Etsy Inc $ETSY Stake Increased by Massachusetts Financial Services Co. MA

Key Points

• Massachusetts Financial Services raised its stake in Etsy by 33.7% in Q4 to 187,028 shares (about $10.37 million), representing roughly 0.19% of the company.
• Etsy's board approved a $750 million share buyback (up to 14.2% of shares) while analysts remain mixed — consensus rating "Hold" with a $61.67 price target after several recent target changes.
• Insiders sold 43,971 shares (≈$2.33 million) over the last quarter; institutional investors own 99.53% of the stock and Etsy trades near $59.65 with a market cap of $5.74 billion and a P/E of ~45.5.

Massachusetts Financial Services Co. MA increased its stake in Etsy Inc (NYSE:ETSY - Free Report) by 33.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 187,028 shares of the company's stock after buying an additional 47,105 shares during the period. Massachusetts Financial Services Co. MA owned about 0.19% of Etsy worth $10,369,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ETSY. Lone Pine Capital LLC bought a new stake in shares of Etsy in the third quarter worth $257,614,000. Allianz Asset Management GmbH increased its stake in shares of Etsy by 1,648.1% in the third quarter. Allianz Asset Management GmbH now owns 706,679 shares of the company's stock worth $46,916,000 after buying an additional 666,253 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in shares of Etsy in the third quarter worth $31,793,000. Jupiter Asset Management Ltd. bought a new stake in shares of Etsy in the third quarter worth $23,186,000. Finally, Meridiem Capital Partners LP bought a new stake in shares of Etsy in the third quarter worth $18,515,000. Institutional investors own 99.53% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. BTIG Research lowered their target price on shares of Etsy from $74.00 to $65.00 and set a "buy" rating for the company in a research note on Thursday, February 19th. JPMorgan Chase & Co. lowered their target price on shares of Etsy from $65.00 to $58.00 and set a "neutral" rating for the company in a research note on Friday, February 20th. Barclays upgraded shares of Etsy from an "equal weight" rating to an "overweight" rating and set a $72.00 target price for the company in a research note on Thursday, February 19th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Etsy from $63.00 to $54.00 and set a "hold" rating for the company in a research note on Tuesday, February 24th. Finally, B. Riley Financial lowered their target price on shares of Etsy from $78.00 to $70.00 and set a "buy" rating for the company in a research note on Friday, February 20th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, seventeen have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $61.67.

Etsy Trading Up 3.0%

ETSY stock opened at $59.65 on Friday. The company's fifty day simple moving average is $52.35. The company has a market capitalization of $5.74 billion, a price-to-earnings ratio of 45.53, a price-to-earnings-growth ratio of 3.70 and a beta of 1.77. Etsy Inc has a 1-year low of $41.51 and a 1-year high of $76.51.

Etsy (NYSE:ETSY - Get Free Report) last released its quarterly earnings results on Thursday, February 19th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.88 by $0.04. The business had revenue of $881.64 million during the quarter. Etsy had a net margin of 5.65% and a negative return on equity of 24.94%.

Etsy declared that its board has approved a stock repurchase program on Thursday, December 18th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the company to buy up to 14.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Insider Transactions at Etsy

In other news, CAO Merilee Buckley sold 1,993 shares of the company's stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $52.92, for a total transaction of $105,469.56. Following the completion of the transaction, the chief accounting officer owned 809 shares in the company, valued at approximately $42,812.28. This represents a 71.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Charles Andrew Ballard sold 1,790 shares of the company's stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $55.74, for a total transaction of $99,774.60. Following the transaction, the director owned 4,006 shares of the company's stock, valued at $223,294.44. This represents a 30.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 43,971 shares of company stock worth $2,326,623. Insiders own 2.80% of the company's stock.

About Etsy

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.

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