MetLife Investment Management LLC Sells 29,201 Shares of Etsy, Inc. (NASDAQ:ETSY)

MetLife Investment Management LLC reduced its position in shares of Etsy, Inc. (NASDAQ:ETSY) by 84.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,489 shares of the specialty retailer’s stock after selling 29,201 shares during the period. MetLife Investment Management LLC’s holdings in Etsy were worth $305,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. boosted its stake in shares of Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after buying an additional 231 shares during the last quarter. UMB Bank n.a. lifted its holdings in Etsy by 112.3% during the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after acquiring an additional 292 shares during the period. 1620 Investment Advisors Inc. bought a new position in Etsy in the 2nd quarter valued at $42,000. Capital Performance Advisors LLP bought a new stake in shares of Etsy during the 3rd quarter worth $43,000. Finally, Prospera Private Wealth LLC bought a new stake in shares of Etsy during the 3rd quarter worth $59,000. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Etsy Trading Up 0.2 %

Shares of ETSY opened at $57.30 on Monday. Etsy, Inc. has a 1-year low of $47.10 and a 1-year high of $89.58. The firm’s 50-day moving average price is $52.22 and its 200-day moving average price is $56.06. The firm has a market capitalization of $6.45 billion, a price-to-earnings ratio of 29.23, a PEG ratio of 6.97 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The firm 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 was up 4.1% on a year-over-year basis. During the same quarter last year, the company posted $0.64 EPS. On average, research analysts forecast that Etsy, Inc. will post 2.25 EPS for the current fiscal year.

Etsy announced that its board has approved a share repurchase plan on Wednesday, October 30th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

ETSY has been the topic of several research reports. Stifel Nicolaus lowered their price objective on shares of Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Piper Sandler reaffirmed a “neutral” rating and issued a $56.00 price target on shares of Etsy in a report on Friday, August 23rd. Loop Capital reduced their price objective on Etsy from $50.00 to $45.00 and set a “sell” rating for the company in a report on Monday, August 12th. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Etsy in a research note on Thursday, October 31st. Finally, Citigroup cut their price target on Etsy from $65.00 to $54.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. Four research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $64.71.

Insider Buying and Selling at Etsy

In other Etsy news, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $52.50, for a total value of $39,375.00. Following the completion of the transaction, the insider now owns 24,371 shares of the company’s stock, valued at approximately $1,279,477.50. The trade was a 2.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Merilee Buckley sold 1,676 shares of the firm’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. Over the last 90 days, insiders sold 5,069 shares of company stock worth $261,888. 2.60% of the stock is owned by 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.