LMR Partners LLP Invests $659,000 in Etsy, Inc. (NASDAQ:ETSY)

LMR Partners LLP bought a new stake in Etsy, Inc. (NASDAQ:ETSY) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 11,869 shares of the specialty retailer’s stock, valued at approximately $659,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Etsy by 2.4% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 85,395 shares of the specialty retailer’s stock worth $5,796,000 after purchasing an additional 2,028 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Etsy by 0.7% in the first quarter. Vanguard Group Inc. now owns 13,528,736 shares of the specialty retailer’s stock worth $929,695,000 after purchasing an additional 91,900 shares during the period. UniSuper Management Pty Ltd grew its position in Etsy by 703.2% in the 1st quarter. UniSuper Management Pty Ltd now owns 13,895 shares of the specialty retailer’s stock valued at $955,000 after buying an additional 12,165 shares in the last quarter. Bessemer Group Inc. increased its stake in Etsy by 7,221.3% during the 1st quarter. Bessemer Group Inc. now owns 29,871 shares of the specialty retailer’s stock valued at $2,052,000 after buying an additional 29,463 shares during the period. Finally, CANADA LIFE ASSURANCE Co raised its position in shares of Etsy by 29.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 87,702 shares of the specialty retailer’s stock worth $6,032,000 after buying an additional 19,862 shares in the last quarter. Institutional investors own 99.53% of the company’s stock.

Etsy Trading Down 0.3 %

Shares of NASDAQ:ETSY opened at $50.41 on Wednesday. The firm has a market cap of $5.67 billion, a price-to-earnings ratio of 25.72, a P/E/G ratio of 5.86 and a beta of 1.99. Etsy, Inc. has a 1 year low of $47.10 and a 1 year high of $89.58. The business has a fifty day simple moving average of $52.05 and a 200 day simple moving average of $56.83.

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 quarter in the prior year, the firm earned $0.64 earnings per share. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. On average, sell-side analysts forecast that Etsy, Inc. will post 2.25 EPS for the current year.

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

Insiders Place Their Bets

In related news, insider Nicholas Daniel sold 750 shares of Etsy 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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $85,660.36. The disclosure for this sale can be found here. Insiders sold 5,369 shares of company stock valued at $280,200 over the last ninety days. Corporate insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ETSY shares. Piper Sandler reissued a “neutral” rating and set a $56.00 target price on shares of Etsy in a report on Friday, August 23rd. Oppenheimer downgraded Etsy from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. Raymond James decreased their target price on Etsy from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. Loop Capital dropped their price target on shares of Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a research report on Monday, August 12th. Finally, Citigroup reduced their price objective on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Etsy presently has an average rating of “Hold” and an average price target of $64.87.

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.