Etsy, Inc. (NASDAQ:ETSY) Shares Bought by National Bank of Canada FI

Key Points

• National Bank of Canada FI significantly increased its holdings in Etsy, Inc. by 8,050,000% during the first quarter, owning 161,002 shares valued at approximately $7.6 million.
• Several hedge funds raised their positions in Etsy, with Assenagon Asset Management S.A. increasing its shares by 36% and Victory Capital Management Inc. by 53.7% in the same period.
• Etsy reported a miss in earnings for the last quarter, with an EPS of $0.25 compared to a consensus estimate of $0.54, despite revenue rising 3.8% year-over-year to $672.66 million.

National Bank of Canada FI raised its position in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 8,050,000.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 161,002 shares of the specialty retailer's stock after purchasing an additional 161,000 shares during the period. National Bank of Canada FI owned about 0.15% of Etsy worth $7,596,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of ETSY. True Wealth Design LLC grew its stake in Etsy by 112.7% during the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock worth $29,000 after buying an additional 292 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Etsy during the 4th quarter worth $34,000. Allworth Financial LP grew its stake in Etsy by 47.6% during the 1st quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock worth $35,000 after buying an additional 248 shares during the last quarter. Johnson Financial Group Inc. grew its stake in Etsy by 862.1% during the 4th quarter. Johnson Financial Group Inc. now owns 1,270 shares of the specialty retailer's stock worth $70,000 after buying an additional 1,138 shares during the last quarter. Finally, Olde Wealth Management LLC purchased a new position in Etsy during the 1st quarter worth $70,000. 99.53% of the stock is owned by institutional investors.

Etsy Price Performance

Shares of NASDAQ:ETSY traded down $1.78 during midday trading on Friday, hitting $66.43. The company had a trading volume of 5,029,654 shares, compared to its average volume of 5,941,405. Etsy, Inc. has a twelve month low of $40.05 and a twelve month high of $70.57. The stock has a market cap of $6.58 billion, a price-to-earnings ratio of 53.57, a price-to-earnings-growth ratio of 4.33 and a beta of 1.73. The business's 50-day simple moving average is $58.10 and its 200-day simple moving average is $52.09.

Etsy (NASDAQ:ETSY - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $672.66 million during the quarter, compared to analysts' expectations of $645.16 million. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%. The company's revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.41 earnings per share. As a group, sell-side analysts forecast that Etsy, Inc. will post 2.57 EPS for the current year.

Insider Buying and Selling

In other Etsy news, insider Goyal Kruti Patel sold 11,944 shares of the company's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $59.31, for a total transaction of $708,398.64. Following the transaction, the insider directly owned 47,529 shares in the company, valued at $2,818,944.99. This represents a 20.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Josh Silverman sold 151,666 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $57.68, for a total value of $8,748,094.88. Following the transaction, the chief executive officer owned 107,809 shares in the company, valued at $6,218,423.12. This trade represents a 58.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 364,168 shares of company stock valued at $21,945,035 in the last ninety days. Company insiders own 2.80% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Arete Research upgraded Etsy from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 7th. Raymond James Financial lifted their price target on Etsy from $50.00 to $70.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 22nd. Cantor Fitzgerald lifted their price target on Etsy from $52.00 to $64.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Sanford C. Bernstein boosted their price objective on Etsy from $45.00 to $50.00 and gave the company a "market perform" rating in a report on Thursday, July 17th. Finally, Stifel Nicolaus boosted their price objective on Etsy from $45.00 to $66.00 and gave the company a "hold" rating in a report on Tuesday, July 29th. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $57.20.

Etsy Company 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.