Van ECK Associates Corp Boosts Stock Holdings in Etsy, Inc. $ETSY

Van ECK Associates Corp raised its position in Etsy, Inc. (NASDAQ:ETSY) by 1.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,695,089 shares of the specialty retailer’s stock after buying an additional 48,236 shares during the quarter. Van ECK Associates Corp owned about 3.74% of Etsy worth $245,317,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Heritage Wealth Advisors lifted its stake in shares of Etsy by 476.5% during the 2nd quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer’s stock valued at $25,000 after buying an additional 405 shares in the last quarter. Elevation Point Wealth Partners LLC bought a new stake in shares of Etsy during the 2nd quarter valued at $35,000. Employees Retirement System of Texas bought a new position in Etsy in the 2nd quarter worth about $47,000. SJS Investment Consulting Inc. increased its position in shares of Etsy by 12,600.0% during the third quarter. SJS Investment Consulting Inc. now owns 762 shares of the specialty retailer’s stock valued at $51,000 after buying an additional 756 shares during the period. Finally, Abich Financial Wealth Management LLC bought a new position in shares of Etsy in the third quarter valued at approximately $51,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on ETSY. Citigroup reissued a “buy” rating on shares of Etsy in a report on Tuesday, December 30th. BTIG Research cut their price objective on Etsy from $74.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 19th. Wells Fargo & Company lowered their price objective on shares of Etsy from $52.00 to $47.00 and set an “underweight” rating on the stock in a research report on Friday, February 20th. Canaccord Genuity Group cut their target price on Etsy from $80.00 to $72.00 and set a “buy” rating for the company in a research note on Friday, February 20th. Finally, Morgan Stanley lowered their price objective on shares of Etsy from $65.00 to $60.00 and set an “equal weight” rating for the company in a report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eighteen have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $60.40.

Etsy Stock Down 1.1%

NASDAQ:ETSY opened at $55.80 on Tuesday. Etsy, Inc. has a twelve month low of $40.05 and a twelve month high of $76.51. The stock has a market cap of $5.37 billion, a P/E ratio of 45.00, a price-to-earnings-growth ratio of 10.65 and a beta of 1.74. The firm’s fifty day simple moving average is $55.64 and its 200 day simple moving average is $58.74.

Etsy announced that its Board of Directors has authorized a share repurchase plan on Thursday, December 18th that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the specialty retailer to purchase up to 14.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.

Insider Activity at Etsy

In other Etsy news, insider Josh Silverman sold 21,666 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $53.26, for a total transaction of $1,153,931.16. Following the completion of the transaction, the insider owned 90,661 shares of the company’s stock, valued at approximately $4,828,604.86. This trade represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Charles Andrew Ballard sold 1,790 shares of Etsy stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $55.74, for a total transaction of $99,774.60. Following the transaction, the director owned 4,006 shares of the company’s stock, valued at $223,294.44. The trade was a 30.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 116,058 shares of company stock worth $6,576,362 over the last ninety days. 2.80% of the stock is owned by corporate insiders.

About Etsy

Etsy, Inc (NASDAQ: ETSY) operates a global e-commerce marketplace focused on handmade, vintage and unique goods. The platform connects individual artisans, small businesses and collectors with buyers seeking one-of-a-kind items, ranging from handcrafted jewelry and clothing to home décor and art supplies. Etsy’s revenue is primarily generated through listing fees, transaction fees on sales and optional seller services such as advertising and shipping labels.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy has cultivated a community-driven ethos, encouraging sustainable practices and personal entrepreneurship.