32,332 Etsy Inc $ETSY Shares Bought by Crossmark Global Holdings Inc.

Key Points

• Crossmark Global Holdings increased its Etsy stake by 40.1% in the third quarter, purchasing 32,332 additional shares for a total of 112,947 shares valued at approximately $8.1 million. Institutional investors and hedge funds collectively own 99.53% of Etsy.
• Etsy shares opened at $90.70, near their 52-week high of $91.06, after rising above both their 50-day and 200-day moving averages. The company has an $8.61 billion market capitalization and trades at a P/E ratio of 50.67.
• Analyst sentiment remains mixed, with an average “Hold” rating and an $86.21 price target, despite recent upgrades from Bank of America and BTIG Research. Etsy’s latest quarter included an EPS miss, while revenue reached $668.31 million but declined 0.7% year over year.

Crossmark Global Holdings Inc. lifted its stake in shares of Etsy Inc (NYSE:ETSY - Free Report) by 40.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 112,947 shares of the company's stock after purchasing an additional 32,332 shares during the period. Crossmark Global Holdings Inc. owned approximately 0.12% of Etsy worth $8,075,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of ETSY. William Blair Investment Management LLC acquired a new stake in shares of Etsy in the second quarter valued at approximately $120,417,000. Arrowstreet Capital Limited Partnership lifted its holdings in Etsy by 51.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company's stock worth $163,841,000 after buying an additional 1,112,520 shares in the last quarter. Findlay Park Partners LLP acquired a new position in Etsy during the 2nd quarter worth $66,170,000. Renaissance Technologies LLC lifted its holdings in Etsy by 11.1% during the 1st quarter. Renaissance Technologies LLC now owns 5,962,210 shares of the company's stock worth $297,991,000 after buying an additional 594,768 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Etsy in the 2nd quarter valued at $42,781,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Etsy Price Performance

Shares of NYSE ETSY opened at $90.70 on Friday. The company's 50 day simple moving average is $77.61 and its 200 day simple moving average is $73.16. Etsy Inc has a fifty-two week low of $44.00 and a fifty-two week high of $91.06. The firm has a market capitalization of $8.61 billion, a P/E ratio of 50.67, a P/E/G ratio of 2.18 and a beta of 1.86.

Etsy (NYSE:ETSY - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($0.49) EPS for the quarter, missing analysts' consensus estimates of $0.75 by ($1.24). The business had revenue of $668.31 million for the quarter, compared to analyst estimates of $646.10 million. Etsy had a negative return on equity of 34.18% and a net margin of 7.32%. Etsy's revenue was down .7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.25 EPS. Sell-side analysts expect that Etsy Inc will post 3.94 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ETSY shares. UBS Group lifted their target price on Etsy from $74.00 to $86.00 and gave the company a "neutral" rating in a research note on Friday, August 7th. Bank of America upgraded Etsy from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $88.00 to $95.00 in a research report on Thursday, August 20th. Evercore set a $83.00 price target on Etsy in a research note on Thursday, August 6th. Guggenheim raised their price target on Etsy from $85.00 to $95.00 and gave the company a "buy" rating in a report on Friday, August 7th. Finally, BTIG Research upgraded Etsy from a "neutral" rating to a "buy" rating and set a $90.00 price objective for the company in a research report on Friday, September 18th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eighteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $86.21.

Insiders Place Their Bets

In other news, insider Josh Silverman sold 41,108 shares of the firm's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $83.11, for a total value of $3,416,485.88. Following the transaction, the insider directly owned 171,932 shares in the company, valued at $14,289,268.52. This trade represents a 19.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick Wilson sold 20,000 shares of the company's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $81.86, for a total value of $1,637,200.00. Following the completion of the sale, the director owned 401,329 shares of the company's stock, valued at $32,852,791.94. This represents a 4.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 133,251 shares of company stock worth $10,966,499 over the last three months. Insiders own 2.50% of the company's stock.

About Etsy

Etsy, Inc operates an online marketplace that connects independent sellers with consumers seeking unique and creative goods. Its marketplace features products such as handmade items, personalized gifts, vintage merchandise, home décor, jewelry, clothing, craft supplies and other goods made, designed, selected or sourced by individual sellers and small businesses.

The company provides tools and services that support marketplace activity, including seller storefronts, search and discovery features, payment processing, advertising, shipping assistance and customer support.

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