Lmcg Investments LLC Takes Position in Etsy, Inc. (NASDAQ:ETSY)

Lmcg Investments LLC bought a new position in Etsy, Inc. (NASDAQ:ETSY) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 27,132 shares of the specialty retailer’s stock, valued at approximately $1,435,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Blue Trust Inc. increased its stake in Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 231 shares in the last quarter. UMB Bank n.a. increased its position in shares of Etsy by 112.3% in the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after acquiring an additional 292 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Etsy by 3.0% during the second quarter. American Century Companies Inc. now owns 12,519 shares of the specialty retailer’s stock valued at $738,000 after acquiring an additional 367 shares during the period. Coldstream Capital Management Inc. boosted its stake in Etsy by 11.6% in the 3rd quarter. Coldstream Capital Management Inc. now owns 4,302 shares of the specialty retailer’s stock worth $239,000 after purchasing an additional 448 shares during the period. Finally, Versant Capital Management Inc grew its position in Etsy by 153.1% during the 4th quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer’s stock worth $44,000 after purchasing an additional 499 shares in the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ETSY has been the subject of a number of research analyst reports. Wedbush reduced their target price on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Citigroup decreased their price objective on Etsy from $65.00 to $54.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Barclays dropped their target price on Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Stifel Nicolaus decreased their price target on shares of Etsy from $64.00 to $56.00 and set a “hold” rating for the company in a report on Monday, October 28th. Finally, Wells Fargo & Company cut their target price on shares of Etsy from $47.00 to $44.00 and set an “underweight” rating for the company in a research report on Friday, November 1st. Four investment 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. According to MarketBeat, Etsy has a consensus rating of “Hold” and a consensus price target of $62.54.

Etsy Stock Performance

Etsy stock opened at $52.05 on Wednesday. Etsy, Inc. has a 52 week low of $47.10 and a 52 week high of $80.30. The firm has a market capitalization of $5.86 billion, a PE ratio of 26.56, a PEG ratio of 2.95 and a beta of 1.99. The business’s 50-day simple moving average is $54.75 and its 200-day simple moving average is $54.77.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The business had revenue of $662.40 million for the quarter, compared to analyst estimates of $652.47 million. During the same quarter last year, the firm earned $0.64 earnings per share. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. Research analysts forecast that Etsy, Inc. will post 2.26 earnings per share for the current year.

Etsy announced that its board has authorized a share buyback program on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Etsy

In related news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $52.50, for a total transaction of $39,375.00. Following the sale, the insider now directly owns 24,371 shares of the company’s stock, valued at $1,279,477.50. This trade represents a 2.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

About Etsy

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.