Gallacher Capital Management LLC Takes $236,000 Position in Etsy, Inc. $ETSY

Key Points

• Gallacher Capital Management LLC purchased a new stake in Etsy, acquiring 4,697 shares valued at approximately $236,000 during the second quarter.
• Insider selling activity was significant, with CEO Josh Silverman selling 140,000 shares and M Michele Burns, a director, selling 14,464 shares, indicating a decrease in their ownership of the stock.
• Analyst ratings for Etsy have been positive, with several firms raising their price targets, including Guggenheim and Raymond James, both setting targets at $70.00, while the average consensus price target is around $57.80.

Gallacher Capital Management LLC acquired a new stake in Etsy, Inc. (NASDAQ:ETSY - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,697 shares of the specialty retailer's stock, valued at approximately $236,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Allworth Financial LP lifted its position in shares of Etsy by 47.6% in the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock valued at $35,000 after acquiring an additional 248 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Etsy by 10.5% in the first quarter. Geneos Wealth Management Inc. now owns 4,343 shares of the specialty retailer's stock valued at $205,000 after acquiring an additional 412 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Etsy by 39.4% in the first quarter. GAMMA Investing LLC now owns 1,928 shares of the specialty retailer's stock valued at $91,000 after acquiring an additional 545 shares in the last quarter. Brooklyn Investment Group lifted its position in shares of Etsy by 842.2% in the first quarter. Brooklyn Investment Group now owns 782 shares of the specialty retailer's stock valued at $37,000 after acquiring an additional 699 shares in the last quarter. Finally, SVB Wealth LLC purchased a new stake in shares of Etsy in the first quarter valued at $36,000. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Etsy Trading Up 0.2%

NASDAQ:ETSY traded up $0.14 on Friday, hitting $64.99. 6,481,294 shares of the stock were exchanged, compared to its average volume of 4,986,583. The stock has a market cap of $6.44 billion, a PE ratio of 52.41, a PEG ratio of 3.86 and a beta of 1.77. The stock has a fifty day moving average of $59.49 and a 200-day moving average of $52.78. Etsy, Inc. has a fifty-two week low of $40.05 and a fifty-two week high of $70.57.

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

Insider Activity at Etsy

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the company's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $51.62, for a total transaction of $77,430.00. Following the completion of the sale, the insider directly owned 31,683 shares in the company, valued at $1,635,476.46. This represents a 4.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Charles Andrew Ballard sold 2,400 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $62.42, for a total value of $149,808.00. Following the completion of the sale, the director owned 5,796 shares of the company's stock, valued at approximately $361,786.32. This trade represents a 29.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 386,482 shares of company stock valued at $23,680,691 over the last three months. Insiders own 2.80% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on ETSY shares. Wells Fargo & Company upped their price objective on Etsy from $41.00 to $57.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Deutsche Bank Aktiengesellschaft upped their target price on Etsy from $40.00 to $47.00 and gave the company a "hold" rating in a research note on Tuesday, July 22nd. Canaccord Genuity Group set a $76.00 target price on Etsy in a research note on Wednesday, July 30th. UBS Group reiterated a "neutral" rating and issued a $67.00 target price on shares of Etsy in a research note on Thursday, July 31st. Finally, Guggenheim reiterated a "buy" rating and issued a $70.00 target price on shares of Etsy in a research note on Thursday. Eight research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $57.80.

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.