Cardinal Point Capital Management ULC Invests $250,000 in Etsy, Inc. $ETSY

Key Points

• Cardinal Point Capital Management ULC invested $250,000 in Etsy, Inc. by purchasing 4,985 shares of the specialty retailer's stock during the second quarter.
• Other hedge funds increased their stakes in Etsy, with AQR Capital Management boosting its position by 423.7% and now holding approximately $218.9 million worth of shares.
• Insider trading activity included Goyal Kruti Patel selling 7,685 shares for about $576,451, representing a decrease of 12.29% in their position.

Cardinal Point Capital Management ULC purchased a new position in Etsy, Inc. (NASDAQ:ETSY - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 4,985 shares of the specialty retailer's stock, valued at approximately $250,000.

Other hedge funds have also recently made changes to their positions in the company. AQR Capital Management LLC lifted its position in Etsy by 423.7% in the 1st quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer's stock valued at $218,890,000 after acquiring an additional 3,768,787 shares in the last quarter. Acadian Asset Management LLC lifted its position in Etsy by 112.8% in the 1st quarter. Acadian Asset Management LLC now owns 2,803,956 shares of the specialty retailer's stock valued at $132,273,000 after acquiring an additional 1,486,142 shares in the last quarter. Victory Capital Management Inc. lifted its position in Etsy by 53.7% in the 1st quarter. Victory Capital Management Inc. now owns 1,248,902 shares of the specialty retailer's stock valued at $58,923,000 after acquiring an additional 436,231 shares in the last quarter. Findlay Park Partners LLP lifted its holdings in shares of Etsy by 1.4% during the 1st quarter. Findlay Park Partners LLP now owns 1,236,000 shares of the specialty retailer's stock valued at $58,314,000 after buying an additional 16,600 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Etsy by 4.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,184,851 shares of the specialty retailer's stock valued at $55,901,000 after buying an additional 53,831 shares during the period. 99.53% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Etsy news, insider Goyal Kruti Patel sold 7,685 shares of the stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $75.01, for a total value of $576,451.85. Following the completion of the sale, the insider owned 54,840 shares in the company, valued at approximately $4,113,548.40. This represents a 12.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Charles Andrew Ballard sold 2,400 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $62.42, for a total value of $149,808.00. Following the completion of the sale, the director owned 5,796 shares of the company's stock, valued at $361,786.32. The trade was a 29.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 402,667 shares of company stock worth $26,362,857 in the last three months. 2.80% of the stock is owned by company insiders.

Etsy Price Performance

NASDAQ:ETSY opened at $73.79 on Friday. The firm has a market capitalization of $7.31 billion, a price-to-earnings ratio of 59.51, a price-to-earnings-growth ratio of 10.65 and a beta of 1.85. Etsy, Inc. has a one year low of $40.05 and a one year high of $76.51. The business has a fifty day moving average price of $63.99 and a 200-day moving average price of $56.93.

Etsy (NASDAQ:ETSY - Get Free Report) last posted its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $645.16 million. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%.The company's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the company earned $0.41 earnings per share. On average, equities research analysts expect that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Analyst Ratings Changes

ETSY has been the topic of several research analyst reports. Arete raised 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. Raymond James Financial increased their price target on Etsy from $70.00 to $80.00 and gave the company an "outperform" rating in a report on Tuesday. Needham & Company LLC increased their price target on Etsy from $55.00 to $72.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Sanford C. Bernstein increased their price target on Etsy from $45.00 to $50.00 and gave the company a "market perform" rating in a report on Thursday, July 17th. Finally, Stifel Nicolaus increased 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. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, seventeen have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $62.00.

About Etsy

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.

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