Cresset Asset Management LLC Invests $221,000 in Etsy, Inc. $ETSY

Key Points

• Cresset Asset Management LLC invested $221,000 in Etsy, acquiring 4,680 shares of the specialty retailer's stock during the first quarter.
• Etsy reported a missed earnings per share of $0.25 for the last quarter, falling short of analysts' consensus estimate of $0.54, while revenue increased 3.8% year-over-year.
• CEO Josh Silverman sold 151,666 shares of Etsy stock, representing a 58.45% decrease in his position and totaling $8.7 million, as insiders have sold over $23 million worth of stock in the last quarter.

Cresset Asset Management LLC acquired a new stake in Etsy, Inc. (NASDAQ:ETSY - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 4,680 shares of the specialty retailer's stock, valued at approximately $221,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Allworth Financial LP grew its holdings in shares of Etsy by 47.6% in the 1st quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock worth $35,000 after acquiring an additional 248 shares during the period. True Wealth Design LLC grew its holdings in shares of Etsy by 112.7% in the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock worth $29,000 after acquiring an additional 292 shares during the period. GAMMA Investing LLC grew its holdings in shares of Etsy by 39.4% in the 1st quarter. GAMMA Investing LLC now owns 1,928 shares of the specialty retailer's stock worth $91,000 after acquiring an additional 545 shares during the period. HighTower Advisors LLC raised its position in shares of Etsy by 18.5% during the 1st quarter. HighTower Advisors LLC now owns 4,889 shares of the specialty retailer's stock worth $231,000 after purchasing an additional 764 shares during the last quarter. Finally, Cetera Investment Advisers raised its position in shares of Etsy by 12.7% during the 1st quarter. Cetera Investment Advisers now owns 6,941 shares of the specialty retailer's stock worth $327,000 after purchasing an additional 781 shares during the last quarter. Institutional investors and hedge funds own 99.53% of the company's stock.

Etsy Stock Down 1.6%

Shares of ETSY traded down $0.86 during trading on Friday, reaching $53.01. The company's stock had a trading volume of 4,381,901 shares, compared to its average volume of 5,350,793. The company has a fifty day moving average of $58.45 and a two-hundred day moving average of $52.41. Etsy, Inc. has a twelve month low of $40.05 and a twelve month high of $70.57. The company has a market cap of $5.25 billion, a price-to-earnings ratio of 42.75, a P/E/G ratio of 3.38 and a beta of 1.73.

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 net margin of 5.78% and a negative return on equity of 31.10%. The business had revenue of $672.66 million during the quarter, compared to analyst estimates of $645.16 million. During the same period in the previous year, the company earned $0.41 earnings per share. The business's revenue for the quarter was up 3.8% on a year-over-year basis. As a group, equities analysts forecast that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ETSY. Wells Fargo & Company raised their target price on shares of Etsy from $41.00 to $57.00 and gave the stock an "underweight" rating in a research report on Thursday, July 31st. Morgan Stanley upped their price target on shares of Etsy from $50.00 to $54.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. Truist Financial lifted their price target on shares of Etsy from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Guggenheim lifted their price target on shares of Etsy from $50.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Finally, Barclays reaffirmed a "positive" rating and set a $60.00 price target (up from $52.00) on shares of Etsy in a research report on Thursday, July 31st. Eight analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $57.80.

Insider Buying and Selling

In related news, insider Goyal Kruti Patel sold 11,944 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $59.31, for a total transaction of $708,398.64. Following 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Merilee Buckley sold 5,817 shares of the company's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $58.83, for a total value of $342,214.11. The disclosure for this sale can be found here. Insiders sold a total of 381,482 shares of company stock worth $23,033,829 over the last 90 days. 2.80% of the stock is currently owned by corporate insiders.

Etsy Company Profile

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.