Hillsdale Investment Management Inc. Purchases 80,600 Shares of Etsy Inc $ETSY

Key Points

• Hillsdale Investment Management dramatically increased its Etsy stake in the first quarter, buying an additional 80,600 shares and lifting its holdings to 80,950 shares worth about $4.0 million.
• Several other hedge funds also added to or initiated positions in Etsy, and institutional investors now own 99.53% of the company’s stock.
• Sentiment remains mixed: analysts’ average rating is Hold with a $73.08 price target, while insider selling by CEO Josh Silverman and other insiders has continued in recent months.

Hillsdale Investment Management Inc. raised its position in Etsy Inc (NYSE:ETSY - Free Report) by 23,028.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 80,950 shares of the company's stock after buying an additional 80,600 shares during the period. Hillsdale Investment Management Inc. owned 0.09% of Etsy worth $4,046,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. Integrated Wealth Concepts LLC increased its position in shares of Etsy by 19.1% during the first quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the company's stock valued at $282,000 after acquiring an additional 961 shares during the last quarter. Empowered Funds LLC boosted its position in Etsy by 55.5% in the first quarter. Empowered Funds LLC now owns 9,673 shares of the company's stock worth $456,000 after purchasing an additional 3,451 shares during the last quarter. Woodline Partners LP purchased a new position in Etsy in the first quarter worth $2,181,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Etsy by 33.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,594 shares of the company's stock valued at $180,000 after purchasing an additional 906 shares during the last quarter. Finally, M&T Bank Corp purchased a new stake in shares of Etsy during the 2nd quarter valued at $232,000. Institutional investors own 99.53% of the company's stock.

Insiders Place Their Bets

In other news, insider Josh Silverman sold 134,730 shares of Etsy stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $68.89, for a total value of $9,281,549.70. Following the completion of the transaction, the insider owned 130,694 shares in the company, valued at $9,003,509.66. This trade represents a 50.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 759,312 shares of company stock worth $53,799,597 in the last three months. 2.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Arete Research set a $76.00 price target on shares of Etsy and gave the stock a "buy" rating in a report on Wednesday, May 20th. Susquehanna downgraded shares of Etsy to a "neutral" rating in a report on Thursday, May 21st. Guggenheim assumed coverage on shares of Etsy in a research report on Thursday, May 21st. They issued a "buy" rating on the stock. Canaccord Genuity Group boosted their target price on shares of Etsy from $72.00 to $80.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Finally, Raymond James Financial downgraded shares of Etsy from an "outperform" rating to an "outperform" rating in a research report on Thursday, May 21st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eighteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $73.08.

Etsy Stock Performance

Shares of ETSY opened at $85.78 on Thursday. Etsy Inc has a fifty-two week low of $44.00 and a fifty-two week high of $87.14. The business has a 50-day moving average of $69.95 and a 200 day moving average of $60.84. The firm has a market cap of $8.14 billion, a P/E ratio of 35.74, a price-to-earnings-growth ratio of 3.46 and a beta of 1.83.

Trending Headlines about Etsy

Here are the key news stories impacting Etsy this week:

• Positive Sentiment: Jefferies issued a positive forecast for Etsy, signaling continued confidence in the company’s outlook. Jefferies Financial Group Issues Positive Forecast for Etsy NYSE: ETSY Stock Price
• Positive Sentiment: The UK competition watchdog cleared eBay’s planned acquisition of Depop, removing a regulatory hurdle tied to Etsy’s resale-platform asset and reducing deal uncertainty around the transaction. UK watchdog clears eBay's planned acquisition of Depop from Etsy
• Neutral Sentiment: JPMorgan raised its price target on Etsy, but kept a neutral rating and the new target still implies limited upside from current levels. Etsy had its price target raised by JPMorgan Chase & Co.
• Neutral Sentiment: Industry and lifestyle coverage around Etsy’s marketplace and community initiatives adds visibility, but does not appear to be a major stock driver. Etsy's WNC craft partnership celebrated with Gov. Stein, wife
• Negative Sentiment: Insider selling by CEO Josh Silverman may weigh on sentiment, especially since he has now sold shares in multiple recent transactions. Etsy NYSE: ETSY Insider Josh Silverman Sells 39,161 Shares of Stock

Etsy Company Profile

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.

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