LMR Partners LLP Takes $659,000 Position in Etsy, Inc. (NASDAQ:ETSY)

LMR Partners LLP acquired a new position in Etsy, Inc. (NASDAQ:ETSY) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 11,869 shares of the specialty retailer’s stock, valued at approximately $659,000.

Other large investors have also made changes to their positions in the company. Blue Trust Inc. increased its position 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 buying an additional 231 shares during the period. UMB Bank n.a. increased its position in Etsy by 112.3% during 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 during the period. 1620 Investment Advisors Inc. acquired a new position in Etsy during the 2nd quarter valued at $42,000. Capital Performance Advisors LLP bought a new stake in Etsy in the 3rd quarter valued at $43,000. Finally, GAMMA Investing LLC grew its position in Etsy by 25.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock worth $73,000 after purchasing an additional 253 shares during the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

Etsy Price Performance

ETSY opened at $50.41 on Wednesday. The stock has a market capitalization of $5.67 billion, a P/E ratio of 25.72, a price-to-earnings-growth ratio of 5.86 and a beta of 1.99. The company’s 50 day simple moving average is $52.05 and its 200-day simple moving average is $56.83. Etsy, Inc. has a one year low of $47.10 and a one year high of $89.58.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The firm had revenue of $662.40 million during the quarter, compared to the consensus estimate of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.64 earnings per share. As a group, analysts anticipate that Etsy, Inc. will post 2.25 EPS for the current year.

Etsy declared that its board has initiated a stock buyback program on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $85,660.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total transaction of $41,550.00. Following the sale, the insider now directly owns 18,083 shares of the company’s stock, valued at $1,001,798.20. This represents a 3.98 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,369 shares of company stock worth $280,200 over the last three months. 2.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ETSY has been the subject of several research reports. Oppenheimer cut shares of Etsy from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. UBS Group decreased their price objective on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Barclays cut their target price on Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of Etsy in a research note on Thursday, October 31st. Finally, Wells Fargo & Company dropped their price objective on shares of Etsy from $47.00 to $44.00 and set an “underweight” rating for the company in a research note on Friday, November 1st. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Etsy currently has an average rating of “Hold” and a consensus target price of $64.87.

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.