Convergence Investment Partners LLC Invests $1.02 Million in Etsy Inc $ETSY

Key Points

• Convergence Investment Partners opened a new position in Etsy during the first quarter, buying 20,475 shares worth about $1.02 million.
• Several other hedge funds also changed their Etsy stakes, and institutional investors now own 99.53% of the company’s shares.
• Etsy shares were trading at $81.63, near their 52-week high of $87.14, while analyst sentiment remained mixed with a consensus rating of Hold and an average price target of $75.16.

Convergence Investment Partners LLC purchased a new position in shares of Etsy Inc (NYSE:ETSY - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 20,475 shares of the company's stock, valued at approximately $1,023,000.

Other hedge funds have also recently added to or reduced their stakes in the company. EFG International AG acquired a new position in Etsy during the 4th quarter worth approximately $33,000. Blue Trust Inc. lifted its holdings in shares of Etsy by 19.3% in the 1st quarter. Blue Trust Inc. now owns 1,238 shares of the company's stock valued at $62,000 after buying an additional 200 shares during the period. Danske Bank A S acquired a new stake in shares of Etsy in the 3rd quarter valued at approximately $66,000. Federation des caisses Desjardins du Quebec boosted its stake in shares of Etsy by 22.8% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company's stock valued at $67,000 after buying an additional 225 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in shares of Etsy in the fourth quarter valued at approximately $79,000. Institutional investors and hedge funds own 99.53% of the company's stock.

Etsy Price Performance

ETSY opened at $81.63 on Wednesday. Etsy Inc has a 1-year low of $44.00 and a 1-year high of $87.14. The stock has a market cap of $7.75 billion, a P/E ratio of 34.01, a P/E/G ratio of 3.29 and a beta of 1.83. The stock's 50 day simple moving average is $71.71 and its 200 day simple moving average is $61.62.

Insider Buying and Selling at Etsy

In other news, insider Josh Silverman sold 39,161 shares of Etsy stock in a transaction on Friday, July 10th. The stock was sold at an average price of $79.00, for a total transaction of $3,093,719.00. Following the completion of the transaction, the insider owned 139,884 shares of the company's stock, valued at $11,050,836. The trade was a 21.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Merilee Buckley sold 881 shares of Etsy stock in a transaction on Monday, July 6th. The stock was sold at an average price of $75.35, for a total value of $66,383.35. Following the transaction, the chief accounting officer directly owned 405 shares of the company's stock, valued at $30,516.75. This trade represents a 68.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 658,943 shares of company stock valued at $47,305,981. Insiders own 2.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on ETSY shares. President Capital raised Etsy from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $57.00 to $91.00 in a report on Thursday, June 25th. Weiss Ratings raised Etsy from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, May 13th. The Goldman Sachs Group upgraded shares of Etsy from a "sell" rating to a "neutral" rating in a research report on Thursday, May 21st. Morgan Stanley set a $64.00 price target on shares of Etsy in a research note on Wednesday, April 29th. Finally, Argus upgraded shares of Etsy from a "hold" rating to a "buy" rating and set a $67.00 price target for the company in a report on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $75.16.

Etsy Company Profile

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.

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