Findlay Park Partners LLP Lowers Stock Holdings in Etsy, Inc. $ETSY

Findlay Park Partners LLP reduced its stake in Etsy, Inc. (NASDAQ:ETSY) by 1.8% during the third quarter, Holdings Channel.com reports. The fund owned 1,171,500 shares of the specialty retailer’s stock after selling 21,300 shares during the quarter. Findlay Park Partners LLP’s holdings in Etsy were worth $77,776,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Smartleaf Asset Management LLC boosted its holdings in shares of Etsy by 10.0% in the second quarter. Smartleaf Asset Management LLC now owns 1,734 shares of the specialty retailer’s stock valued at $88,000 after purchasing an additional 158 shares during the period. Alamea Verwaltungs GmbH raised its position in Etsy by 2.3% during the 2nd quarter. Alamea Verwaltungs GmbH now owns 7,380 shares of the specialty retailer’s stock valued at $370,000 after purchasing an additional 169 shares in the last quarter. Ameritas Investment Partners Inc. lifted its holdings in shares of Etsy by 0.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 28,705 shares of the specialty retailer’s stock worth $1,440,000 after buying an additional 172 shares during the period. Heron Bay Capital Management grew its position in shares of Etsy by 0.8% during the 2nd quarter. Heron Bay Capital Management now owns 26,215 shares of the specialty retailer’s stock worth $1,315,000 after buying an additional 219 shares in the last quarter. Finally, Ballentine Partners LLC increased its stake in shares of Etsy by 5.2% during the third quarter. Ballentine Partners LLC now owns 4,951 shares of the specialty retailer’s stock valued at $329,000 after buying an additional 243 shares during the period. 99.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Etsy

In related news, insider Josh Silverman sold 86,666 shares of the business’s stock in a transaction on 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 transaction, the insider directly owned 90,661 shares in the company, valued at $5,209,381.06. The trade was a 48.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Merilee Buckley sold 5,636 shares of the company’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $58.45, for a total value of $329,424.20. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 135,934 shares of company stock worth $7,661,068 over the last ninety days. Corporate insiders own 2.80% of the company’s stock.

Etsy Stock Down 0.8%

Shares of Etsy stock opened at $54.75 on Friday. The company has a market cap of $5.27 billion, a P/E ratio of 44.15, a PEG ratio of 10.65 and a beta of 1.77. The firm’s 50 day moving average price is $55.66 and its 200-day moving average price is $59.28. Etsy, Inc. has a 52-week low of $40.05 and a 52-week high of $76.51.

Etsy declared that its board has initiated a stock buyback plan on Thursday, December 18th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to reacquire up to 14.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ETSY shares. Wells Fargo & Company lowered their price objective on shares of Etsy from $52.00 to $47.00 and set an “underweight” rating for the company in a research note on Friday, February 20th. Wedbush reduced their price target on shares of Etsy from $72.00 to $66.00 and set a “neutral” rating for the company in a report on Friday, December 19th. B. Riley Financial lowered their price target on shares of Etsy from $78.00 to $70.00 and set a “buy” rating for the company in a research report on Friday, February 20th. Citigroup reissued a “buy” rating on shares of Etsy in a report on Tuesday, December 30th. Finally, Needham & Company LLC reduced their price objective on shares of Etsy from $76.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eighteen have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $60.40.

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.