Etsy, Inc. (NASDAQ:ETSY) Position Raised by Cerity Partners LLC

Cerity Partners LLC increased its stake in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 211.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 94,691 shares of the specialty retailer's stock after purchasing an additional 64,279 shares during the period. Cerity Partners LLC owned 0.09% of Etsy worth $4,468,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. True Wealth Design LLC lifted its position in 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 buying an additional 292 shares during the last quarter. Hurley Capital LLC bought a new stake in shares of Etsy in the 4th quarter worth approximately $32,000. Strategic Investment Solutions Inc. IL bought a new stake in Etsy in the fourth quarter worth $34,000. Allworth Financial LP boosted its position in Etsy by 47.6% during the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock valued at $35,000 after buying an additional 248 shares during the period. Finally, Summit Securities Group LLC bought a new position in shares of Etsy during the fourth quarter valued at about $37,000. 99.53% of the stock is currently owned by institutional investors.

Etsy Price Performance

NASDAQ:ETSY traded up $1.67 during trading hours on Friday, reaching $59.64. 3,897,849 shares of the company traded hands, compared to its average volume of 4,350,086. The firm's 50-day moving average is $54.03 and its 200-day moving average is $50.91. The stock has a market cap of $6.22 billion, a P/E ratio of 42.60, a P/E/G ratio of 3.19 and a beta of 1.74. Etsy, Inc. has a 1-year low of $40.05 and a 1-year high of $66.18.

Etsy (NASDAQ:ETSY - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share for the quarter, missing analysts' consensus estimates of $0.50 by ($0.04). Etsy had a negative return on equity of 39.60% and a net margin of 6.69%. The business had revenue of $651.18 million for the quarter, compared to analysts' expectations of $642.22 million. During the same period in the prior year, the company earned $0.48 EPS. The company's revenue for the quarter was up .8% compared to the same quarter last year. As a group, research analysts predict that Etsy, Inc. will post 2.57 earnings per share for the current year.

Insider Buying and Selling

In other Etsy news, CTO Richard Edward Colburn III sold 2,350 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $47.01, for a total value of $110,473.50. Following the transaction, the chief technology officer directly owned 2,896 shares of the company's stock, valued at $136,140.96. This trade represents a 44.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $51.36, for a total value of $77,040.00. Following the sale, the insider directly owned 34,683 shares in the company, valued at approximately $1,781,318.88. The trade was a 4.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 202,298 shares of company stock valued at $11,156,039. 2.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ETSY. Arete Research upgraded Etsy to a "strong sell" rating in a research note on Wednesday, June 11th. Morgan Stanley cut their target price on shares of Etsy from $40.00 to $38.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st. Piper Sandler cut their price objective on Etsy from $52.00 to $40.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Sanford C. Bernstein increased their target price on Etsy from $45.00 to $50.00 and gave the stock a "market perform" rating in a research report on Thursday. Finally, Bank of America decreased their price target on shares of Etsy from $55.00 to $50.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Six investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Etsy presently has a consensus rating of "Hold" and a consensus price target of $49.92.

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.