Corient Private Wealth LP Grows Holdings in Etsy Inc $ETSY

Key Points

• Corient Private Wealth increased its Etsy stake by 226% in the second quarter, bringing its holdings to 73,639 shares worth approximately $5.55 million. Institutional investors collectively own 99.53% of Etsy.
• Analyst sentiment is broadly positive: JPMorgan upgraded Etsy to “overweight,” while Raymond James and Rosenblatt also issued bullish ratings. The stock has a consensus “Moderate Buy” rating and an average price target of $86.03.
• Etsy’s latest quarter showed mixed results, with revenue of $668.31 million beating estimates but earnings per share falling short; revenue declined 0.7% year over year. Meanwhile, insiders have sold about $29.1 million of stock over the past 90 days.

Corient Private Wealth LP raised its stake in Etsy Inc (NYSE:ETSY - Free Report) by 226.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 73,639 shares of the company's stock after acquiring an additional 51,050 shares during the period. Corient Private Wealth LP owned approximately 0.08% of Etsy worth $5,547,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Headlands Technologies LLC purchased a new position in Etsy during the second quarter valued at $1,045,000. Ieq Capital LLC purchased a new stake in shares of Etsy during the second quarter worth about $4,083,000. Landscape Capital Management L.L.C. bought a new stake in shares of Etsy during the second quarter valued at approximately $6,466,000. Bank of Nova Scotia bought a new stake in Etsy in the 2nd quarter valued at $18,602,000. Finally, Janus Henderson Group PLC lifted its stake in Etsy by 627.2% in the 1st quarter. Janus Henderson Group PLC now owns 279,407 shares of the company's stock worth $13,962,000 after purchasing an additional 240,986 shares in the last quarter. Hedge funds and other institutional investors own 99.53% of the company's stock.

Analyst Upgrades and Downgrades

ETSY has been the topic of several recent research reports. Raymond James Financial upped their target price on shares of Etsy from $75.00 to $92.00 and gave the company an "outperform" rating in a research report on Tuesday, July 21st. Evercore set a $83.00 target price on Etsy in a report on Thursday, August 6th. JPMorgan Chase & Co. upgraded Etsy from a "neutral" rating to an "overweight" rating and increased their price target for the company from $85.00 to $100.00 in a report on Friday, August 7th. Rosenblatt Securities began coverage on shares of Etsy in a research note on Thursday, August 20th. They set a "buy" rating and a $95.00 price objective for the company. Finally, Wall Street Zen cut shares of Etsy from a "buy" rating to a "hold" rating in a research report on Sunday, May 31st. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, sixteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Etsy currently has a consensus rating of "Moderate Buy" and a consensus target price of $86.03.

Etsy Stock Performance

NYSE:ETSY opened at $72.59 on Friday. Etsy Inc has a fifty-two week low of $44.00 and a fifty-two week high of $87.97. The stock has a market capitalization of $6.89 billion, a P/E ratio of 40.55, a P/E/G ratio of 1.81 and a beta of 1.81. The company's 50-day simple moving average is $80.51 and its 200-day simple moving average is $68.90.

Etsy (NYSE:ETSY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of $0.75 by ($1.24). Etsy had a negative return on equity of 34.18% and a net margin of 7.32%.The business had revenue of $668.31 million during the quarter, compared to analyst estimates of $646.10 million. During the same quarter last year, the company posted $0.25 EPS. Etsy's quarterly revenue was down .7% compared to the same quarter last year. On average, research analysts forecast that Etsy Inc will post 3.94 EPS for the current year.

Insider Transactions at Etsy

In other Etsy news, insider Josh Silverman sold 97,389 shares of the company's stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $79.00, for a total value of $7,693,731.00. Following the transaction, the insider owned 130,694 shares of the company's stock, valued at $10,324,826. This represents a 42.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Richard Edward Colburn III sold 8,252 shares of Etsy stock in a transaction on Monday, August 10th. The shares were sold at an average price of $82.09, for a total value of $677,406.68. Following the completion of the sale, the insider directly owned 6,503 shares of the company's stock, valued at $533,831.27. The trade was a 55.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 368,538 shares of company stock worth $29,085,228 in the last ninety days. Insiders own 2.50% of the company's stock.

Etsy Company Profile

Etsy, Inc operates a global online marketplace that connects buyers with independent sellers offering handmade, personalized and vintage goods, as well as craft supplies. Its marketplace includes products such as jewelry, clothing, home décor, art, gifts and party supplies.

The company provides tools and services that support commerce on its platform, including seller storefronts, search and discovery features, payment processing, advertising, shipping solutions and customer support. Etsy primarily serves individual entrepreneurs and small businesses seeking to reach consumers interested in distinctive and creatively designed products.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy serves buyers and sellers in numerous countries.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.