ING Groep NV Lowers Position in Etsy, Inc. $ETSY

ING Groep NV trimmed its position in shares of Etsy, Inc. (NASDAQ:ETSY) by 92.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 71,948 shares of the specialty retailer’s stock after selling 838,331 shares during the quarter. ING Groep NV owned 0.07% of Etsy worth $4,777,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Krilogy Financial LLC acquired a new position in Etsy during the third quarter worth $706,000. Smartleaf Asset Management LLC boosted its position in shares of Etsy by 58.0% during the 3rd quarter. Smartleaf Asset Management LLC now owns 2,740 shares of the specialty retailer’s stock worth $182,000 after purchasing an additional 1,006 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of Etsy by 17.1% during the 3rd quarter. Bessemer Group Inc. now owns 1,816 shares of the specialty retailer’s stock worth $121,000 after purchasing an additional 265 shares during the period. Savant Capital LLC increased its holdings in shares of Etsy by 2.0% in the 3rd quarter. Savant Capital LLC now owns 70,116 shares of the specialty retailer’s stock valued at $4,655,000 after purchasing an additional 1,381 shares in the last quarter. Finally, Penserra Capital Management LLC increased its holdings in shares of Etsy by 11.1% in the 3rd quarter. Penserra Capital Management LLC now owns 83,710 shares of the specialty retailer’s stock valued at $5,557,000 after purchasing an additional 8,394 shares in the last quarter. 99.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ETSY. BTIG Research lowered their target price on shares of Etsy from $81.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, December 30th. Citigroup restated a “buy” rating on shares of Etsy in a report on Tuesday, December 30th. Truist Financial lifted their price objective on Etsy from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. Cantor Fitzgerald decreased their target price on Etsy from $64.00 to $55.00 and set a “neutral” rating on the stock in a research report on Thursday, January 8th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $72.00 price target on shares of Etsy in a research report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eighteen have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, Etsy presently has an average rating of “Hold” and an average price target of $63.52.

Etsy Trading Down 2.8%

Shares of ETSY stock opened at $46.11 on Friday. The company has a market capitalization of $4.55 billion, a price-to-earnings ratio of 37.19, a PEG ratio of 10.65 and a beta of 1.77. The firm has a 50-day moving average price of $56.51 and a 200 day moving average price of $60.00. Etsy, Inc. has a twelve month low of $40.05 and a twelve month high of $76.51.

Etsy announced that its Board of Directors has initiated a stock buyback plan on Thursday, December 18th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the specialty retailer to buy up to 14.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Josh Silverman sold 86,666 shares of Etsy 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 approximately $5,209,381.06. The trade was a 48.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Merilee Buckley sold 5,636 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $58.45, for a total value of $329,424.20. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 135,934 shares of company stock worth $7,663,369. 2.80% of the stock is currently owned by insiders.

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.