Sumitomo Mitsui Trust Group Inc. Decreases Stock Holdings in Etsy, Inc. (NASDAQ:ETSY)

Sumitomo Mitsui Trust Group Inc. decreased its holdings in shares of Etsy, Inc. (NASDAQ:ETSY) by 23.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,815 shares of the specialty retailer’s stock after selling 17,829 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.05% of Etsy worth $3,111,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. lifted its position in shares of Etsy by 106.5% during the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after buying an additional 231 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Etsy during the 3rd quarter valued at approximately $43,000. Versant Capital Management Inc lifted its position in shares of Etsy by 153.1% during the 4th quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer’s stock valued at $44,000 after buying an additional 499 shares in the last quarter. Prospera Private Wealth LLC purchased a new position in shares of Etsy during the 3rd quarter valued at approximately $59,000. Finally, Quarry LP lifted its position in shares of Etsy by 120.4% during the 3rd quarter. Quarry LP now owns 1,953 shares of the specialty retailer’s stock valued at $108,000 after buying an additional 1,067 shares in the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Etsy Price Performance

Shares of Etsy stock opened at $55.32 on Friday. The business has a 50-day moving average of $54.94 and a 200 day moving average of $54.08. Etsy, Inc. has a 12 month low of $47.10 and a 12 month high of $78.65. The stock has a market capitalization of $6.22 billion, a price-to-earnings ratio of 28.22, a price-to-earnings-growth ratio of 2.71 and a beta of 2.00.

Etsy declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms recently commented on ETSY. Deutsche Bank Aktiengesellschaft increased their price objective on Etsy from $48.00 to $50.00 and gave the company a “hold” rating in a research note on Friday, November 1st. Morgan Stanley reduced their price objective on Etsy from $47.00 to $45.00 and set an “underweight” rating for the company in a research note on Monday, January 13th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Etsy in a research note on Thursday, October 31st. Bank of America reduced their price objective on Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Finally, Moffett Nathanson increased their price objective on Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $62.42.

Insider Activity at Etsy

In related news, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $55.34, for a total transaction of $83,010.00. Following the completion of the transaction, the insider now directly owns 22,198 shares in the company, valued at $1,228,437.32. This trade represents a 6.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.60% of the stock is currently owned by company insiders.

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.