Principal Financial Group Inc. Trims Holdings in Etsy, Inc. $ETSY

Principal Financial Group Inc. reduced its stake in Etsy, Inc. (NASDAQ:ETSY) by 19.8% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 475,039 shares of the specialty retailer’s stock after selling 117,208 shares during the quarter. Principal Financial Group Inc.’s holdings in Etsy were worth $31,538,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ETSY. Heritage Wealth Advisors lifted its stake in Etsy by 476.5% during the second quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer’s stock worth $25,000 after purchasing an additional 405 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in shares of Etsy in the 2nd quarter valued at $35,000. Salomon & Ludwin LLC acquired a new position in Etsy during the 3rd quarter worth about $55,000. SJS Investment Consulting Inc. boosted its holdings in Etsy by 12,600.0% during the 3rd quarter. SJS Investment Consulting Inc. now owns 762 shares of the specialty retailer’s stock valued at $51,000 after acquiring an additional 756 shares during the period. Finally, Employees Retirement System of Texas acquired a new position in Etsy in the 2nd quarter valued at about $47,000. Institutional investors and hedge funds own 99.53% of the company’s stock.

Etsy Price Performance

Shares of NASDAQ ETSY opened at $57.80 on Friday. The company has a market capitalization of $5.71 billion, a price-to-earnings ratio of 46.61, a price-to-earnings-growth ratio of 10.65 and a beta of 1.77. The business has a 50-day moving average of $56.76 and a two-hundred day moving average of $60.35. Etsy, Inc. has a 1 year low of $40.05 and a 1 year high of $76.51.

Etsy declared that its Board of Directors has initiated a stock repurchase program on Thursday, December 18th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the specialty retailer to reacquire up to 14.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Activity at Etsy

In related news, insider Josh Silverman sold 21,666 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $53.26, for a total transaction of $1,153,931.16. Following the completion of the sale, the insider owned 90,661 shares in the company, valued at $4,828,604.86. The trade was a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Merilee Buckley sold 5,636 shares of the stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $58.45, for a total transaction of $329,424.20. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 135,934 shares of company stock valued at $7,663,369. 2.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ETSY. Bank of America increased their price target on shares of Etsy from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, October 10th. B. Riley Financial reissued a “buy” rating on shares of Etsy in a research report on Thursday, October 30th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $72.00 price target on shares of Etsy in a research note on Thursday, October 23rd. Wells Fargo & Company reduced their price objective on Etsy from $58.00 to $52.00 and set an “underweight” rating on the stock in a research note on Thursday, October 30th. Finally, Jefferies Financial Group lowered their target price on Etsy from $70.00 to $60.00 and set a “hold” rating for the company in a research note on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eighteen have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Etsy currently has a consensus rating of “Hold” and a consensus price target of $63.72.

Etsy 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.