Prakash Investment Advisors LLC Invests $561,000 in Etsy, Inc. (NASDAQ:ETSY)

Prakash Investment Advisors LLC bought a new position in shares of Etsy, Inc. (NASDAQ:ETSY) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 10,600 shares of the specialty retailer’s stock, valued at approximately $561,000. Etsy makes up approximately 0.6% of Prakash Investment Advisors LLC’s investment portfolio, making the stock its 27th largest position.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. ING Groep NV purchased a new stake in Etsy during the 4th quarter valued at about $13,236,000. Handelsbanken Fonder AB grew its stake in Etsy by 22.0% during the 4th quarter. Handelsbanken Fonder AB now owns 34,699 shares of the specialty retailer’s stock valued at $1,835,000 after acquiring an additional 6,260 shares in the last quarter. Ieq Capital LLC grew its stake in Etsy by 305.2% during the 4th quarter. Ieq Capital LLC now owns 78,612 shares of the specialty retailer’s stock valued at $4,158,000 after acquiring an additional 59,211 shares in the last quarter. Kestra Investment Management LLC purchased a new stake in Etsy during the 4th quarter valued at about $38,000. Finally, Venturi Wealth Management LLC grew its stake in Etsy by 370.4% during the 4th quarter. Venturi Wealth Management LLC now owns 1,162 shares of the specialty retailer’s stock valued at $61,000 after acquiring an additional 915 shares in the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on ETSY shares. Bank of America dropped their price objective on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. UBS Group dropped their price objective on shares of Etsy from $55.00 to $54.00 and set a “neutral” rating for the company in a research note on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Etsy in a report on Thursday. Truist Financial decreased their target price on shares of Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Finally, Stifel Nicolaus decreased their target price on shares of Etsy from $56.00 to $51.00 and set a “hold” rating on the stock in a report on Thursday. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $60.08.

Insiders Place Their Bets

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total transaction of $83,010.00. Following the sale, the insider now directly owns 22,198 shares in the company, valued at $1,228,437.32. This represents a 6.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.60% of the stock is owned by company insiders.

Etsy Stock Down 0.3 %

Etsy stock opened at $51.40 on Friday. The firm has a market cap of $5.78 billion, a PE ratio of 26.22, a price-to-earnings-growth ratio of 2.83 and a beta of 2.00. Etsy, Inc. has a 52-week low of $47.10 and a 52-week high of $78.65. The company’s 50 day moving average is $54.58 and its two-hundred day moving average is $53.81.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.08. The company had revenue of $852.16 million for the quarter, compared to analyst estimates of $861.37 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.62 EPS. On average, equities research analysts anticipate that Etsy, Inc. will post 2.25 earnings per share for the current fiscal year.

Etsy announced that its board has initiated a share buyback program on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to purchase up to 17.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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.