Assenagon Asset Management S.A. Acquires 59,123 Shares of Etsy Inc $ETSY

Assenagon Asset Management S.A. grew its stake in shares of Etsy Inc (NYSE:ETSY) by 3.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,611,431 shares of the company’s stock after buying an additional 59,123 shares during the period. Assenagon Asset Management S.A. owned 1.63% of Etsy worth $89,338,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Holocene Advisors LP grew its stake in Etsy by 697.4% during the second quarter. Holocene Advisors LP now owns 5,343,797 shares of the company’s stock valued at $268,045,000 after acquiring an additional 4,673,615 shares in the last quarter. Lone Pine Capital LLC bought a new stake in Etsy in the 3rd quarter valued at $257,614,000. Arrowstreet Capital Limited Partnership lifted its stake in Etsy by 62.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the company’s stock worth $185,197,000 after purchasing an additional 1,416,772 shares in the last quarter. Norges Bank purchased a new stake in Etsy in the 2nd quarter worth $65,207,000. Finally, Allianz Asset Management GmbH boosted its holdings in shares of Etsy by 1,648.1% during the 3rd quarter. Allianz Asset Management GmbH now owns 706,679 shares of the company’s stock valued at $46,916,000 after purchasing an additional 666,253 shares during the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Wedbush cut their price objective on Etsy from $72.00 to $66.00 and set a “neutral” rating for the company in a research report on Friday, December 19th. Deutsche Bank Aktiengesellschaft decreased their target price on Etsy from $63.00 to $54.00 and set a “hold” rating on the stock in a research report on Tuesday, February 24th. Weiss Ratings reissued a “hold (c)” rating on shares of Etsy in a research note on Monday, December 29th. JPMorgan Chase & Co. cut their price target on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a report on Friday, February 20th. Finally, Zacks Research raised Etsy from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 23rd. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seventeen have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Etsy presently has an average rating of “Hold” and an average target price of $60.80.

Insider Activity at Etsy

In other Etsy news, Director Charles Andrew Ballard sold 1,790 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $55.74, for a total value of $99,774.60. Following the transaction, the director owned 4,006 shares of the company’s stock, valued at $223,294.44. This represents a 30.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Josh Silverman sold 86,666 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $57.46, for a total value of $4,979,828.36. Following the completion of the sale, the insider owned 90,661 shares in the company, valued at approximately $5,209,381.06. The trade was a 48.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 116,058 shares of company stock worth $6,576,362 in the last quarter. 2.80% of the stock is owned by company insiders.

Etsy Price Performance

Etsy stock opened at $49.49 on Wednesday. Etsy Inc has a 1-year low of $40.05 and a 1-year high of $76.51. The stock has a market cap of $4.76 billion, a price-to-earnings ratio of 37.78, a P/E/G ratio of 3.34 and a beta of 1.74. The stock has a 50-day moving average price of $54.28.

Etsy (NYSE:ETSY) last announced its earnings results on Thursday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.04. The business had revenue of $881.64 million during the quarter. Etsy had a negative return on equity of 24.94% and a net margin of 5.65%.

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

Etsy Profile

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.