Allianz Asset Management GmbH Buys 18,608 Shares of Etsy, Inc. $ETSY

Allianz Asset Management GmbH raised its stake in Etsy, Inc. (NASDAQ:ETSY) by 85.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 40,426 shares of the specialty retailer’s stock after purchasing an additional 18,608 shares during the quarter. Allianz Asset Management GmbH’s holdings in Etsy were worth $2,028,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Signaturefd LLC increased its stake in shares of Etsy by 52.7% in the second quarter. Signaturefd LLC now owns 556 shares of the specialty retailer’s stock worth $28,000 after buying an additional 192 shares during the period. Allworth Financial LP increased its position in shares of Etsy by 47.6% in the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer’s stock valued at $35,000 after acquiring an additional 248 shares during the period. SVB Wealth LLC purchased a new stake in shares of Etsy during the first quarter worth about $36,000. Brooklyn Investment Group grew its stake in shares of Etsy by 842.2% in the first quarter. Brooklyn Investment Group now owns 782 shares of the specialty retailer’s stock worth $37,000 after purchasing an additional 699 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in Etsy by 18.7% during the 2nd quarter. Blue Trust Inc. now owns 1,150 shares of the specialty retailer’s stock valued at $58,000 after purchasing an additional 181 shares during the period. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Wall Street Analyst Weigh In

ETSY has been the topic of several research analyst reports. Raymond James Financial boosted their target price on Etsy from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday. Arete raised shares of Etsy from a “sell” rating to a “neutral” rating and set a $54.00 price objective on the stock in a research report on Thursday, August 7th. Zacks Research upgraded shares of Etsy from a “hold” rating to a “strong-buy” rating in a report on Friday, October 10th. Bank of America lifted their target price on shares of Etsy from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, October 10th. Finally, Wells Fargo & Company boosted their price target on shares of Etsy from $57.00 to $58.00 and gave the company an “underweight” rating in a research report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, seventeen have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $62.00.

Insiders Place Their Bets

In related news, Director M Michele Burns sold 14,464 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $62.82, for a total transaction of $908,628.48. Following the sale, the director directly owned 19,964 shares of the company’s stock, valued at $1,254,138.48. This trade represents a 42.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Josh Silverman sold 150,000 shares of Etsy stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $72.50, for a total value of $10,875,000.00. Following the completion of the sale, the chief executive officer owned 62,674 shares of the company’s stock, valued at $4,543,865. The trade was a 70.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 402,667 shares of company stock valued at $26,362,857. Company insiders own 2.80% of the company’s stock.

Etsy Stock Performance

NASDAQ:ETSY opened at $73.79 on Friday. The firm has a market cap of $7.31 billion, a P/E ratio of 59.51, a P/E/G ratio of 10.65 and a beta of 1.85. Etsy, Inc. has a fifty-two week low of $40.05 and a fifty-two week high of $76.51. The firm has a 50-day simple moving average of $63.99 and a two-hundred day simple moving average of $57.04.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.29). Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The firm had revenue of $672.66 million for the quarter, compared to the consensus estimate of $645.16 million. During the same period last year, the business earned $0.41 EPS. Etsy’s revenue was up 3.8% on a year-over-year basis. On average, equities research analysts predict that Etsy, Inc. will post 2.57 EPS for the current year.

Etsy Company 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.