Pallas Capital Advisors LLC Takes $280,000 Position in Etsy, Inc. (NASDAQ:ETSY)

Pallas Capital Advisors LLC acquired a new stake in Etsy, Inc. (NASDAQ:ETSY) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,293 shares of the specialty retailer’s stock, valued at approximately $280,000.

Other hedge funds have also recently modified their holdings of the company. Blue Trust Inc. grew its position in Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after acquiring an additional 231 shares during the period. UMB Bank n.a. grew its position in Etsy by 112.3% in 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. American Century Companies Inc. grew its position in Etsy by 3.0% in the second quarter. American Century Companies Inc. now owns 12,519 shares of the specialty retailer’s stock worth $738,000 after acquiring an additional 367 shares during the period. Coldstream Capital Management Inc. grew its position in Etsy by 11.6% in the third quarter. Coldstream Capital Management Inc. now owns 4,302 shares of the specialty retailer’s stock worth $239,000 after acquiring an additional 448 shares during the period. Finally, Versant Capital Management Inc grew its position in Etsy by 153.1% in the fourth quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer’s stock worth $44,000 after acquiring an additional 499 shares during the period. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ETSY shares. Raymond James lowered their price objective on Etsy from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. JMP Securities restated a “market perform” rating on shares of Etsy in a research note on Monday, December 16th. UBS Group decreased their price target on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Stifel Nicolaus decreased their price target on Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Finally, Truist Financial decreased their price target on Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $62.54.

Etsy Stock Performance

ETSY opened at $53.27 on Thursday. Etsy, Inc. has a one year low of $47.10 and a one year high of $80.30. The company has a market cap of $5.99 billion, a P/E ratio of 27.18, a PEG ratio of 6.96 and a beta of 1.99. The business’s 50-day simple moving average is $54.82 and its 200-day simple moving average is $54.96.

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

Etsy declared that its board has initiated a share repurchase program on Wednesday, October 30th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership 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 on Friday, November 1st. The shares were 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 in the company, valued at $1,279,477.50. This represents a 2.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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.