State of Alaska Department of Revenue Has $3.38 Million Position in Etsy, Inc. (NASDAQ:ETSY)

State of Alaska Department of Revenue lowered its holdings in shares of Etsy, Inc. (NASDAQ:ETSY) by 2.4% during the fourth quarter, HoldingsChannel reports. The firm owned 63,932 shares of the specialty retailer’s stock after selling 1,551 shares during the quarter. State of Alaska Department of Revenue’s holdings in Etsy were worth $3,381,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Meritage Portfolio Management lifted its holdings in shares of Etsy by 152.4% in the third quarter. Meritage Portfolio Management now owns 264,689 shares of the specialty retailer’s stock valued at $14,698,000 after purchasing an additional 159,820 shares in the last quarter. Everence Capital Management Inc. bought a new position in Etsy during the third quarter worth about $834,000. Pacer Advisors Inc. raised 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 acquiring an additional 3,861,668 shares during the period. Principal Financial Group Inc. raised its position in shares of Etsy by 313.1% in the third quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock valued at $30,125,000 after purchasing an additional 411,165 shares during the period. Finally, Thrivent Financial for Lutherans lifted its position in Etsy by 258.5% during the third quarter. Thrivent Financial for Lutherans now owns 118,434 shares of the specialty retailer’s stock worth $6,576,000 after acquiring an additional 85,396 shares during the last quarter. Institutional investors own 99.53% of the company’s stock.

Etsy Trading Down 1.9 %

Shares of Etsy stock opened at $54.40 on Monday. The firm has a market capitalization of $6.12 billion, a P/E ratio of 27.76, a price-to-earnings-growth ratio of 2.71 and a beta of 2.00. The business’s fifty day simple moving average is $55.20 and its 200 day simple moving average is $54.19. Etsy, Inc. has a 12 month low of $47.10 and a 12 month high of $80.30.

Etsy announced that its Board of Directors has initiated a stock buyback program on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Bank of America cut their price objective on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Raymond James cut their price objective 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 upped their price target on shares of Etsy from $48.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, November 1st. Jefferies Financial Group raised Etsy from an “underperform” rating to a “hold” rating and lifted their price objective for the stock from $45.00 to $55.00 in a research note on Monday, January 13th. Finally, Wells Fargo & Company decreased 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. Four equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $62.42.

Insider Transactions at Etsy

In related news, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $55.34, for a total transaction of $83,010.00. Following the completion of the sale, the insider now owns 22,198 shares in the company, valued at approximately $1,228,437.32. This trade represents a 6.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.60% of the company’s stock.

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.