Canada Pension Plan Investment Board Trims Stake in Etsy, Inc. $ETSY

Key Points

• The Canada Pension Plan Investment Board has decreased its holdings in Etsy, Inc. by 4.6%, selling 17,700 shares, bringing its total ownership to approximately 0.35%, valued at $17,164,000.
• Etsy reported a quarterly earnings miss with an EPS of $0.25, falling short of the $0.54 consensus estimate, although its revenue increased by 3.8% year-over-year.
• Wall Street analysts have mixed ratings for Etsy, with a consensus rating of "Hold" and an average target price of $57.80, although some firms have raised their price targets significantly recently.

Canada Pension Plan Investment Board decreased its position in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 4.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 363,800 shares of the specialty retailer's stock after selling 17,700 shares during the period. Canada Pension Plan Investment Board owned approximately 0.35% of Etsy worth $17,164,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its position in Etsy by 36.0% during the first quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer's stock valued at $95,599,000 after purchasing an additional 535,864 shares in the last quarter. Victory Capital Management Inc. raised its position in Etsy by 53.7% during the first quarter. Victory Capital Management Inc. now owns 1,248,902 shares of the specialty retailer's stock valued at $58,923,000 after purchasing an additional 436,231 shares in the last quarter. Findlay Park Partners LLP raised its position in Etsy by 1.4% during the first quarter. Findlay Park Partners LLP now owns 1,236,000 shares of the specialty retailer's stock valued at $58,314,000 after purchasing an additional 16,600 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Etsy by 4.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,184,851 shares of the specialty retailer's stock worth $55,901,000 after buying an additional 53,831 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Etsy by 22.5% in the fourth quarter. Northern Trust Corp now owns 771,758 shares of the specialty retailer's stock worth $40,818,000 after buying an additional 141,853 shares during the period. Hedge funds and other institutional investors own 99.53% of the company's stock.

Etsy Stock Performance

Shares of ETSY traded up $1.85 during mid-day trading on Friday, reaching $54.06. The company had a trading volume of 5,063,057 shares, compared to its average volume of 4,893,478. The firm has a 50-day moving average price of $58.41 and a 200 day moving average price of $52.32. Etsy, Inc. has a 52 week low of $40.05 and a 52 week high of $70.57. The company has a market capitalization of $5.36 billion, a price-to-earnings ratio of 43.60, a price-to-earnings-growth ratio of 3.31 and a beta of 1.77.

Etsy (NASDAQ:ETSY - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share for the quarter, missing analysts' consensus estimates of $0.54 by ($0.29). Etsy had a negative return on equity of 31.10% and a net margin of 5.78%.The firm had revenue of $672.66 million during the quarter, compared to analysts' expectations of $645.16 million. During the same quarter in the previous year, the firm earned $0.41 earnings per share. Etsy's revenue was up 3.8% on a year-over-year basis. As a group, research analysts forecast that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ETSY has been the topic of several analyst reports. Canaccord Genuity Group set a $76.00 price objective on Etsy in a report on Wednesday, July 30th. Raymond James Financial boosted their price target on Etsy from $50.00 to $70.00 and gave the company an "outperform" rating in a report on Tuesday, July 22nd. Stifel Nicolaus boosted their price target on Etsy from $45.00 to $66.00 and gave the company a "hold" rating in a report on Tuesday, July 29th. Cantor Fitzgerald boosted 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. Finally, Arete upgraded Etsy from a "sell" rating to a "neutral" rating and set a $54.00 price target on the stock in a report on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Etsy currently has a consensus rating of "Hold" and a consensus price target of $57.80.

Insider Buying and Selling at Etsy

In other Etsy news, Director Marla J. Blow sold 450 shares of the business's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $67.46, for a total transaction of $30,357.00. Following the completion of the sale, the director directly owned 9,491 shares in the company, valued at approximately $640,262.86. The trade was a 4.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicholas Daniel sold 1,500 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $51.62, for a total transaction of $77,430.00. Following the sale, the insider owned 31,683 shares of the company's stock, valued at approximately $1,635,476.46. This represents a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 251,482 shares of company stock worth $15,393,191. 2.80% of the stock is owned by corporate insiders.

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.