Louisiana State Employees Retirement System Decreases Position in Etsy, Inc. $ETSY

Key Points

• The Louisiana State Employees Retirement System reduced its stake in Etsy, Inc. by 8.1% during the 2nd quarter, now holding 48,700 shares valued at approximately $2.44 million.
• Several large investors, including Friedenthal Financial and KLP Kapitalforvaltning AS, have recently modified their holdings in Etsy, with some increasing their stakes.
• In recent insider trading, Etsy's Director, M Michele Burns, sold 14,464 shares for about $908,628, marking a 42.01% decrease in her position.

Louisiana State Employees Retirement System lowered its stake in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 8.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 48,700 shares of the specialty retailer's stock after selling 4,300 shares during the period. Louisiana State Employees Retirement System's holdings in Etsy were worth $2,443,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Friedenthal Financial purchased a new stake in shares of Etsy during the 2nd quarter worth approximately $903,000. KLP Kapitalforvaltning AS increased its stake in shares of Etsy by 4.8% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 28,400 shares of the specialty retailer's stock worth $1,425,000 after purchasing an additional 1,300 shares during the last quarter. SteelPeak Wealth LLC purchased a new stake in shares of Etsy during the 2nd quarter worth approximately $206,000. 111 Capital increased its stake in shares of Etsy by 44.2% during the 2nd quarter. 111 Capital now owns 6,224 shares of the specialty retailer's stock worth $312,000 after purchasing an additional 1,907 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Etsy by 27.5% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,299 shares of the specialty retailer's stock worth $65,000 after purchasing an additional 280 shares during the last quarter. Hedge funds and other institutional investors own 99.53% of the company's stock.

Insider Buying and Selling at Etsy

In other Etsy news, Director M Michele Burns sold 14,464 shares of the firm's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $62.82, for a total value of $908,628.48. Following the completion of the transaction, the director directly owned 19,964 shares of the company's stock, valued at $1,254,138.48. This trade represents a 42.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Goyal Kruti Patel sold 11,944 shares of the firm's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $59.31, for a total transaction of $708,398.64. Following the completion of the transaction, the insider directly owned 47,529 shares of the company's stock, valued at approximately $2,818,944.99. The trade was a 20.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 542,667 shares of company stock valued at $35,462,857 in the last three months. Company insiders own 2.80% of the company's stock.

Etsy Price Performance

Shares of NASDAQ:ETSY opened at $68.73 on Friday. The firm has a fifty day moving average price of $62.09 and a two-hundred day moving average price of $55.17. Etsy, Inc. has a one year low of $40.05 and a one year high of $76.51. The company has a market cap of $6.81 billion, a price-to-earnings ratio of 55.43, a PEG ratio of 4.64 and a beta of 1.85.

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 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 firm had revenue of $672.66 million during the quarter, compared to the consensus estimate of $645.16 million. During the same period in the previous year, the business earned $0.41 earnings per share. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. Equities research analysts expect that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ETSY shares. BTIG Research raised their price target on shares of Etsy from $72.00 to $81.00 and gave the stock a "buy" rating in a research note on Tuesday, September 30th. Sanford C. Bernstein boosted their target price on shares of Etsy from $45.00 to $50.00 and gave the company a "market perform" rating in a report on Thursday, July 17th. Wells Fargo & Company increased their target price on Etsy from $57.00 to $58.00 and gave the stock an "underweight" rating in a research report on Tuesday. Morgan Stanley set a $54.00 price target on Etsy in a research report on Monday, September 29th. Finally, Cantor Fitzgerald lifted their price target on Etsy from $52.00 to $64.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Nine analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $58.88.

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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