Cresset Asset Management LLC Purchases 10,734 Shares of Etsy, Inc. $ETSY

Cresset Asset Management LLC raised its position in Etsy, Inc. (NASDAQ:ETSY) by 267.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,751 shares of the specialty retailer’s stock after acquiring an additional 10,734 shares during the period. Cresset Asset Management LLC’s holdings in Etsy were worth $979,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ETSY. Holocene Advisors LP grew its holdings in shares of Etsy by 697.4% during the 2nd quarter. Holocene Advisors LP now owns 5,343,797 shares of the specialty retailer’s stock worth $268,045,000 after purchasing an additional 4,673,615 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake 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 valued at $185,197,000 after purchasing an additional 1,416,772 shares in the last quarter. Norges Bank acquired a new position in shares of Etsy in the second quarter valued at $65,207,000. Artisan Partners Limited Partnership bought a new position in Etsy in the second quarter worth $50,033,000. Finally, Allianz Asset Management GmbH boosted its stake in Etsy by 1,648.1% during the third quarter. Allianz Asset Management GmbH now owns 706,679 shares of the specialty retailer’s stock worth $46,916,000 after buying an additional 666,253 shares in the last quarter. Institutional investors own 99.53% of the company’s stock.

Insider Buying and Selling

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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Josh Silverman sold 21,666 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $53.26, for a total transaction of $1,153,931.16. Following the sale, the insider directly owned 90,661 shares of the company’s stock, valued at approximately $4,828,604.86. The trade was a 19.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 116,058 shares of company stock worth $6,576,362 in the last quarter. 2.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ETSY has been the topic of several analyst reports. Canaccord Genuity Group lowered their price target on shares of Etsy from $80.00 to $72.00 and set a “buy” rating on the stock in a report on Friday, February 20th. BNP Paribas Exane assumed coverage on shares of Etsy in a report on Monday, November 24th. They set a “neutral” rating for the company. UBS Group decreased their target price on shares of Etsy from $74.00 to $53.00 and set a “neutral” rating on the stock in a research report on Friday, February 20th. Citigroup reissued a “buy” rating on shares of Etsy in a research note on Tuesday, December 30th. Finally, JPMorgan Chase & Co. cut their price target on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research note on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eighteen have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Etsy currently has a consensus rating of “Hold” and a consensus price target of $60.40.

Etsy Stock Performance

Shares of NASDAQ ETSY opened at $53.28 on Wednesday. Etsy, Inc. has a 52-week low of $40.05 and a 52-week high of $76.51. The business has a fifty day moving average of $55.60 and a two-hundred day moving average of $58.67. The stock has a market cap of $5.13 billion, a PE ratio of 42.97, a PEG ratio of 10.65 and a beta of 1.74.

Etsy announced that its board has approved a share buyback program on Thursday, December 18th that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the specialty retailer to repurchase 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.

About Etsy

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.