Etsy, Inc. $ETSY Shares Sold by ING Groep NV

ING Groep NV cut its holdings in shares of Etsy, Inc. (NASDAQ:ETSY) by 92.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 71,948 shares of the specialty retailer’s stock after selling 838,331 shares during the period. ING Groep NV’s holdings in Etsy were worth $4,777,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ETSY. Holocene Advisors LP increased its holdings in shares of Etsy by 697.4% in the second quarter. Holocene Advisors LP now owns 5,343,797 shares of the specialty retailer’s stock valued at $268,045,000 after buying an additional 4,673,615 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Etsy by 62.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the specialty retailer’s stock valued at $185,197,000 after acquiring an additional 1,416,772 shares during the period. Norges Bank purchased a new stake in shares of Etsy in the 2nd quarter valued at approximately $65,207,000. Artisan Partners Limited Partnership acquired a new position in Etsy in the 2nd quarter worth approximately $50,033,000. Finally, Allianz Asset Management GmbH boosted its stake in Etsy by 1,648.1% in the 3rd quarter. Allianz Asset Management GmbH now owns 706,679 shares of the specialty retailer’s stock worth $46,916,000 after purchasing an additional 666,253 shares during the period. Institutional investors and hedge funds own 99.53% of the company’s stock.

Insider Buying and Selling

In other news, CAO Merilee Buckley sold 5,636 shares of the stock in a transaction 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 document filed with the SEC, which is accessible through the SEC website. Also, insider Josh Silverman sold 86,666 shares of the firm’s stock in a transaction 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 transaction, the insider owned 90,661 shares in the company, valued at $5,209,381.06. This represents a 48.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 135,934 shares of company stock worth $7,663,369 in the last 90 days. 2.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have issued reports on ETSY shares. Stifel Nicolaus cut their target price on shares of Etsy from $65.00 to $62.00 and set a “hold” rating on the stock in a research note on Tuesday, January 27th. UBS Group upped their price target on Etsy from $67.00 to $75.00 and gave the company a “neutral” rating in a research report on Monday, October 20th. Canaccord Genuity Group raised their price objective on Etsy from $76.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Piper Sandler reaffirmed a “neutral” rating on shares of Etsy in a research note on Wednesday, October 29th. Finally, 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 research report on Friday, December 19th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eighteen have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $63.52.

Etsy Price Performance

Shares of ETSY stock opened at $46.11 on Friday. Etsy, Inc. has a fifty-two week low of $40.05 and a fifty-two week high of $76.51. The stock’s 50-day moving average is $56.51 and its two-hundred day moving average is $60.00. The firm has a market cap of $4.55 billion, a P/E ratio of 37.19, a PEG ratio of 10.65 and a beta of 1.77.

Etsy declared that its board has authorized 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 repurchase up to 14.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

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.