Etsy, Inc. (NASDAQ:ETSY) Position Reduced by Clearline Capital LP

Clearline Capital LP reduced its holdings in shares of Etsy, Inc. (NASDAQ:ETSY) by 0.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 413,743 shares of the specialty retailer’s stock after selling 2,200 shares during the quarter. Etsy accounts for 1.0% of Clearline Capital LP’s portfolio, making the stock its 10th largest position. Clearline Capital LP owned about 0.37% of Etsy worth $22,975,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. raised its holdings in shares of Etsy by 15.0% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 7,046 shares of the specialty retailer’s stock valued at $455,000 after buying an additional 921 shares during the period. Tidal Investments LLC raised its stake in shares of Etsy by 353.2% during the first quarter. Tidal Investments LLC now owns 13,574 shares of the specialty retailer’s stock valued at $932,000 after purchasing an additional 10,579 shares during the period. Comerica Bank lifted its position in shares of Etsy by 3.1% during the first quarter. Comerica Bank now owns 24,146 shares of the specialty retailer’s stock worth $1,659,000 after purchasing an additional 722 shares in the last quarter. Swedbank AB purchased a new position in shares of Etsy in the first quarter valued at $931,000. Finally, Cetera Advisors LLC acquired a new stake in Etsy during the 1st quarter valued at $207,000. Institutional investors and hedge funds own 99.53% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Merilee Buckley sold 1,676 shares of the 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 18,083 shares in the company, valued at $1,001,798.20. This trade represents a 3.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,819 shares of company stock worth $303,438. Insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ETSY shares. Moffett Nathanson boosted their price objective on shares of Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. UBS Group reduced their price target on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Loop Capital dropped their price objective on Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a report on Monday, August 12th. Stifel Nicolaus reduced their target price on Etsy from $64.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Finally, Truist Financial decreased their price target on shares of Etsy from $76.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Four equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Etsy presently has a consensus rating of “Hold” and an average price target of $64.71.

Etsy Price Performance

NASDAQ:ETSY opened at $54.86 on Monday. Etsy, Inc. has a 12-month low of $47.10 and a 12-month high of $89.58. The business has a 50 day simple moving average of $52.04 and a 200 day simple moving average of $56.36. The firm has a market capitalization of $6.17 billion, a P/E ratio of 27.99, a P/E/G ratio of 6.48 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last announced its quarterly 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). Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm had revenue of $662.40 million for the quarter, compared to analyst estimates of $652.47 million. During the same period last year, the firm posted $0.64 EPS. The business’s revenue was up 4.1% compared to the same quarter last year. Research analysts anticipate that Etsy, Inc. will post 2.25 EPS for the current fiscal year.

Etsy declared that its board has approved a stock buyback plan on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management 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.