Assenagon Asset Management S.A. Has $56.57 Million Position in Etsy, Inc. $ETSY

Key Points

• Assenagon Asset Management reduced its stake in Etsy, Inc. by 44.3%, leaving it with 1.08% ownership valued at approximately $56.57 million.
• Insider trading activity included significant sales by Director Melissa Reiff and insider Goyal Kruti Patel, with a total of 386,482 shares sold worth over $23.68 million in the last quarter.
• Etsy's stock performance showed a miss in earnings per share for the last quarter at $0.25, below analysts' expectations of $0.54, despite a revenue increase of 3.8% year-over-year.

Assenagon Asset Management S.A. lessened its position in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 44.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,127,847 shares of the specialty retailer's stock after selling 898,416 shares during the quarter. Assenagon Asset Management S.A. owned about 1.08% of Etsy worth $56,573,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ETSY. Nuveen Asset Management LLC lifted its position in Etsy by 0.8% during the 4th quarter. Nuveen Asset Management LLC now owns 326,661 shares of the specialty retailer's stock worth $17,277,000 after acquiring an additional 2,742 shares during the period. Tidal Investments LLC lifted its holdings in shares of Etsy by 4.6% in the 4th quarter. Tidal Investments LLC now owns 29,428 shares of the specialty retailer's stock valued at $1,556,000 after buying an additional 1,305 shares during the period. GTS Securities LLC lifted its holdings in shares of Etsy by 142.3% in the 4th quarter. GTS Securities LLC now owns 14,667 shares of the specialty retailer's stock valued at $776,000 after buying an additional 49,333 shares during the period. Brooklyn FI LLC acquired a new stake in shares of Etsy in the 4th quarter valued at approximately $5,229,000. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Etsy by 125.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 17,453 shares of the specialty retailer's stock valued at $923,000 after buying an additional 9,718 shares during the period. Hedge funds and other institutional investors own 99.53% of the company's stock.

Etsy Stock Down 5.1%

Shares of NASDAQ:ETSY traded down $3.32 during trading on Monday, hitting $61.67. 5,881,487 shares of the company traded hands, compared to its average volume of 4,990,889. The stock has a market capitalization of $6.11 billion, a price-to-earnings ratio of 49.73, a PEG ratio of 4.14 and a beta of 1.77. The business's fifty day moving average is $59.63 and its 200-day moving average is $52.95. Etsy, Inc. has a one year low of $40.05 and a one year high of $70.57.

Etsy (NASDAQ:ETSY - Get Free Report) last posted its 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). The company had revenue of $672.66 million for the quarter, compared to the consensus estimate of $645.16 million. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The firm's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period last year, the company posted $0.41 earnings per share. On average, analysts forecast that Etsy, Inc. will post 2.57 EPS for the current year.

Insider Transactions at Etsy

In other Etsy news, Director M Michele Burns sold 14,464 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $62.82, for a total value of $908,628.48. Following the completion of the sale, the director directly owned 19,964 shares in the company, valued at $1,254,138.48. This represents a 42.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $51.62, for a total value of $77,430.00. Following the sale, the insider owned 31,683 shares of the company's stock, valued at $1,635,476.46. This trade represents a 4.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 386,482 shares of company stock valued at $23,680,691 over the last three months. 2.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ETSY has been the subject of several recent analyst reports. Cantor Fitzgerald raised their price target on Etsy from $52.00 to $64.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Guggenheim reissued a "buy" rating and issued a $70.00 price target on shares of Etsy in a report on Thursday. UBS Group reaffirmed a "neutral" rating and issued a $67.00 price objective on shares of Etsy in a research note on Thursday, July 31st. Needham & Company LLC raised their price target on Etsy from $55.00 to $72.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Finally, Wells Fargo & Company lifted their price objective on Etsy from $41.00 to $57.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Eight equities research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Etsy presently has an average rating of "Hold" and an average target price of $57.80.

Etsy 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.