Meridiem Capital Partners LP Takes Position in Etsy Inc $ETSY

Meridiem Capital Partners LP acquired a new position in shares of Etsy Inc (NYSE:ETSY) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 278,876 shares of the company’s stock, valued at approximately $18,515,000. Meridiem Capital Partners LP owned about 0.28% of Etsy at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Certuity LLC purchased a new stake in shares of Etsy during the 3rd quarter valued at approximately $372,000. Quantitative Investment Management LLC purchased a new position in Etsy in the third quarter worth approximately $1,739,000. Invesco Ltd. increased its stake in Etsy by 5.1% during the third quarter. Invesco Ltd. now owns 284,814 shares of the company’s stock worth $18,909,000 after acquiring an additional 13,905 shares during the last quarter. Aristides Capital LLC acquired a new stake in Etsy during the third quarter worth $996,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Etsy by 5.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 938,056 shares of the company’s stock valued at $62,278,000 after purchasing an additional 51,556 shares during the period. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Wall Street Zen upgraded Etsy from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. BTIG Research decreased their target price on shares of Etsy from $74.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, February 19th. UBS Group lowered their target price on shares of Etsy from $74.00 to $53.00 and set a “neutral” rating for the company in a research note on Friday, February 20th. Stifel Nicolaus reduced their price target on shares of Etsy from $62.00 to $55.00 and set a “hold” rating on the stock in a research note on Friday, February 20th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a report on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seventeen have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $60.80.

Etsy Trading Up 3.2%

Shares of Etsy stock traded up $1.66 during trading hours on Friday, reaching $53.65. 217,794 shares of the company were exchanged, compared to its average volume of 3,853,983. The company has a market capitalization of $5.16 billion, a price-to-earnings ratio of 40.83, a PEG ratio of 3.35 and a beta of 1.74. Etsy Inc has a 1 year low of $40.05 and a 1 year high of $76.51. The firm has a fifty day moving average of $55.49.

Etsy (NYSE:ETSY) last released its earnings results on Thursday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Etsy had a negative return on equity of 24.94% and a net margin of 5.65%.The firm had revenue of $881.64 million during the quarter.

Etsy declared that its Board of Directors has approved a share repurchase program on Thursday, December 18th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the company to buy up to 14.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Etsy

In other news, insider Josh Silverman sold 86,666 shares of the business’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $57.46, for a total transaction of $4,979,828.36. Following the completion of the transaction, the insider directly owned 90,661 shares of the company’s stock, valued at approximately $5,209,381.06. The trade was a 48.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Merilee Buckley sold 5,636 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $58.45, for a total transaction of $329,424.20. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 116,058 shares of company stock valued at $6,576,362. 2.80% of the stock is currently owned by corporate insiders.

Etsy Profile

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.