Arrowstreet Capital Limited Partnership Acquires 1,416,772 Shares of Etsy, Inc. $ETSY

Arrowstreet Capital Limited Partnership increased its stake in Etsy, Inc. (NASDAQ:ETSY) by 62.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,692,134 shares of the specialty retailer’s stock after acquiring an additional 1,416,772 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 3.73% of Etsy worth $185,197,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cetera Investment Advisers grew its holdings in Etsy by 12.7% during the 1st quarter. Cetera Investment Advisers now owns 6,941 shares of the specialty retailer’s stock valued at $327,000 after purchasing an additional 781 shares during the last quarter. Arkadios Wealth Advisors purchased a new position in Etsy in the first quarter valued at about $482,000. Earned Wealth Advisors LLC bought a new position in shares of Etsy during the 1st quarter worth approximately $238,000. Charles Schwab Investment Management Inc. increased its position in Etsy by 4.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,184,851 shares of the specialty retailer’s stock valued at $55,901,000 after buying an additional 53,831 shares in the last quarter. Finally, Chicago Partners Investment Group LLC purchased a new stake in Etsy during the 1st quarter worth approximately $226,000. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Jefferies Financial Group raised their price objective on Etsy from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Friday, October 17th. Barclays increased their price target on Etsy from $60.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 30th. Arete Research raised shares of Etsy from a “strong sell” rating to a “hold” rating in a report on Thursday, August 7th. Moffett Nathanson reaffirmed a “neutral” rating on shares of Etsy in a research note on Wednesday, October 29th. Finally, Piper Sandler reissued a “neutral” rating on shares of Etsy in a research note on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-one have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $64.38.

Etsy Price Performance

ETSY stock opened at $54.63 on Wednesday. Etsy, Inc. has a 1 year low of $40.05 and a 1 year high of $76.51. The firm has a market capitalization of $5.39 billion, a P/E ratio of 44.06, a P/E/G ratio of 10.65 and a beta of 1.87. The business’s 50-day moving average is $64.08 and its two-hundred day moving average is $59.78.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, October 29th. The specialty retailer reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The business had revenue of $678.03 million for the quarter, compared to analyst estimates of $655.83 million. During the same period last year, the business earned $0.45 EPS. The company’s revenue was up 2.4% on a year-over-year basis. On average, analysts expect that Etsy, Inc. will post 2.57 EPS for the current year.

Insider Buying and Selling

In other Etsy news, CAO Merilee Buckley sold 11,827 shares of the stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $61.47, for a total transaction of $727,005.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Bradley Minor sold 3,095 shares of the business’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $57.81, for a total transaction of $178,921.95. Following the completion of the transaction, the chief marketing officer directly owned 7,373 shares in the company, valued at $426,233.13. This represents a 29.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 354,439 shares of company stock valued at $23,697,873 over the last ninety days. Company insiders own 2.80% of the company’s stock.

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.