Connor Clark & Lunn Investment Management Ltd. Grows Position in Etsy, Inc. (NASDAQ:ETSY)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has increased its stake in Etsy, Inc. by 140.8%, now holding 711,454 shares valued at approximately $33.6 million.
• The average target price for Etsy shares is $57.20, with several analysts issuing "hold" ratings while varying target prices from $37.00 to $71.00.
• Etsy recently reported earnings of $0.25 per share, falling short of analysts' estimates of $0.54, while achieving quarterly revenues of $672.66 million—a 3.8% year-over-year increase.

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 140.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 711,454 shares of the specialty retailer's stock after purchasing an additional 415,942 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.68% of Etsy worth $33,566,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Allworth Financial LP raised its stake in shares of Etsy by 47.6% in the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock valued at $35,000 after acquiring an additional 248 shares during the period. True Wealth Design LLC raised its stake in shares of Etsy by 112.7% in the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock valued at $29,000 after acquiring an additional 292 shares during the period. GAMMA Investing LLC raised its stake in shares of Etsy by 39.4% in the first quarter. GAMMA Investing LLC now owns 1,928 shares of the specialty retailer's stock valued at $91,000 after acquiring an additional 545 shares during the period. Covestor Ltd raised its stake in shares of Etsy by 38.3% in the fourth quarter. Covestor Ltd now owns 2,318 shares of the specialty retailer's stock valued at $123,000 after acquiring an additional 642 shares during the period. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Etsy in the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 99.53% of the company's stock.

Wall Street Analysts Forecast Growth

ETSY has been the topic of several recent analyst reports. Loop Capital reduced their target price on shares of Etsy from $40.00 to $37.00 and set a "sell" rating on the stock in a research note on Thursday, May 1st. B. Riley reduced their target price on shares of Etsy from $62.00 to $55.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Wells Fargo & Company upped their price target on shares of Etsy from $41.00 to $57.00 and gave the stock an "underweight" rating in a report on Thursday, July 31st. Bank of America upped their price target on shares of Etsy from $67.00 to $71.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Finally, Truist Financial upped their price target on shares of Etsy from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $57.20.

Etsy Stock Performance

NASDAQ:ETSY opened at $60.91 on Friday. Etsy, Inc. has a fifty-two week low of $40.05 and a fifty-two week high of $68.45. The stock has a market capitalization of $6.04 billion, a P/E ratio of 49.12, a P/E/G ratio of 3.87 and a beta of 1.73. The company's 50-day simple moving average is $57.58 and its 200-day simple moving average is $51.63.

Etsy (NASDAQ:ETSY - Get Free Report) last released its quarterly earnings results 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 net margin of 5.78% and a negative return on equity of 31.10%. The firm had revenue of $672.66 million during the quarter, compared to the consensus estimate of $645.16 million. During the same quarter in the prior year, the business posted $0.41 earnings per share. The firm's quarterly revenue was up 3.8% on a year-over-year basis. On average, research analysts forecast that Etsy, Inc. will post 2.57 EPS for the current year.

Insider Transactions at Etsy

In related news, insider Goyal Kruti Patel sold 11,944 shares of the stock in a transaction that occurred on 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 transaction, the insider directly owned 47,529 shares of the company's stock, valued at $2,818,944.99. This trade represents a 20.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Merilee Buckley sold 5,817 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $58.83, for a total transaction of $342,214.11. The disclosure for this sale can be found here. Insiders sold a total of 366,968 shares of company stock worth $22,076,609 over the last ninety days. 2.80% of the stock is currently owned by insiders.

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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