Kazazian Asset Management LLC Raises Stake in Etsy, Inc. (NASDAQ:ETSY)

Key Points

• Kazazian Asset Management LLC increased its stake in Etsy, Inc. by 10.4%, now holding 68,020 shares valued at approximately $3.2 million, making it the 8th largest position in its investment portfolio.
• Several large investors, including Assenagon Asset Management S.A. and Victory Capital Management Inc., significantly increased their stakes in Etsy, contributing to >99% of institutional ownership in the company.
• Etsy reported a Q2 EPS of $0.25, missing estimates by $0.29, but had revenue of $672.66 million, exceeding analyst expectations.

Kazazian Asset Management LLC increased its holdings in Etsy, Inc. (NASDAQ:ETSY - Free Report) by 10.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 68,020 shares of the specialty retailer's stock after buying an additional 6,420 shares during the quarter. Etsy accounts for about 2.6% of Kazazian Asset Management LLC's investment portfolio, making the stock its 8th largest position. Kazazian Asset Management LLC owned approximately 0.07% of Etsy worth $3,209,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in ETSY. Assenagon Asset Management S.A. lifted its position in shares of Etsy by 36.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer's stock valued at $95,599,000 after buying an additional 535,864 shares in the last quarter. Victory Capital Management Inc. raised its stake in Etsy by 53.7% during the 1st quarter. Victory Capital Management Inc. now owns 1,248,902 shares of the specialty retailer's stock worth $58,923,000 after acquiring an additional 436,231 shares during the period. AQR Capital Management LLC raised its stake in Etsy by 89.1% during the 4th quarter. AQR Capital Management LLC now owns 889,438 shares of the specialty retailer's stock worth $47,042,000 after acquiring an additional 419,038 shares during the period. Balyasny Asset Management L.P. purchased a new position in Etsy during the fourth quarter valued at approximately $19,412,000. Finally, Long Focus Capital Management LLC bought a new position in shares of Etsy in the fourth quarter worth approximately $14,814,000. 99.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ETSY. Evercore ISI decreased their price objective on shares of Etsy from $60.00 to $54.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Piper Sandler cut their price target on Etsy from $52.00 to $40.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Stifel Nicolaus raised their price target on Etsy from $45.00 to $66.00 and gave the company a "hold" rating in a report on Tuesday. Loop Capital lowered their price objective on Etsy from $40.00 to $37.00 and set a "sell" rating on the stock in a research report on Thursday, May 1st. Finally, Wells Fargo & Company upped their price objective on Etsy from $41.00 to $57.00 and gave the stock an "underweight" rating in a research note on Thursday. Five investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $56.76.

Etsy Stock Up 0.9%

Shares of ETSY opened at $58.77 on Friday. The business has a fifty day moving average of $56.91 and a 200 day moving average of $51.45. The company has a market cap of $5.82 billion, a PE ratio of 47.40, a P/E/G ratio of 3.16 and a beta of 1.73. Etsy, Inc. has a 52-week low of $40.05 and a 52-week high of $68.45.

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

Insiders Place Their Bets

In other news, CTO Richard Edward Colburn III sold 2,350 shares of Etsy stock in a transaction on Friday, May 16th. The stock was sold at an average price of $47.01, for a total transaction of $110,473.50. Following the completion of the sale, the chief technology officer directly owned 2,896 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. Also, insider Nicholas Daniel sold 1,500 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $51.36, for a total transaction of $77,040.00. Following the completion of the transaction, the insider 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 sold 326,041 shares of company stock worth $19,664,717. Corporate insiders own 2.80% of the company's stock.

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.

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