Glenmede Trust Co. NA Makes New $222,000 Investment in Etsy, Inc. (NASDAQ:ETSY)

Glenmede Trust Co. NA bought a new position in shares of Etsy, Inc. (NASDAQ:ETSY) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 4,004 shares of the specialty retailer’s stock, valued at approximately $222,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ETSY. Pacer Advisors Inc. increased its stake in shares of Etsy by 183.9% in the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock worth $331,067,000 after purchasing an additional 3,861,668 shares during the period. Marshall Wace LLP increased its position in Etsy by 304.2% in the 2nd quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock worth $82,703,000 after buying an additional 1,055,296 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Etsy by 21.1% during the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after buying an additional 734,200 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Etsy by 14.3% in the second quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock worth $339,964,000 after acquiring an additional 721,454 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in Etsy by 76.2% during the second quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock worth $69,685,000 after acquiring an additional 517,480 shares during the period. Institutional investors and hedge funds own 99.53% of the company’s stock.

Insider Activity

In related news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $52.50, for a total value of $39,375.00. Following the completion of the sale, the insider now directly owns 24,371 shares in the company, valued at $1,279,477.50. This trade represents a 2.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Toni Thompson Nadal sold 1,443 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the transaction, the insider now owns 592 shares in the company, valued at approximately $30,257.12. The trade was a 70.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,069 shares of company stock valued at $261,888. Company insiders own 2.60% of the company’s stock.

Etsy Stock Down 3.1 %

Shares of NASDAQ ETSY opened at $57.21 on Friday. The company has a market cap of $6.44 billion, a price-to-earnings ratio of 29.19, a price-to-earnings-growth ratio of 6.75 and a beta of 1.99. Etsy, Inc. has a 12-month low of $47.10 and a 12-month high of $89.58. The firm’s 50-day simple moving average is $52.22 and its 200 day simple moving average is $56.22.

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

Etsy declared that its board has authorized a share buyback plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Wells Fargo & Company reduced their price target on shares of Etsy from $47.00 to $44.00 and set an “underweight” rating for the company in a report on Friday, November 1st. Truist Financial decreased their target price on Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of Etsy in a report on Thursday, October 31st. Barclays decreased their price objective on Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Finally, The Goldman Sachs Group lowered Etsy from a “neutral” rating to a “sell” rating and cut their target price for the company from $70.00 to $45.00 in a research note on Tuesday, October 15th. Four analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $64.71.

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.