Jane Street Group LLC bought a new stake in Etsy Inc (NASDAQ:ETSY) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 21,484 shares of the specialty retailer’s stock, valued at approximately $363,000.
Several other institutional investors have also made changes to their positions in ETSY. Janus Henderson Group PLC acquired a new position in Etsy in the 2nd quarter valued at $95,291,000. TPG Group Holdings SBS Advisors Inc. increased its stake in Etsy by 2,287.5% in the 2nd quarter. TPG Group Holdings SBS Advisors Inc. now owns 5,003,888 shares of the specialty retailer’s stock valued at $75,058,000 after buying an additional 4,794,297 shares during the period. Southpoint Capital Advisors LP acquired a new position in Etsy in the 2nd quarter valued at $16,650,000. Prudential Financial Inc. acquired a new position in Etsy in the 3rd quarter valued at $13,091,000. Finally, Pictet Asset Management Ltd. acquired a new position in Etsy in the 3rd quarter valued at $11,541,000. 74.40% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Frederick R. Wilson sold 87,938 shares of the company’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $16.24, for a total transaction of $1,428,113.12. Following the transaction, the director now directly owns 822,062 shares of the company’s stock, valued at approximately $13,350,286.88. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.00% of the company’s stock.
Etsy declared that its board has authorized a share buyback program on Friday, November 17th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
Several brokerages have issued reports on ETSY. BidaskClub raised shares of Etsy from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Zacks Investment Research cut shares of Etsy from a “buy” rating to a “hold” rating in a research note on Thursday, August 31st. Stifel Nicolaus reissued a “hold” rating and issued a $18.00 price objective (up from $15.00) on shares of Etsy in a research note on Tuesday, November 7th. Ifs Securities reissued an “outperform” rating and issued a $22.00 price objective (up from $18.00) on shares of Etsy in a research note on Tuesday, November 7th. Finally, Royal Bank of Canada boosted their price objective on shares of Etsy from $16.00 to $18.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 7th. Eleven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $15.69.
Etsy Company Profile
Etsy, Inc (Etsy) operates a marketplace where people around the world connect, both online and offline, to make, sell and buy goods. The Company offers a range of seller services and tools that help entrepreneurs start, grow and manage their businesses. The Company’s community includes Etsy sellers, Etsy buyers, Etsy employees, its partners and investors.
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