Harris Associates L P Sells 508,790 Shares of Etsy, Inc. (NASDAQ:ETSY)

Harris Associates L P cut its position in Etsy, Inc. (NASDAQ:ETSY) by 20.7% during the third quarter, Holdings Channel reports. The firm owned 1,951,286 shares of the specialty retailer’s stock after selling 508,790 shares during the period. Harris Associates L P’s holdings in Etsy were worth $108,355,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Pacer Advisors Inc. increased its stake in Etsy by 183.9% in the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after purchasing an additional 3,861,668 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Etsy by 14.3% in the second quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock valued at $339,964,000 after purchasing an additional 721,454 shares during the period. Renaissance Technologies LLC raised its position in Etsy by 21.1% in the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after acquiring an additional 734,200 shares in the last quarter. Marshall Wace LLP raised its stake in Etsy by 304.2% during the 2nd quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock valued at $82,703,000 after purchasing an additional 1,055,296 shares during the period. Finally, AQR Capital Management LLC lifted its stake in Etsy by 76.2% in the second quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock valued at $69,685,000 after acquiring an additional 517,480 shares during the last quarter. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Stock Performance

ETSY stock opened at $55.46 on Tuesday. The company’s 50-day simple moving average is $52.06 and its 200 day simple moving average is $56.24. The company has a market capitalization of $6.24 billion, a PE ratio of 28.30, a price-to-earnings-growth ratio of 6.48 and a beta of 1.99. Etsy, Inc. has a 52 week low of $47.10 and a 52 week high of $89.58.

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

Etsy announced that its board has approved a share buyback program 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 programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, 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 sale, the insider now owns 25,121 shares in the company, valued at $1,335,181.15. This represents a 2.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Toni Thompson Nadal sold 1,443 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $73,751.73. Following the completion of the transaction, the insider now directly owns 592 shares in the company, valued at approximately $30,257.12. This represents a 70.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,069 shares of company stock valued at $261,888 in the last 90 days. Company insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ETSY shares. Wells Fargo & Company cut their price target on Etsy from $47.00 to $44.00 and set an “underweight” rating for the company in a report on Friday, November 1st. Raymond James cut their price target on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Etsy from $48.00 to $50.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. Cantor Fitzgerald reiterated a “neutral” rating and set a $50.00 price target on shares of Etsy in a research report on Monday, October 7th. Finally, Wedbush cut their price objective on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Four equities research analysts have rated the stock with a sell rating, thirteen have given 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 currently has an average 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.