring an additional 734,200 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Etsy by 52.3% in the second quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer’s stock worth $123,875,000 after acquiring an additional 721,453 shares during the period. Finally, TD Asset Management Inc grew its position in shares of Etsy by 16.8% during the first quarter. TD Asset Management Inc now owns 1,540,465 shares of the specialty retailer’s stock worth $105,861,000 after purchasing an additional 221,275 shares in the last quarter. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Oppenheimer downgraded Etsy from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. Barclays cut their target price on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Wolfe Research assumed coverage on shares of Etsy in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. The Goldman Sachs Group lowered Etsy from a “neutral” rating to a “sell” rating and cut their price objective for the company from $70.00 to $45.00 in a research report on Tuesday, October 15th. Finally, Loop Capital decreased their target price on Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a research report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $64.87.

Etsy Price Performance

Shares of ETSY traded down $0.10 during mid-day trading on Friday, reaching $53.31. 3,613,021 shares of the company’s stock traded hands, compared to its average volume of 3,816,161. The stock’s 50-day moving average is $52.37 and its two-hundred day moving average is $57.58. Etsy, Inc. has a 12 month low of $47.10 and a 12 month high of $89.58. The stock has a market cap of $6.00 billion, a P/E ratio of 27.20, a P/E/G ratio of 6.26 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, October 30th. The specialty retailer reported $0.45 EPS 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 business had revenue of $662.40 million during the quarter, compared to the consensus estimate of $652.47 million. During the same period last year, the company earned $0.64 EPS. The business’s revenue was up 4.1% compared to the same quarter last year. Research analysts predict that Etsy, Inc. will post 2.25 earnings per share for the current year.

Etsy declared that its Board of Directors has initiated a share buyback plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Etsy news, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $52.50, for a total value of $39,375.00. Following the transaction, the insider now directly owns 24,371 shares in the company, valued at $1,279,477.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Etsy news, insider Nicholas Daniel sold 750 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $52.50, for a total transaction of $39,375.00. Following the transaction, the insider now directly owns 24,371 shares in the company, valued at $1,279,477.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the business’s stock in a transaction dated Thursday, October 3rd. The shares were 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. Insiders have sold 5,369 shares of company stock valued at $280,200 in the last 90 days. Company insiders own 2.60% of the company’s stock.

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.