PYA Waltman Capital LLC Acquires 5,889 Shares of Etsy, Inc. (NASDAQ:ETSY)

PYA Waltman Capital LLC lifted its holdings in Etsy, Inc. (NASDAQ:ETSY) by 34.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,048 shares of the specialty retailer’s stock after acquiring an additional 5,889 shares during the period. PYA Waltman Capital LLC’s holdings in Etsy were worth $1,280,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ETSY. Cetera Advisors LLC bought a new position in shares of Etsy in the first quarter worth about $207,000. Czech National Bank increased its position in shares of Etsy by 5.8% during the second quarter. Czech National Bank now owns 22,283 shares of the specialty retailer’s stock worth $1,314,000 after acquiring an additional 1,217 shares during the period. Diversified Trust Co raised its stake in shares of Etsy by 11.5% during the second quarter. Diversified Trust Co now owns 6,459 shares of the specialty retailer’s stock valued at $381,000 after acquiring an additional 668 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Etsy by 15.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,833 shares of the specialty retailer’s stock valued at $462,000 after purchasing an additional 1,062 shares during the period. Finally, V Square Quantitative Management LLC grew its stake in Etsy by 74.3% in the second quarter. V Square Quantitative Management LLC now owns 5,006 shares of the specialty retailer’s stock worth $295,000 after purchasing an additional 2,134 shares in the last quarter. 99.53% of the stock is owned by institutional investors.

Insider Buying and Selling at Etsy

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the business’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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.15, for a total value of $39,862.50. Following the completion of the sale, the insider now owns 25,121 shares in the company, valued at approximately $1,335,181.15. This represents a 2.90 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,069 shares of company stock worth $261,888. Company insiders own 2.60% of the company’s stock.

Etsy Price Performance

NASDAQ ETSY opened at $57.30 on Monday. The company has a market cap of $6.45 billion, a price-to-earnings ratio of 29.23, a PEG ratio of 6.76 and a beta of 1.99. The stock’s fifty day moving average price is $52.22 and its 200 day moving average price is $56.06. Etsy, Inc. has a 1 year low of $47.10 and a 1 year high of $89.58.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data 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 firm had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $652.47 million. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.64 earnings per share. Research analysts expect that Etsy, Inc. will post 2.25 earnings per share for the current year.

Etsy announced that its board has approved a stock buyback plan 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 plans are typically an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group lowered Etsy from a “neutral” rating to a “sell” rating and decreased their target price for the company from $70.00 to $45.00 in a research report on Tuesday, October 15th. Wedbush lowered their price objective on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Wells Fargo & Company cut their target price on shares of Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a research report on Friday, November 1st. Piper Sandler reaffirmed a “neutral” rating and issued a $56.00 price target on shares of Etsy in a research report on Friday, August 23rd. Finally, Truist Financial cut their price objective on shares of Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Four investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Etsy presently has a consensus rating of “Hold” and an average target price of $64.71.

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.