Farther Finance Advisors LLC Trims Position in Etsy, Inc. (NASDAQ:ETSY)

Farther Finance Advisors LLC trimmed its position in Etsy, Inc. (NASDAQ:ETSY) by 34.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 647 shares of the specialty retailer’s stock after selling 335 shares during the quarter. Farther Finance Advisors LLC’s holdings in Etsy were worth $36,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Rice Hall James & Associates LLC increased its stake in shares of Etsy by 647.7% during the third quarter. Rice Hall James & Associates LLC now owns 191,062 shares of the specialty retailer’s stock worth $10,610,000 after buying an additional 165,508 shares during the period. New York State Teachers Retirement System increased its holdings in Etsy by 9.9% in the third quarter. New York State Teachers Retirement System now owns 118,197 shares of the specialty retailer’s stock valued at $6,563,000 after buying an additional 10,652 shares during the last quarter. State of Alaska Department of Revenue boosted its position in shares of Etsy by 404.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 65,483 shares of the specialty retailer’s stock worth $3,636,000 after acquiring an additional 52,497 shares in the last quarter. Bristlecone Advisors LLC increased its holdings in shares of Etsy by 34.2% in the 3rd quarter. Bristlecone Advisors LLC now owns 8,119 shares of the specialty retailer’s stock valued at $451,000 after acquiring an additional 2,067 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its position in shares of Etsy by 740.9% during the 3rd quarter. Louisiana State Employees Retirement System now owns 55,500 shares of the specialty retailer’s stock worth $3,082,000 after acquiring an additional 48,900 shares in the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on ETSY shares. Barclays cut their price target on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Citigroup reduced their target price on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating for the company in a report on Thursday, October 31st. Oppenheimer cut shares of Etsy from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. Wedbush reduced their price target on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Finally, Loop Capital decreased their price objective on shares of Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $64.87.

Etsy Stock Down 4.5 %

Shares of ETSY opened at $51.04 on Friday. The stock’s 50-day moving average price is $52.20 and its 200 day moving average price is $57.26. Etsy, Inc. has a 12-month low of $47.10 and a 12-month high of $89.58. The firm has a market capitalization of $5.74 billion, a price-to-earnings ratio of 26.04, a P/E/G ratio of 6.37 and a beta of 1.99.

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

Etsy declared that its board has authorized a stock buyback program 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 shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Etsy

In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $73,751.73. Following the transaction, the insider now owns 592 shares of the company’s stock, valued at approximately $30,257.12. This represents a 70.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.15, for a total transaction of $39,862.50. Following the transaction, the insider now owns 25,121 shares of the company’s stock, valued at approximately $1,335,181.15. This represents a 2.90 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,369 shares of company stock worth $280,200. Corporate insiders own 2.60% of the company’s stock.

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.