Chicago Partners Investment Group LLC Acquires New Position in Etsy, Inc. (NASDAQ:ETSY)

Key Points

• Chicago Partners Investment Group LLC has acquired a new stake in Etsy, adding 4,928 shares valued at approximately $226,000 during the first quarter.
• CEO Josh Silverman sold 151,666 shares valued at around $8.75 million, which reflects a significant 58.45% decrease in his ownership of the company.
• Despite a revenue increase of 3.8% year-over-year, Etsy reported an EPS of $0.25, missing analyst expectations, while the stock currently has a price target average of $57.20.

Chicago Partners Investment Group LLC acquired a new stake in Etsy, Inc. (NASDAQ:ETSY - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 4,928 shares of the specialty retailer's stock, valued at approximately $226,000.

Several other hedge funds have also recently bought and sold shares of the company. Cerity Partners LLC grew its holdings in Etsy by 32.9% during the 4th quarter. Cerity Partners LLC now owns 30,412 shares of the specialty retailer's stock valued at $1,626,000 after buying an additional 7,528 shares during the last quarter. Sterling Capital Management LLC boosted its holdings in shares of Etsy by 23.3% during the fourth quarter. Sterling Capital Management LLC now owns 3,599 shares of the specialty retailer's stock worth $190,000 after purchasing an additional 679 shares during the last quarter. Summit Investment Advisors Inc. boosted its holdings in shares of Etsy by 5.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 27,310 shares of the specialty retailer's stock worth $1,444,000 after purchasing an additional 1,315 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its holdings in shares of Etsy by 14.8% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 30,297 shares of the specialty retailer's stock worth $1,602,000 after purchasing an additional 3,912 shares during the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of Etsy during the fourth quarter worth $5,171,000. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Stock Performance

Shares of NASDAQ ETSY traded down $1.78 during midday trading on Friday, reaching $66.43. 5,029,654 shares of the company's stock were exchanged, compared to its average volume of 5,941,405. Etsy, Inc. has a 52-week low of $40.05 and a 52-week high of $70.57. The stock has a market capitalization of $6.58 billion, a PE ratio of 53.57, a price-to-earnings-growth ratio of 4.33 and a beta of 1.73. The business's fifty day moving average price is $58.10 and its two-hundred day moving average price is $52.09.

Etsy (NASDAQ:ETSY - Get Free Report) last announced its earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share (EPS) 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 business had revenue of $672.66 million for the quarter, compared to analysts' expectations of $645.16 million. During the same period in the previous year, the firm posted $0.41 earnings per share. The firm's revenue was up 3.8% compared to the same quarter last year. Analysts predict that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently issued reports on ETSY. Stifel Nicolaus raised their price objective on Etsy from $45.00 to $66.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. Raymond James Financial lifted their target price on Etsy from $50.00 to $70.00 and gave the company an "outperform" rating in a report on Tuesday, July 22nd. Citizens Jmp upgraded Etsy to a "hold" rating in a report on Thursday, July 10th. Deutsche Bank Aktiengesellschaft lifted their target price on Etsy from $40.00 to $47.00 and gave the company a "hold" rating in a report on Tuesday, July 22nd. Finally, Canaccord Genuity Group set a $76.00 target price on Etsy in a report on Wednesday, July 30th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $57.20.

Insider Buying and Selling at Etsy

In related news, CAO Merilee Buckley sold 5,817 shares of the business's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $58.83, for a total value of $342,214.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Goyal Kruti Patel sold 11,944 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $59.31, for a total value of $708,398.64. Following the completion of the sale, the insider directly owned 47,529 shares of the company's stock, valued at approximately $2,818,944.99. This represents a 20.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 364,168 shares of company stock valued at $21,945,035. Company insiders own 2.80% of the company's stock.

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.