Prudential PLC Cuts Holdings in Etsy, Inc. (NASDAQ:ETSY)

Prudential PLC lessened its position in shares of Etsy, Inc. (NASDAQ:ETSY) by 5.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 51,542 shares of the specialty retailer’s stock after selling 3,184 shares during the period. Prudential PLC’s holdings in Etsy were worth $2,726,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ETSY. Lindbrook Capital LLC raised its stake in shares of Etsy by 55.7% in the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after acquiring an additional 181 shares during the period. Summit Securities Group LLC acquired a new stake in Etsy in the 4th quarter valued at $37,000. Kestra Investment Management LLC acquired a new position in shares of Etsy during the fourth quarter worth about $38,000. Versant Capital Management Inc boosted its position in shares of Etsy by 153.1% in the fourth quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer’s stock worth $44,000 after buying an additional 499 shares during the period. Finally, Blue Trust Inc. boosted its position in shares of Etsy by 95.1% in the fourth quarter. Blue Trust Inc. now owns 874 shares of the specialty retailer’s stock worth $46,000 after buying an additional 426 shares during the period. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ETSY. Loop Capital reduced their price target on Etsy from $45.00 to $40.00 and set a “sell” rating on the stock in a research report on Thursday, February 20th. Wells Fargo & Company decreased their target price on shares of Etsy from $47.00 to $46.00 and set an “underweight” rating for the company in a research note on Wednesday. Truist Financial lowered their price target on shares of Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Cantor Fitzgerald cut their price objective on shares of Etsy from $46.00 to $43.00 and set a “neutral” rating on the stock in a report on Thursday, February 20th. Finally, Morgan Stanley lowered their target price on Etsy from $45.00 to $44.00 and set an “underweight” rating for the company in a research note on Thursday, February 20th. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $58.38.

Insider Activity at Etsy

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction on Thursday, April 3rd. The stock was sold at an average price of $48.40, for a total transaction of $81,118.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Toni Thompson Nadal sold 1,444 shares of the stock in a transaction on Thursday, April 3rd. The stock was sold at an average price of $48.30, for a total value of $69,745.20. Following the completion of the transaction, the insider now directly owns 592 shares of the company’s stock, valued at approximately $28,593.60. The trade was a 70.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 50,952 shares of company stock worth $2,554,620 in the last ninety days. 2.60% of the stock is owned by insiders.

Etsy Trading Down 8.2 %

NASDAQ:ETSY opened at $44.42 on Friday. The firm has a market capitalization of $4.76 billion, a PE ratio of 18.74, a price-to-earnings-growth ratio of 2.57 and a beta of 2.15. Etsy, Inc. has a 52 week low of $43.43 and a 52 week high of $71.72. The stock has a 50 day moving average of $50.45 and a 200-day moving average of $52.43.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.08. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The firm had revenue of $852.16 million for the quarter, compared to analyst estimates of $861.37 million. During the same period last year, the company earned $0.62 earnings per share. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, analysts predict that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

Etsy Company 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.