Assenagon Asset Management S.A. Sells 521,190 Shares of Etsy Inc $ETSY

Key Points

• Assenagon Asset Management cut its Etsy stake by 32.3% in the first quarter, selling 521,190 shares and leaving it with 1.09 million shares valued at about $54.5 million.
• Etsy insiders have also been selling, including director Frederick R. Wilson and CEO Josh Silverman, with insiders selling 651,377 shares worth $44.7 million over the last 90 days.
• Analysts are mixed but generally cautious on Etsy: the stock’s average rating is “Hold,” with an average target price of $71.80, while shares recently traded at $77.80 near their 52-week high.

Assenagon Asset Management S.A. lowered its holdings in Etsy Inc (NYSE:ETSY - Free Report) by 32.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,090,241 shares of the company's stock after selling 521,190 shares during the quarter. Assenagon Asset Management S.A. owned 1.13% of Etsy worth $54,490,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Integrated Wealth Concepts LLC raised its position in Etsy by 19.1% in the 1st quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the company's stock worth $282,000 after buying an additional 961 shares during the last quarter. Empowered Funds LLC lifted its position in Etsy by 55.5% during the first quarter. Empowered Funds LLC now owns 9,673 shares of the company's stock valued at $456,000 after purchasing an additional 3,451 shares during the period. Woodline Partners LP purchased a new stake in Etsy in the first quarter worth approximately $2,181,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Etsy by 33.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,594 shares of the company's stock worth $180,000 after purchasing an additional 906 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in Etsy in the 2nd quarter worth approximately $232,000. 99.53% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Frederick R. Wilson sold 20,000 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $61.63, for a total transaction of $1,232,600.00. Following the completion of the sale, the director owned 481,329 shares in the company, valued at approximately $29,664,306.27. This trade represents a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Josh Silverman sold 134,730 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $68.89, for a total value of $9,281,549.70. Following the completion of the transaction, the insider directly owned 130,694 shares in the company, valued at approximately $9,003,509.66. This represents a 50.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 651,377 shares of company stock worth $44,720,839 over the last 90 days. Company insiders own 2.50% of the company's stock.

Etsy Stock Performance

ETSY opened at $77.80 on Friday. The stock has a market cap of $7.38 billion, a price-to-earnings ratio of 32.42, a price-to-earnings-growth ratio of 3.11 and a beta of 1.88. The firm's fifty day moving average is $65.80 and its 200 day moving average is $58.47. Etsy Inc has a fifty-two week low of $44.00 and a fifty-two week high of $79.90.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ETSY. BTIG Research increased their price objective on shares of Etsy from $65.00 to $78.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Wells Fargo & Company boosted their target price on shares of Etsy from $47.00 to $61.00 and gave the company an "underweight" rating in a research report on Thursday, April 30th. B. Riley Financial cut shares of Etsy from a "buy" rating to a "neutral" rating and upped their target price for the company from $70.00 to $75.00 in a report on Thursday, April 30th. JPMorgan Chase & Co. increased their price target on shares of Etsy from $75.00 to $78.00 and gave the stock a "neutral" rating in a research report on Friday, June 12th. Finally, Canaccord Genuity Group lifted their price target on shares of Etsy from $72.00 to $80.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, nineteen have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Etsy currently has an average rating of "Hold" and an average target price of $71.80.

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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