ING Groep NV Purchases 331,031 Shares of Etsy, Inc. (NASDAQ:ETSY)

Key Points

• ING Groep NV increased its stake in Etsy, Inc. by 132.3%, acquiring an additional 331,031 shares, bringing its total ownership to 581,279 shares valued at approximately $27.43 million.
• Various institutional investors have also boosted their positions in Etsy, with notable increases from firms like True Wealth Design LLC and Johnson Financial Group Inc., reflecting growing interest in the company.
• Etsy's latest earnings report revealed a miss on EPS estimates, posting $0.25 per share against a consensus of $0.54, despite revenue increasing to $672.66 million.

ING Groep NV boosted its holdings in Etsy, Inc. (NASDAQ:ETSY - Free Report) by 132.3% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 581,279 shares of the specialty retailer's stock after buying an additional 331,031 shares during the period. ING Groep NV owned approximately 0.56% of Etsy worth $27,425,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Assenagon Asset Management S.A. grew its position 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 worth $95,599,000 after buying an additional 535,864 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Etsy by 53.7% in the first 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. AQR Capital Management LLC boosted its holdings in Etsy by 89.1% in the fourth quarter. AQR Capital Management LLC now owns 889,438 shares of the specialty retailer's stock worth $47,042,000 after purchasing an additional 419,038 shares during the period. Bank of Nova Scotia bought a new stake in Etsy in the first quarter valued at $19,454,000. Finally, Balyasny Asset Management L.P. bought a new stake 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.

Insider Activity at Etsy

In related news, insider Nicholas Daniel sold 1,500 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $58.79, for a total value of $88,185.00. Following the completion of the sale, the insider directly owned 33,183 shares in the company, valued at approximately $1,950,828.57. The trade was a 4.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Melissa Reiff sold 6,909 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $58.89, for a total value of $406,871.01. Following the completion of the sale, the director owned 16,424 shares of the company's stock, valued at approximately $967,209.36. This trade represents a 29.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 355,024 shares of company stock worth $21,368,211. Company insiders own 2.80% of the company's stock.

Analyst Ratings Changes

ETSY has been the topic of a number of recent research reports. Truist Financial raised their target price on Etsy from $55.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Piper Sandler cut their price objective on shares of Etsy from $52.00 to $40.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Cantor Fitzgerald lifted their price objective on shares of Etsy from $52.00 to $64.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Sanford C. Bernstein lifted their price objective on shares of Etsy from $45.00 to $50.00 and gave the company a "market perform" rating in a research note on Thursday, July 17th. Finally, Arete cut shares of Etsy from a "neutral" rating to a "sell" rating and set a $43.00 price objective on the stock. in a research note on Wednesday, June 11th. Five investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $56.76.

Etsy Trading Up 0.4%

NASDAQ:ETSY traded up $0.22 on Wednesday, hitting $56.20. 4,851,037 shares of the company's stock traded hands, compared to its average volume of 5,462,940. Etsy, Inc. has a 1 year low of $40.05 and a 1 year high of $68.45. The firm has a 50-day moving average price of $57.21 and a 200-day moving average price of $51.49. The company has a market cap of $5.57 billion, a PE ratio of 45.32, a price-to-earnings-growth ratio of 3.55 and a beta of 1.73.

Etsy (NASDAQ:ETSY - Get Free Report) last released its earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts' expectations of $645.16 million. During the same period last year, the firm earned $0.41 EPS. The company's revenue was up 3.8% compared to the same quarter last year. On average, research analysts forecast that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

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.