Acadian Asset Management LLC Increases Stake in Etsy, Inc. $ETSY

Key Points

• Acadian Asset Management LLC has significantly increased its shareholding in Etsy, Inc. by 112.8% in the first quarter, now owning 2,803,956 shares worth approximately $132.27 million.
• Etsy reported $0.25 earnings per share for the last quarter, missing estimates by ($0.29), while their revenue increased 3.8% year-over-year to $672.66 million.
• Current analysts' ratings give Etsy a consensus rating of "Hold" with an average price target of $57.80, while the stock has a market cap of $5.58 billion.

Acadian Asset Management LLC raised its position in Etsy, Inc. (NASDAQ:ETSY - Free Report) by 112.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,803,956 shares of the specialty retailer's stock after acquiring an additional 1,486,142 shares during the quarter. Acadian Asset Management LLC owned approximately 2.69% of Etsy worth $132,273,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. True Wealth Design LLC lifted its stake in Etsy by 112.7% in the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock worth $29,000 after acquiring an additional 292 shares during the last quarter. SVB Wealth LLC purchased a new position in Etsy in the first quarter worth approximately $36,000. Allworth Financial LP lifted its stake in Etsy by 47.6% in the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock worth $35,000 after acquiring an additional 248 shares during the last quarter. Brooklyn Investment Group lifted its stake in 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 acquiring an additional 699 shares during the last quarter. Finally, Olde Wealth Management LLC purchased a new position in Etsy in the first quarter worth approximately $70,000. Hedge funds and other institutional investors own 99.53% of the company's stock.

Wall Street Analyst Weigh In

ETSY has been the subject of a number of recent research reports. Stifel Nicolaus lifted their price target on shares of Etsy from $45.00 to $66.00 and gave the stock a "hold" rating in a research note on Tuesday, July 29th. Bank of America lifted their price target on shares of Etsy from $67.00 to $71.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. Arete Research raised shares of Etsy from a "strong sell" rating to a "hold" rating in a report on Thursday, August 7th. Canaccord Genuity Group set a $76.00 price objective on shares of Etsy in a research report on Wednesday, July 30th. Finally, UBS Group restated a "neutral" rating and set a $67.00 price objective on shares of Etsy in a research report on Thursday, July 31st. Eight research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Etsy has a consensus rating of "Hold" and a consensus price target of $57.80.

Insiders Place Their Bets

In other news, CEO Josh Silverman sold 140,000 shares of Etsy stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $65.00, for a total value of $9,100,000.00. Following the transaction, the chief executive officer directly owned 62,674 shares of the company's stock, valued at $4,073,810. The trade was a 69.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Goyal Kruti Patel sold 11,944 shares of Etsy stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $59.31, for a total transaction of $708,398.64. Following the completion of the transaction, the insider directly owned 47,529 shares in the company, valued at $2,818,944.99. The trade was a 20.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 316,482 shares of company stock worth $19,130,691. Corporate insiders own 2.80% of the company's stock.

Etsy Price Performance

Shares of NASDAQ:ETSY traded down $0.65 during trading on Friday, hitting $58.94. 4,196,095 shares of the company were exchanged, compared to its average volume of 5,528,143. The stock has a market capitalization of $5.84 billion, a P/E ratio of 47.53, a PEG ratio of 3.80 and a beta of 1.77. Etsy, Inc. has a 12-month low of $40.05 and a 12-month high of $70.57. The firm's 50 day moving average price is $59.02 and its 200-day moving average price is $52.50.

Etsy (NASDAQ:ETSY - Get Free Report) last announced its earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.54 by ($0.29). The business had revenue of $672.66 million during the quarter, compared to analyst estimates of $645.16 million. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The business's revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.41 earnings per share. As a group, equities research analysts anticipate that Etsy, Inc. will post 2.57 EPS for the current year.

About Etsy

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.