Kovitz Investment Group Partners LLC Makes New $216,000 Investment in Etsy, Inc. $ETSY

Key Points

• Kovitz Investment Group Partners LLC has made a new investment in Etsy, acquiring 4,574 shares valued at approximately $216,000 during the first quarter of the year.
• CEO Josh Silverman sold 151,666 shares of Etsy's stock for over $8.7 million, marking a significant decrease in his ownership, while other insiders also sold substantial amounts of shares recently.
• Etsy's recent quarterly earnings showed an EPS of $0.25, missing estimates by $0.29, but their revenue of $672.66 million exceeded analyst expectations with a 3.8% year-over-year growth.

Kovitz Investment Group Partners LLC acquired a new position in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 4,574 shares of the specialty retailer's stock, valued at approximately $216,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ETSY. First Trust Advisors LP bought a new position in Etsy during the 4th quarter valued at about $11,506,000. Dimensional Fund Advisors LP raised its stake in shares of Etsy by 3.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,118,697 shares of the specialty retailer's stock valued at $59,172,000 after acquiring an additional 33,736 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its stake in shares of Etsy by 27.6% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 35,620 shares of the specialty retailer's stock valued at $1,884,000 after acquiring an additional 7,709 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Etsy by 941.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 9,229 shares of the specialty retailer's stock valued at $488,000 after acquiring an additional 8,343 shares during the last quarter. Finally, State of Tennessee Department of Treasury raised its stake in shares of Etsy by 15.9% in the fourth quarter. State of Tennessee Department of Treasury now owns 53,597 shares of the specialty retailer's stock valued at $2,835,000 after acquiring an additional 7,338 shares during the last quarter. 99.53% of the stock is owned by institutional investors.

Insider Activity at Etsy

In related news, Director Marla J. Blow sold 450 shares of the stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $67.46, for a total transaction of $30,357.00. Following the completion of the transaction, the director directly owned 9,491 shares in the company, valued at approximately $640,262.86. This trade represents a 4.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles Andrew Ballard sold 2,400 shares of the firm's 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 transaction, the director owned 5,796 shares of the company's stock, valued at $361,786.32. The trade was a 29.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 381,482 shares of company stock valued at $23,033,829 over the last three months. Insiders own 2.80% of the company's stock.

Etsy Price Performance

Shares of Etsy stock traded down $1.73 on Wednesday, hitting $54.49. 2,471,892 shares of the company's stock traded hands, compared to its average volume of 4,869,005. The firm's 50-day moving average price is $58.56 and its two-hundred day moving average price is $52.40. The stock has a market capitalization of $5.40 billion, a PE ratio of 44.19, a price-to-earnings-growth ratio of 3.66 and a beta of 1.73. Etsy, Inc. has a one year low of $40.05 and a one year 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 analysts' consensus estimates of $0.54 by ($0.29). Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The company had revenue of $672.66 million during the quarter, compared to the consensus estimate of $645.16 million. During the same period last year, the company earned $0.41 earnings per share. The business's revenue was up 3.8% compared to the same quarter last year. On average, analysts forecast that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. The Goldman Sachs Group cut their price target on Etsy from $35.00 to $31.00 and set a "sell" rating for the company in a report on Thursday, May 1st. Stifel Nicolaus boosted their target price on shares of Etsy from $45.00 to $66.00 and gave the stock a "hold" rating in a research note on Tuesday, July 29th. Raymond James Financial boosted their target price on shares of Etsy from $50.00 to $70.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. Guggenheim boosted their price objective on shares of Etsy from $50.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Finally, Truist Financial boosted their price objective on shares of Etsy from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Eight equities research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $57.80.

About Etsy

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.