Meritage Portfolio Management Trims Position in Etsy, Inc. $ETSY

Key Points

• Meritage Portfolio Management has reduced its stake in Etsy, Inc. by 20.0%, now owning approximately 0.8% of the company's shares, valued at around $12.7 million.
• Several institutional investors including AQR Capital Management and Acadian Asset Management significantly increased their positions in Etsy during the first quarter, demonstrating varying confidence levels in the stock's future performance.
• In recent insider transactions, both the CEO and a director sold substantial shares, with the CEO's sale reflecting a 70.53% decrease in their ownership, which may indicate varying perspectives on the company's outlook.

Meritage Portfolio Management lessened its stake in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 20.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 253,965 shares of the specialty retailer's stock after selling 63,556 shares during the period. Etsy accounts for approximately 0.8% of Meritage Portfolio Management's portfolio, making the stock its 26th biggest position. Meritage Portfolio Management owned about 0.24% of Etsy worth $12,739,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of ETSY. AQR Capital Management LLC raised its holdings in shares of Etsy by 423.7% during the 1st quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer's stock worth $218,890,000 after acquiring an additional 3,768,787 shares during the period. Acadian Asset Management LLC raised its holdings in shares of Etsy by 112.8% during the 1st quarter. Acadian Asset Management LLC now owns 2,803,956 shares of the specialty retailer's stock worth $132,273,000 after acquiring an additional 1,486,142 shares during the period. Victory Capital Management Inc. raised its holdings in shares of 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. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Etsy by 140.8% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 711,454 shares of the specialty retailer's stock worth $33,566,000 after acquiring an additional 415,942 shares during the period. Finally, Bank of Nova Scotia purchased a new position in shares of Etsy during the 1st quarter worth $19,454,000. Hedge funds and other institutional investors own 99.53% of the company's stock.

Insider Transactions at Etsy

In other news, Director M Michele Burns sold 14,464 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $62.82, for a total transaction of $908,628.48. Following the completion of the transaction, the director directly owned 19,964 shares of the company's stock, valued at approximately $1,254,138.48. The trade was a 42.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Josh Silverman sold 150,000 shares of the business's stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $72.50, for a total value of $10,875,000.00. Following the transaction, the chief executive officer directly owned 62,674 shares of the company's stock, valued at approximately $4,543,865. This represents a 70.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 542,667 shares of company stock valued at $35,462,857. 2.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on ETSY. Sanford C. Bernstein boosted their price objective 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. Raymond James Financial boosted their price objective on shares of Etsy from $50.00 to $70.00 and gave the company an "outperform" rating in a report on Tuesday, July 22nd. UBS Group restated a "neutral" rating and issued a $67.00 price objective on shares of Etsy in a report on Thursday, July 31st. Arete upgraded shares of Etsy from a "sell" rating to a "neutral" rating and set a $54.00 price objective on the stock in a report on Thursday, August 7th. Finally, Truist Financial boosted their price objective on shares of Etsy from $70.00 to $75.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Nine analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Etsy has a consensus rating of "Hold" and a consensus price target of $58.88.

Etsy Price Performance

NASDAQ ETSY opened at $68.73 on Friday. The company has a market cap of $6.81 billion, a P/E ratio of 55.43, a P/E/G ratio of 4.38 and a beta of 1.85. The stock has a 50-day moving average of $62.09 and a two-hundred day moving average of $55.23. Etsy, Inc. has a 1-year low of $40.05 and a 1-year high of $76.51.

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). The firm had revenue of $672.66 million during the quarter, compared to analyst estimates of $645.16 million. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The business's revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.41 earnings per share. On average, analysts anticipate that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

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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