California State Teachers Retirement System Buys 7,458,509 Shares of Etsy Inc $ETSY

Key Points

• California State Teachers Retirement System dramatically increased its Etsy stake by purchasing 7,458,509 additional shares in the second quarter, bringing its ownership to 7.97%, valued at approximately $569.6 million.
• Etsy reported mixed quarterly results, with revenue of $668.3 million exceeding estimates but adjusted EPS of negative $0.49 missing expectations; revenue declined 0.7% year over year.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and an average price target of $85.46, although several firms recently assigned neutral or hold ratings. Insiders have sold about $29.1 million of stock over the past 90 days.

California State Teachers Retirement System increased its stake in shares of Etsy Inc (NYSE:ETSY - Free Report) by 7,217.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 7,561,851 shares of the company's stock after buying an additional 7,458,509 shares during the period. California State Teachers Retirement System owned 7.97% of Etsy worth $569,634,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Global Retirement Partners LLC bought a new position in Etsy during the 2nd quarter worth $34,000. EFG International AG bought a new stake in shares of Etsy during the 2nd quarter valued at $45,000. Blue Trust Inc. lifted its position in shares of Etsy by 19.3% during the 1st quarter. Blue Trust Inc. now owns 1,238 shares of the company's stock valued at $62,000 after acquiring an additional 200 shares during the period. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Etsy during the 4th quarter worth $79,000. Finally, CoreCap Advisors LLC grew its holdings in shares of Etsy by 2,379.1% during the 2nd quarter. CoreCap Advisors LLC now owns 1,066 shares of the company's stock worth $80,000 after purchasing an additional 1,023 shares in the last quarter. 99.53% of the stock is owned by institutional investors.

Etsy Price Performance

NYSE ETSY opened at $74.51 on Tuesday. The stock has a market capitalization of $7.07 billion, a price-to-earnings ratio of 41.63, a PEG ratio of 1.82 and a beta of 1.81. Etsy Inc has a one year low of $44.00 and a one year high of $87.97. The business's fifty day moving average is $80.93 and its 200-day moving average is $68.48.

Etsy (NYSE:ETSY - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($1.24). The firm had revenue of $668.31 million during the quarter, compared to the consensus estimate of $646.10 million. Etsy had a net margin of 7.32% and a negative return on equity of 34.18%. The business's quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 earnings per share. Research analysts expect that Etsy Inc will post 3.94 EPS for the current fiscal year.

Analyst Ratings Changes

ETSY has been the topic of several recent analyst reports. The Goldman Sachs Group started coverage on shares of Etsy in a report on Monday, August 17th. They issued a "neutral" rating and a $89.00 target price on the stock. Wall Street Zen downgraded shares of Etsy from a "buy" rating to a "hold" rating in a report on Sunday, May 31st. Jefferies Financial Group upped their price objective on Etsy from $62.00 to $80.00 and gave the company a "hold" rating in a research note on Tuesday, July 14th. Royal Bank Of Canada cut Etsy to a "sector perform" rating in a research note on Thursday, August 20th. Finally, Wedbush started coverage on shares of Etsy in a research note on Thursday, July 16th. They set a "neutral" rating and a $80.00 target price for the company. Three research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seventeen have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $85.46.

Insider Buying and Selling

In related news, insider Josh Silverman sold 1,671 shares of the business's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $84.00, for a total value of $140,364.00. Following the completion of the sale, the insider owned 249,559 shares in the company, valued at $20,962,956. The trade was a 0.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Charles Ballard sold 4,500 shares of the company's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $81.85, for a total transaction of $368,325.00. Following the completion of the sale, the director directly owned 4,239 shares of the company's stock, valued at $346,962.15. This trade represents a 51.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 368,538 shares of company stock valued at $29,085,228 in the last ninety days. 2.50% of the stock is owned by insiders.

About Etsy

Etsy, Inc operates a global online marketplace that connects buyers with independent sellers offering handmade, personalized and vintage goods, as well as craft supplies. Its marketplace includes products such as jewelry, clothing, home décor, art, gifts and party supplies.

The company provides tools and services that support commerce on its platform, including seller storefronts, search and discovery features, payment processing, advertising, shipping solutions and customer support. Etsy primarily serves individual entrepreneurs and small businesses seeking to reach consumers interested in distinctive and creatively designed products.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy serves buyers and sellers in numerous countries.

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