Connor Clark & Lunn Investment Management Ltd. Buys 51,556 Shares of Etsy, Inc. $ETSY

Key Points

• Connor Clark & Lunn increased its stake in Etsy by 5.8%, buying 51,556 shares to hold 938,056 shares (about 0.95% of the company) valued at ~$62.3 million at quarter-end.
• Etsy's board authorized a $750 million share buyback (up to ~14.2% of outstanding shares), while the stock trades near $52.72 with a market cap of ~$5.07 billion.
• Analysts have trimmed targets recently (e.g., UBS to $53), and the consensus rating is a "Hold" with an average price target of $60.40.

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 5.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 938,056 shares of the specialty retailer's stock after buying an additional 51,556 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.95% of Etsy worth $62,278,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Holocene Advisors LP lifted its stake in Etsy by 697.4% during the 2nd quarter. Holocene Advisors LP now owns 5,343,797 shares of the specialty retailer's stock valued at $268,045,000 after acquiring an additional 4,673,615 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Etsy by 62.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the specialty retailer's stock worth $185,197,000 after acquiring an additional 1,416,772 shares in the last quarter. Norges Bank purchased a new stake in shares of Etsy in the second quarter valued at about $65,207,000. Artisan Partners Limited Partnership purchased a new stake in shares of Etsy in the second quarter valued at about $50,033,000. Finally, Allianz Asset Management GmbH lifted its position in shares of Etsy by 1,648.1% during the third quarter. Allianz Asset Management GmbH now owns 706,679 shares of the specialty retailer's stock valued at $46,916,000 after purchasing an additional 666,253 shares in the last quarter. Institutional investors own 99.53% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. UBS Group cut their price target on shares of Etsy from $74.00 to $53.00 and set a "neutral" rating on the stock in a report on Friday, February 20th. Citigroup reissued a "buy" rating on shares of Etsy in a research report on Tuesday, December 30th. Needham & Company LLC cut their target price on Etsy from $76.00 to $65.00 and set a "buy" rating on the stock in a research note on Friday, February 20th. Canaccord Genuity Group reduced their target price on Etsy from $80.00 to $72.00 and set a "buy" rating for the company in a report on Friday, February 20th. Finally, Cantor Fitzgerald decreased their price target on Etsy from $55.00 to $51.00 and set a "neutral" rating for the company in a research report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eighteen have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $60.40.

Etsy Stock Down 1.2%

Shares of NASDAQ:ETSY opened at $52.72 on Thursday. The firm has a market capitalization of $5.07 billion, a PE ratio of 42.52, a P/E/G ratio of 10.65 and a beta of 1.74. The company has a 50-day moving average price of $55.54 and a two-hundred day moving average price of $58.63. Etsy, Inc. has a twelve month low of $40.05 and a twelve month high of $76.51.

Etsy announced that its board has initiated a share repurchase plan on Thursday, December 18th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to repurchase up to 14.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling

In other Etsy news, insider Josh Silverman sold 86,666 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $57.46, for a total transaction of $4,979,828.36. Following the sale, the insider owned 90,661 shares in the company, valued at $5,209,381.06. This represents a 48.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles Andrew Ballard sold 1,790 shares of the firm's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $55.74, for a total value of $99,774.60. Following the completion of the transaction, the director directly owned 4,006 shares of the company's stock, valued at $223,294.44. The trade was a 30.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 116,058 shares of company stock valued at $6,576,362. Company insiders own 2.80% of the company's stock.

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.

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