Louisiana State Employees Retirement System Sells 1,100 Shares of Etsy, Inc. (NASDAQ:ETSY)

Louisiana State Employees Retirement System lowered its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 2.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 54,400 shares of the specialty retailer’s stock after selling 1,100 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Etsy were worth $2,877,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Meritage Portfolio Management boosted its position in Etsy by 152.4% during the third quarter. Meritage Portfolio Management now owns 264,689 shares of the specialty retailer’s stock worth $14,698,000 after purchasing an additional 159,820 shares during the period. Everence Capital Management Inc. purchased a new position in shares of Etsy during the third quarter worth approximately $834,000. Pacer Advisors Inc. raised its stake in shares of Etsy by 183.9% during the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock worth $331,067,000 after acquiring an additional 3,861,668 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Etsy by 313.1% during the third quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock worth $30,125,000 after acquiring an additional 411,165 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in shares of Etsy by 258.5% in the third quarter. Thrivent Financial for Lutherans now owns 118,434 shares of the specialty retailer’s stock worth $6,576,000 after purchasing an additional 85,396 shares during the last quarter. Institutional investors own 99.53% of the company’s stock.

Insider Transactions at Etsy

In related news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total transaction of $83,010.00. Following the sale, the insider now owns 22,198 shares in the company, valued at approximately $1,228,437.32. This represents a 6.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Bank of America cut their target price on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Truist Financial lowered their price objective on Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Raymond James lowered their price target on Etsy from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft boosted their target price on Etsy from $48.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Finally, Morgan Stanley decreased their target price on Etsy from $47.00 to $45.00 and set an “underweight” rating for the company in a research report on Monday, January 13th. Four research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Etsy has a consensus rating of “Hold” and a consensus target price of $62.42.

Etsy Price Performance

ETSY stock opened at $55.32 on Friday. The company has a market capitalization of $6.22 billion, a price-to-earnings ratio of 28.22, a PEG ratio of 2.71 and a beta of 2.00. Etsy, Inc. has a 1-year low of $47.10 and a 1-year high of $78.65. The business has a 50 day simple moving average of $54.94 and a two-hundred day simple moving average of $54.08.

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

Etsy Profile

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.