Algert Global LLC Reduces Holdings in Etsy Inc $ETSY

Key Points

• Algert Global cut its Etsy stake by 26.7% in the second quarter, selling 20,585 shares and retaining 56,513 shares valued at approximately $4.26 million.
• Other institutional investors increased their Etsy positions or initiated new stakes, while hedge funds and institutions collectively own 99.53% of the company. Etsy insiders sold about 584,967 shares worth $43.9 million over the past three months.
• Analysts maintain a consensus “Hold” rating with an average price target of $84.68. Etsy’s latest quarter included revenue above estimates at $668.3 million, but EPS missed expectations and revenue declined 0.7% year over year.

Algert Global LLC decreased its position in shares of Etsy Inc (NYSE:ETSY - Free Report) by 26.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 56,513 shares of the company's stock after selling 20,585 shares during the quarter. Algert Global LLC owned approximately 0.06% of Etsy worth $4,257,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in ETSY. William Blair Investment Management LLC bought a new stake in Etsy in the 2nd quarter valued at about $120,417,000. SG Americas Securities LLC grew its stake in Etsy by 717.7% during the first quarter. SG Americas Securities LLC now owns 1,497,174 shares of the company's stock valued at $74,829,000 after acquiring an additional 1,314,071 shares in the last quarter. AQR Capital Management LLC increased its holdings in Etsy by 40.1% during the 4th quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company's stock worth $227,785,000 after acquiring an additional 1,177,301 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in Etsy by 51.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company's stock worth $163,841,000 after purchasing an additional 1,112,520 shares in the last quarter. Finally, Findlay Park Partners LLP purchased a new stake in Etsy in the 2nd quarter worth approximately $66,170,000. Hedge funds and other institutional investors own 99.53% of the company's stock.

Insiders Place Their Bets

In other Etsy news, Director Frederick R. Wilson sold 20,000 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $83.22, for a total value of $1,664,400.00. Following the completion of the transaction, the director directly owned 421,329 shares in the company, valued at approximately $35,062,999.38. This represents a 4.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Josh Silverman sold 134,730 shares of the company's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $68.89, for a total transaction of $9,281,549.70. Following the completion of the transaction, the insider owned 130,694 shares of the company's stock, valued at $9,003,509.66. This trade represents a 50.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 584,967 shares of company stock worth $43,908,631. Insiders own 2.50% of the company's stock.

Wall Street Analysts Forecast Growth

ETSY has been the topic of several recent analyst reports. Roth Capital assumed coverage on Etsy in a report on Thursday, May 21st. They issued a "buy" rating on the stock. Guggenheim upped their price objective on shares of Etsy from $85.00 to $95.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Zacks Research downgraded shares of Etsy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 14th. Citigroup lifted their price target on Etsy from $60.00 to $92.00 and gave the stock a "neutral" rating in a research note on Friday, August 7th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Etsy from $74.00 to $75.00 and gave the stock a "hold" rating in a report on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eighteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $84.68.

Etsy Trading Up 1.4%

ETSY stock opened at $82.90 on Friday. The stock has a market capitalization of $7.87 billion, a price-to-earnings ratio of 46.31, a PEG ratio of 3.95 and a beta of 1.84. Etsy Inc has a 12-month low of $44.00 and a 12-month high of $87.97. The firm's 50-day moving average price is $80.64 and its two-hundred day moving average price is $66.10.

Etsy (NYSE:ETSY - Get Free Report) last announced 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). Etsy had a net margin of 7.32% and a negative return on equity of 34.18%. The business had revenue of $668.31 million for the quarter, compared to the consensus estimate of $646.10 million. During the same quarter in the prior year, the company earned $0.25 EPS. Etsy's revenue was down .7% compared to the same quarter last year. Equities analysts predict that Etsy Inc will post 3.94 EPS for the current year.

Etsy Company 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.

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