Etsy, Inc. (NASDAQ:ETSY) Position Raised by Amalgamated Bank

Amalgamated Bank raised its position in shares of 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 37,176 shares of the specialty retailer’s stock after purchasing an additional 3,351 shares during the quarter. Amalgamated Bank’s holdings in Etsy were worth $2,064,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ETSY. 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 buying an additional 231 shares during the last quarter. UMB Bank n.a. raised its holdings in Etsy by 112.3% during the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after buying an additional 292 shares during the period. 1620 Investment Advisors Inc. acquired a new position in shares of Etsy in the second quarter worth about $42,000. Headlands Technologies LLC purchased a new position in shares of Etsy in the first quarter worth approximately $59,000. Finally, GAMMA Investing LLC raised its holdings in shares of Etsy by 25.6% during the second quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock valued at $73,000 after acquiring an additional 253 shares during the period. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ETSY. The Goldman Sachs Group downgraded Etsy from a “neutral” rating to a “sell” rating and lowered their price target for the company from $70.00 to $45.00 in a report on Tuesday, October 15th. Loop Capital reduced their price target on shares of Etsy from $50.00 to $45.00 and set a “sell” rating for the company in a research report on Monday, August 12th. Oppenheimer downgraded shares of Etsy from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 1st. UBS Group dropped their price objective on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $50.00 target price on shares of Etsy in a research note on Monday, October 7th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $64.87.

Insider Buying and Selling at Etsy

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $73,751.73. Following the transaction, the insider now directly owns 592 shares in the company, valued at $30,257.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of Etsy 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 sold a total of 5,369 shares of company stock worth $280,200 over the last three months. Insiders own 2.60% of the company’s stock.

Etsy Trading Up 1.3 %

Shares of ETSY stock opened at $54.00 on Tuesday. Etsy, Inc. has a twelve month low of $47.10 and a twelve month high of $89.58. The stock has a 50 day moving average of $52.35 and a 200 day moving average of $57.42. The stock has a market cap of $6.07 billion, a P/E ratio of 27.55, a P/E/G ratio of 6.29 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (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 analyst estimates of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.64 EPS. On average, research analysts predict that Etsy, Inc. will post 2.25 earnings per share for the current fiscal year.

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

Etsy 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.