Algert Global LLC Sells 60,051 Shares of Etsy, Inc. $ETSY

Key Points

• Algert Global LLC reduced its stake in Etsy, Inc. by 34.6%, now holding 113,753 shares valued at approximately $5.37 million after selling 60,051 shares in the first quarter.
• Other hedge funds significantly increased their positions in Etsy, with Assenagon Asset Management S.A. and Victory Capital Management boosting their stakes by 36% and 53.7%, respectively.
• Etsy reported earnings of $0.25 per share for the most recent quarter, falling short of analysts’ expectations of $0.54, though revenue exceeded forecasts at $672.66 million.

Algert Global LLC lessened its stake in Etsy, Inc. (NASDAQ:ETSY - Free Report) by 34.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 113,753 shares of the specialty retailer's stock after selling 60,051 shares during the quarter. Algert Global LLC owned about 0.11% of Etsy worth $5,367,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Cresset Asset Management LLC acquired a new position in Etsy in the first quarter valued at about $221,000. American Century Companies Inc. acquired a new position in Etsy in the first quarter valued at about $1,115,000. Kovitz Investment Group Partners LLC acquired a new position in Etsy in the first quarter valued at about $216,000. Prudential PLC grew its stake in Etsy by 55.7% in the first quarter. Prudential PLC now owns 80,270 shares of the specialty retailer's stock valued at $3,787,000 after acquiring an additional 28,728 shares during the period. Finally, HighTower Advisors LLC grew its stake in Etsy by 18.5% in the first quarter. HighTower Advisors LLC now owns 4,889 shares of the specialty retailer's stock valued at $231,000 after acquiring an additional 764 shares during the period. 99.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ETSY. Bank of America boosted their target price on Etsy from $67.00 to $71.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Stifel Nicolaus boosted their target price on Etsy from $45.00 to $66.00 and gave the company a "hold" rating in a research note on Tuesday, July 29th. Loop Capital reduced their price objective on Etsy from $40.00 to $37.00 and set a "sell" rating for the company in a research report on Thursday, May 1st. Cantor Fitzgerald upped their price objective on Etsy from $52.00 to $64.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Finally, Evercore ISI reduced their price objective on Etsy from $60.00 to $54.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Eight analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $57.80.

Etsy Stock Performance

NASDAQ ETSY traded down $0.26 during trading hours on Friday, hitting $62.66. 4,418,756 shares of the company traded hands, compared to its average volume of 5,660,343. The business's 50-day moving average is $58.46 and its 200-day moving average is $52.40. Etsy, Inc. has a twelve month low of $40.05 and a twelve month high of $70.57. The stock has a market capitalization of $6.21 billion, a price-to-earnings ratio of 50.53, a P/E/G ratio of 4.01 and a beta of 1.73.

Etsy (NASDAQ:ETSY - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.29). Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The company had revenue of $672.66 million for the quarter, compared to analyst estimates of $645.16 million. During the same period last year, the company posted $0.41 earnings per share. The business's revenue for the quarter was up 3.8% on a year-over-year basis. Analysts predict that Etsy, Inc. will post 2.57 EPS for the current year.

Insider Transactions at Etsy

In other Etsy news, insider Goyal Kruti Patel sold 11,944 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $59.31, for a total value of $708,398.64. Following the sale, the insider owned 47,529 shares in the company, valued at $2,818,944.99. This represents a 20.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Merilee Buckley sold 5,817 shares of the company's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $58.83, for a total value of $342,214.11. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 364,618 shares of company stock valued at $21,975,392. Company insiders own 2.80% of the company's stock.

Etsy Company 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.