Connor Clark & Lunn Investment Management Ltd. Boosts Position in Etsy, Inc. $ETSY

Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 5.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 938,056 shares of the specialty retailer’s stock after acquiring an additional 51,556 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Etsy were worth $62,278,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Public Sector Pension Investment Board boosted its holdings in Etsy by 21.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 430,824 shares of the specialty retailer’s stock valued at $28,602,000 after purchasing an additional 75,295 shares during the period. Allianz Asset Management GmbH increased its holdings in shares of Etsy by 1,648.1% in the third quarter. Allianz Asset Management GmbH now owns 706,679 shares of the specialty retailer’s stock worth $46,916,000 after purchasing an additional 666,253 shares during the period. Great Lakes Advisors LLC bought a new position in shares of Etsy in the third quarter worth $1,889,000. Arrowstreet Capital Limited Partnership raised its position in shares of Etsy by 62.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the specialty retailer’s stock worth $185,197,000 after buying an additional 1,416,772 shares in the last quarter. Finally, Picton Mahoney Asset Management boosted its stake in Etsy by 30.5% during the third quarter. Picton Mahoney Asset Management now owns 95,008 shares of the specialty retailer’s stock valued at $6,307,000 after buying an additional 22,229 shares during the period. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Stock Performance

ETSY stock opened at $52.72 on Thursday. Etsy, Inc. has a 52 week low of $40.05 and a 52 week high of $76.51. The firm’s fifty day moving average is $55.54 and its 200 day moving average is $58.63. The firm has a market cap of $5.07 billion, a P/E ratio of 42.52, a P/E/G ratio of 10.65 and a beta of 1.74.

Etsy declared that its board has initiated a stock repurchase program on Thursday, December 18th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to purchase up to 14.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms recently commented on ETSY. BTIG Research reduced their target price on Etsy from $74.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, February 19th. Truist Financial lifted their price target on Etsy from $80.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, February 20th. Citigroup reissued a “buy” rating on shares of Etsy in a report on Tuesday, December 30th. BNP Paribas Exane assumed coverage on shares of Etsy in a research report on Monday, November 24th. They issued a “neutral” rating on the stock. Finally, Wells Fargo & Company lowered their target price on shares of Etsy from $52.00 to $47.00 and set an “underweight” rating on the stock in a research note on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eighteen have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $60.40.

Insider Buying and Selling at Etsy

In other Etsy news, CAO Merilee Buckley sold 5,636 shares of the company’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $58.45, for a total transaction of $329,424.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Josh Silverman sold 21,666 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $53.26, for a total value of $1,153,931.16. Following the transaction, the insider directly owned 90,661 shares in the company, valued at $4,828,604.86. This trade represents a 19.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 116,058 shares of company stock worth $6,576,362 over the last three months. 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.