Stratos Wealth Partners LTD. Sells 14,893 Shares of Etsy, Inc. $ETSY

Stratos Wealth Partners LTD. trimmed its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 18.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,596 shares of the specialty retailer’s stock after selling 14,893 shares during the quarter. Stratos Wealth Partners LTD. owned about 0.07% of Etsy worth $4,355,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Heritage Wealth Advisors boosted its holdings in shares of Etsy by 476.5% during the 2nd quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer’s stock worth $25,000 after buying an additional 405 shares during the period. Elevation Point Wealth Partners LLC acquired a new stake in Etsy during the second quarter worth approximately $35,000. Employees Retirement System of Texas acquired a new stake in Etsy during the second quarter worth approximately $47,000. SJS Investment Consulting Inc. boosted its holdings 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 worth $51,000 after acquiring an additional 756 shares during the period. Finally, Salomon & Ludwin LLC acquired a new position in shares of Etsy in the third quarter valued at approximately $55,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Etsy Stock Down 2.8%

ETSY stock opened at $46.11 on Friday. Etsy, Inc. has a 52 week low of $40.05 and a 52 week high of $76.51. The business has a 50-day simple moving average of $56.51 and a 200 day simple moving average of $60.00. The company has a market cap of $4.55 billion, a PE ratio of 37.19, a price-to-earnings-growth ratio of 10.65 and a beta of 1.77.

Etsy declared that its Board of Directors has approved a stock buyback program on Thursday, December 18th that allows the company to buyback $750.00 million in shares. This buyback authorization allows the specialty retailer to reacquire up to 14.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Several research firms recently weighed in on ETSY. Piper Sandler reissued a “neutral” rating on shares of Etsy in a report on Wednesday, October 29th. Citigroup reiterated a “buy” rating on shares of Etsy in a research report on Tuesday, December 30th. The Goldman Sachs Group lifted their target price on Etsy from $48.00 to $57.00 and gave the stock a “sell” rating in a report on Thursday, October 30th. BNP Paribas Exane initiated coverage on shares of Etsy in a research note on Monday, November 24th. They issued a “neutral” rating on the stock. Finally, Needham & Company LLC raised their price target on shares of Etsy from $72.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eighteen have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $63.52.

Insider Activity at Etsy

In other news, CAO Merilee Buckley sold 5,636 shares of the company’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. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Josh Silverman sold 86,666 shares of Etsy stock in a transaction that occurred on Friday, January 2nd. The shares were 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 in the company, valued at $5,209,381.06. This trade represents a 48.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 135,934 shares of company stock valued at $7,663,369 over the last 90 days. Corporate insiders own 2.80% of the company’s stock.

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.