Bares Capital Management Inc. Sells 382,644 Shares of Etsy, Inc. $ETSY

Key Points

• Bares Capital Management Inc. reduced its stake in Etsy, Inc. by 20.2%, now owning 1,509,001 shares and making Etsy the 7th largest holding in its portfolio.
• Insider trading activity showed that key executives sold a total of 228,316 shares of Etsy stock worth over $14 million in the last ninety days.
• Bank of America and Needham & Company raised their price targets for Etsy, projecting values of $71.00 and $72.00 respectively, reflecting a mix of analyst ratings with a consensus of "Hold."

Bares Capital Management Inc. trimmed its holdings in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 20.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,509,001 shares of the specialty retailer's stock after selling 382,644 shares during the period. Etsy comprises approximately 7.7% of Bares Capital Management Inc.'s holdings, making the stock its 7th biggest holding. Bares Capital Management Inc. owned 1.45% of Etsy worth $71,195,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Assenagon Asset Management S.A. lifted its stake in shares of Etsy by 36.0% during the first quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer's stock valued at $95,599,000 after buying an additional 535,864 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Etsy by 53.7% during the 1st quarter. Victory Capital Management Inc. now owns 1,248,902 shares of the specialty retailer's stock worth $58,923,000 after purchasing an additional 436,231 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Etsy by 140.8% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 711,454 shares of the specialty retailer's stock worth $33,566,000 after purchasing an additional 415,942 shares during the last quarter. Bank of Nova Scotia purchased a new stake in shares of Etsy in the first quarter valued at $19,454,000. Finally, Balyasny Asset Management L.P. acquired a new position in Etsy in the fourth quarter valued at $19,412,000. Hedge funds and other institutional investors own 99.53% of the company's stock.

Etsy Trading Up 3.5%

NASDAQ:ETSY traded up $1.85 during trading hours on Friday, hitting $54.06. The stock had a trading volume of 5,063,057 shares, compared to its average volume of 5,124,742. The business has a 50 day simple moving average of $58.41 and a two-hundred day simple moving average of $52.32. The company has a market cap of $5.36 billion, a PE ratio of 23.84, a price-to-earnings-growth ratio of 3.33 and a beta of 1.77. Etsy, Inc. has a 1-year low of $40.05 and a 1-year high of $70.57.

Etsy (NASDAQ:ETSY - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The specialty retailer reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.54 by ($0.29). The company had revenue of $672.66 million for the quarter, compared to the consensus estimate of $645.16 million. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The company's revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.41 earnings per share. Research analysts expect that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Citizens Jmp raised Etsy to a "hold" rating in a research note on Thursday, July 10th. Bank of America raised their target price on shares of Etsy from $67.00 to $71.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Cantor Fitzgerald upped their price target on shares of Etsy from $52.00 to $64.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Guggenheim lifted their price target on shares of Etsy from $50.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Finally, Arete Research raised shares of Etsy from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Etsy has an average rating of "Hold" and a consensus price target of $57.80.

Insider Activity

In other Etsy news, CEO Josh Silverman sold 21,666 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $51.61, for a total value of $1,118,182.26. Following the sale, the chief executive officer directly owned 62,674 shares in the company, valued at approximately $3,234,605.14. This trade represents a 25.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Marla J. Blow sold 450 shares of the company's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $67.46, for a total transaction of $30,357.00. Following the transaction, the director owned 9,491 shares of the company's stock, valued at $640,262.86. This represents a 4.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 251,482 shares of company stock valued at $15,393,191 over the last quarter. Corporate insiders own 2.80% of the company's stock.

Etsy 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.