Janus Henderson Group PLC Increases Stake in Etsy Inc $ETSY

Key Points

• Janus Henderson increased its Etsy stake by 627.2% in the first quarter, owning 279,407 shares valued at approximately $14.0 million. Institutional investors collectively hold 99.53% of Etsy’s outstanding stock.
• Etsy insiders sold 588,452 shares worth roughly $43.8 million over the past quarter, including sizable sales by CEO Josh Silverman and Director Frederick R. Wilson under pre-arranged Rule 10b5-1 plans.
• Analyst sentiment remains mixed, with Etsy carrying a consensus “Hold” rating and a $75.36 price target. Shares opened at $86.48, near their 52-week high of $87.26.

Janus Henderson Group PLC grew its stake in shares of Etsy Inc (NYSE:ETSY - Free Report) by 627.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 279,407 shares of the company's stock after buying an additional 240,986 shares during the period. Janus Henderson Group PLC owned 0.29% of Etsy worth $13,962,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. SG Americas Securities LLC increased its holdings in Etsy by 717.7% in the 1st quarter. SG Americas Securities LLC now owns 1,497,174 shares of the company's stock valued at $74,829,000 after acquiring an additional 1,314,071 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Etsy by 40.1% during the 4th quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company's stock valued at $227,785,000 after purchasing an additional 1,177,301 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Etsy by 51.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company's stock valued at $163,841,000 after purchasing an additional 1,112,520 shares during the last quarter. Norges Bank purchased a new position in shares of Etsy during the fourth quarter valued at about $33,903,000. Finally, Renaissance Technologies LLC grew its position in shares of Etsy by 11.1% during the first quarter. Renaissance Technologies LLC now owns 5,962,210 shares of the company's stock valued at $297,991,000 after purchasing an additional 594,768 shares in the last quarter. Institutional investors own 99.53% of the company's stock.

Insider Activity

In related news, insider Josh Silverman sold 41,108 shares of Etsy stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $83.11, for a total transaction of $3,416,485.88. Following the completion of the transaction, the insider directly owned 171,932 shares of the company's stock, valued at approximately $14,289,268.52. The trade was a 19.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 20,000 shares of the company's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $83.22, for a total transaction of $1,664,400.00. Following the transaction, the director owned 421,329 shares in the company, valued at $35,062,999.38. The trade was a 4.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 588,452 shares of company stock valued at $43,762,222. 2.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on ETSY shares. Wells Fargo & Company boosted their target price on Etsy from $47.00 to $61.00 and gave the stock an "underweight" rating in a research report on Thursday, April 30th. Sanford C. Bernstein raised their price target on Etsy from $60.00 to $65.00 and gave the company a "market perform" rating in a report on Thursday, April 30th. Wall Street Zen downgraded Etsy from a "buy" rating to a "hold" rating in a research note on Sunday, May 31st. President Capital upgraded Etsy from a "neutral" rating to a "buy" rating and increased their target price for the company from $57.00 to $91.00 in a research report on Thursday, June 25th. Finally, Guggenheim began coverage on Etsy in a research report on Thursday, May 21st. They set a "buy" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Etsy has a consensus rating of "Hold" and a consensus price target of $75.36.

Etsy Stock Up 4.0%

Shares of ETSY opened at $86.48 on Wednesday. The business has a fifty day moving average of $76.35 and a 200 day moving average of $63.25. The company has a market cap of $8.21 billion, a PE ratio of 36.03, a P/E/G ratio of 3.26 and a beta of 1.84. Etsy Inc has a 52-week low of $44.00 and a 52-week high of $87.26.

About Etsy

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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