New York State Teachers Retirement System Has $6.56 Million Position in Etsy, Inc. (NASDAQ:ETSY)

New York State Teachers Retirement System grew its holdings in Etsy, Inc. (NASDAQ:ETSY) by 9.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 118,197 shares of the specialty retailer’s stock after buying an additional 10,652 shares during the quarter. New York State Teachers Retirement System’s holdings in Etsy were worth $6,563,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Everence Capital Management Inc. acquired a new position in shares of Etsy during the 3rd quarter worth about $834,000. TD Asset Management Inc increased its stake in shares of Etsy by 16.8% during the 1st 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 during the last quarter. Diversified Trust Co increased its holdings in shares of Etsy by 11.5% during the 2nd quarter. Diversified Trust Co now owns 6,459 shares of the specialty retailer’s stock worth $381,000 after acquiring an additional 668 shares during the last quarter. Advisors Asset Management Inc. raised its position in shares of Etsy by 12.6% in the first quarter. Advisors Asset Management Inc. now owns 146,865 shares of the specialty retailer’s stock valued at $10,093,000 after purchasing an additional 16,458 shares during the period. Finally, Louisiana State Employees Retirement System grew its stake in shares of Etsy by 740.9% in the third quarter. Louisiana State Employees Retirement System now owns 55,500 shares of the specialty retailer’s stock valued at $3,082,000 after acquiring an additional 48,900 shares in the last quarter. Institutional investors own 99.53% of the company’s stock.

Etsy Price Performance

ETSY opened at $52.27 on Tuesday. The business has a fifty day simple moving average of $52.60 and a 200 day simple moving average of $58.02. The company has a market capitalization of $6.00 billion, a PE ratio of 26.67, a price-to-earnings-growth ratio of 5.94 and a beta of 1.99. Etsy, Inc. has a 1 year low of $47.10 and a 1 year high of $89.58.

Etsy (NASDAQ:ETSY) last issued its 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). Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. During the same period in the previous year, the company earned $0.64 EPS. Etsy’s revenue for the quarter was up 4.1% on a year-over-year basis. Equities analysts anticipate that Etsy, Inc. will post 2.3 earnings per share for the current fiscal year.

Etsy declared that its Board of Directors has initiated a stock buyback plan on Wednesday, October 30th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the business’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Etsy news, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total transaction of $41,550.00. Following the completion of the transaction, the insider now owns 18,083 shares of the company’s stock, valued at $1,001,798.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The stock was 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 4,619 shares of company stock worth $240,825. 2.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Loop Capital reduced their price objective on Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a research report on Monday, August 12th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Etsy in a research report on Thursday, October 31st. Citigroup dropped their price objective on Etsy from $65.00 to $54.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Evercore ISI upgraded Etsy to a “strong-buy” rating in a research note on Thursday, August 1st. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $50.00 price objective on shares of Etsy in a report on Monday, October 7th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $64.87.

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.