Mizuho Markets Americas LLC Takes $20.55 Million Position in Etsy, Inc. (NASDAQ:ETSY)

Mizuho Markets Americas LLC acquired a new position in shares of Etsy, Inc. (NASDAQ:ETSY) in the third quarter, Holdings Channel reports. The firm acquired 370,000 shares of the specialty retailer’s stock, valued at approximately $20,546,000.

Other institutional investors also recently added to or reduced their stakes in the company. ICICI Prudential Asset Management Co Ltd increased its stake in Etsy by 7.8% during the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 151,760 shares of the specialty retailer’s stock valued at $8,427,000 after purchasing an additional 11,000 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Etsy by 422.1% during the third quarter. Victory Capital Management Inc. now owns 101,099 shares of the specialty retailer’s stock worth $5,614,000 after purchasing an additional 81,734 shares during the last quarter. Apollon Wealth Management LLC acquired a new position in Etsy during the third quarter valued at $225,000. Meritage Portfolio Management boosted its holdings in Etsy by 152.4% in the third quarter. Meritage Portfolio Management now owns 264,689 shares of the specialty retailer’s stock valued at $14,698,000 after purchasing an additional 159,820 shares during the last quarter. Finally, Assetmark Inc. grew its position in Etsy by 9.0% during the 3rd quarter. Assetmark Inc. now owns 24,411 shares of the specialty retailer’s stock worth $1,356,000 after purchasing an additional 2,025 shares during the period. Institutional investors own 99.53% of the company’s stock.

Wall Street Analysts Forecast Growth

ETSY has been the subject of several analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Etsy in a report on Thursday, October 31st. Truist Financial reduced their price target on Etsy from $76.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. The Goldman Sachs Group lowered Etsy from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $70.00 to $45.00 in a research report on Tuesday, October 15th. Citigroup cut their target price on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating for the company in a report on Thursday, October 31st. Finally, Loop Capital decreased their target price on shares of Etsy from $50.00 to $45.00 and set a “sell” rating for the company in a research note on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $64.87.

Insider Activity

In other Etsy news, insider Nicholas Daniel sold 750 shares of the stock in a transaction that occurred 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 approximately $1,001,798.20. This represents a 3.98 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,369 shares of company stock worth $280,200. Corporate insiders own 2.60% of the company’s stock.

Etsy Stock Down 2.8 %

ETSY opened at $49.63 on Friday. The firm has a market cap of $5.58 billion, a P/E ratio of 25.32, a P/E/G ratio of 6.31 and a beta of 1.99. Etsy, Inc. has a 52 week low of $47.10 and a 52 week high of $89.58. The business has a fifty day simple moving average of $52.13 and a 200-day simple moving average of $57.12.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The business had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $652.47 million. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter last year, the company earned $0.64 earnings per share. Sell-side analysts expect that Etsy, Inc. will post 2.25 earnings per share for the current year.

Etsy announced that its Board of Directors has approved a stock buyback 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 stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

About Etsy

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.