Illinois Municipal Retirement Fund Boosts Holdings in Etsy, Inc. $ETSY

Illinois Municipal Retirement Fund lifted its holdings in Etsy, Inc. (NASDAQ:ETSY) by 39.0% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 63,577 shares of the specialty retailer’s stock after acquiring an additional 17,831 shares during the quarter. Illinois Municipal Retirement Fund owned 0.06% of Etsy worth $4,221,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Heritage Wealth Advisors lifted its stake in Etsy by 476.5% in the second quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer’s stock worth $25,000 after purchasing an additional 405 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new position in shares of Etsy in the second quarter worth about $35,000. Employees Retirement System of Texas purchased a new position in shares of Etsy in the second quarter worth about $47,000. SJS Investment Consulting Inc. lifted its stake in shares of Etsy by 12,600.0% in the 3rd quarter. SJS Investment Consulting Inc. now owns 762 shares of the specialty retailer’s stock valued at $51,000 after acquiring an additional 756 shares during the last quarter. Finally, Salomon & Ludwin LLC purchased a new stake in Etsy during the 3rd quarter valued at about $55,000. Institutional investors own 99.53% of the company’s stock.

Insider Transactions at Etsy

In other Etsy news, insider Josh Silverman sold 86,666 shares of the firm’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $57.46, for a total value of $4,979,828.36. Following the completion of the sale, the insider directly owned 90,661 shares in the company, valued at $5,209,381.06. This trade represents a 48.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Merilee Buckley sold 5,636 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $58.45, for a total value of $329,424.20. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 135,934 shares of company stock valued at $7,663,369. 2.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ETSY shares. The Goldman Sachs Group lifted their price target on Etsy from $48.00 to $57.00 and gave the stock a “sell” rating in a research note on Thursday, October 30th. B. Riley Financial reaffirmed a “buy” rating on shares of Etsy in a research note on Thursday, October 30th. Piper Sandler reissued a “neutral” rating on shares of Etsy in a research report on Wednesday, October 29th. UBS Group raised their price target on shares of Etsy from $67.00 to $75.00 and gave the stock a “neutral” rating in a report on Monday, October 20th. Finally, Needham & Company LLC upped their price objective on shares of Etsy from $72.00 to $76.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eighteen have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $63.52.

Etsy Trading Down 1.1%

Shares of Etsy stock opened at $45.75 on Friday. Etsy, Inc. has a 12-month low of $40.05 and a 12-month high of $76.51. The company has a market cap of $4.52 billion, a P/E ratio of 36.89, a PEG ratio of 10.65 and a beta of 1.77. The company’s fifty day simple moving average is $56.36 and its two-hundred day simple moving average is $59.88.

Etsy declared that its Board of Directors has approved a stock repurchase plan on Thursday, December 18th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the specialty retailer to reacquire up to 14.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Etsy Company Profile

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.