Prakash Investment Advisors LLC Acquires Shares of 10,600 Etsy, Inc. (NASDAQ:ETSY)

Prakash Investment Advisors LLC acquired a new stake in Etsy, Inc. (NASDAQ:ETSY) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 10,600 shares of the specialty retailer’s stock, valued at approximately $561,000. Etsy comprises about 0.6% of Prakash Investment Advisors LLC’s investment portfolio, making the stock its 27th largest holding.

A number of other large investors also recently modified their holdings of the company. Blue Trust Inc. increased its position in shares of Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after purchasing an additional 231 shares during the last quarter. Gagnon Securities LLC increased its position in shares of Etsy by 7.9% in the 4th quarter. Gagnon Securities LLC now owns 5,148 shares of the specialty retailer’s stock valued at $272,000 after purchasing an additional 376 shares during the last quarter. Coldstream Capital Management Inc. increased its position in shares of Etsy by 11.6% in the 3rd quarter. Coldstream Capital Management Inc. now owns 4,302 shares of the specialty retailer’s stock valued at $239,000 after purchasing an additional 448 shares during the last quarter. Banque Pictet & Cie SA increased its position in shares of Etsy by 0.4% in the 4th quarter. Banque Pictet & Cie SA now owns 137,790 shares of the specialty retailer’s stock valued at $7,288,000 after purchasing an additional 497 shares during the last quarter. Finally, Versant Capital Management Inc grew its position in shares of Etsy by 153.1% in 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 during the last quarter. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Stock Performance

ETSY stock opened at $51.40 on Friday. Etsy, Inc. has a one year low of $47.10 and a one year high of $78.65. The stock has a market capitalization of $5.78 billion, a PE ratio of 26.22, a price-to-earnings-growth ratio of 2.83 and a beta of 2.00. The company has a fifty day moving average of $54.58 and a 200-day moving average of $53.81.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.95 by $0.08. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The company had revenue of $852.16 million during the quarter, compared to analysts’ expectations of $861.37 million. During the same quarter last year, the business earned $0.62 EPS. The business’s revenue was up 1.2% on a year-over-year basis. Equities analysts forecast that Etsy, Inc. will post 2.25 earnings per share for the current fiscal year.

Etsy announced that its Board of Directors has approved a stock buyback plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Etsy

In other news, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the completion of the sale, the insider now owns 22,198 shares in the company, valued at approximately $1,228,437.32. This trade represents a 6.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

ETSY has been the topic of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Etsy in a research report on Thursday. Wells Fargo & Company increased their target price on shares of Etsy from $44.00 to $47.00 and gave the company an “underweight” rating in a research report on Thursday. Jefferies Financial Group raised shares of Etsy from an “underperform” rating to a “hold” rating and increased their target price for the company from $45.00 to $55.00 in a research report on Monday, January 13th. Stifel Nicolaus dropped their target price on shares of Etsy from $56.00 to $51.00 and set a “hold” rating on the stock in a research report on Thursday. Finally, Citigroup dropped their target price on shares of Etsy from $56.00 to $53.00 and set a “neutral” rating on the stock in a research report on Thursday. Four analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $60.08.

Etsy 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.