Norges Bank Invests $33.90 Million in Etsy Inc $ETSY

Key Points

• Norges Bank bought a new stake in Etsy during the fourth quarter, purchasing 611,520 shares valued at about $33.9 million.
• Institutional ownership in Etsy remains very high, with several other funds also adding to positions and 99.53% of the stock held by institutional investors.
• Recent insider activity has leaned toward selling: CEO Josh Silverman and Director Frederick R. Wilson both sold shares, and insiders have sold 451,509 shares over the last 90 days.

Norges Bank purchased a new position in shares of Etsy Inc (NYSE:ETSY - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 611,520 shares of the company's stock, valued at approximately $33,903,000. Norges Bank owned approximately 0.62% of Etsy as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in ETSY. Lone Pine Capital LLC acquired a new stake in Etsy in the 3rd quarter valued at $257,614,000. Van ECK Associates Corp increased its stake in shares of Etsy by 1.3% during the 3rd quarter. Van ECK Associates Corp now owns 3,695,089 shares of the company's stock worth $245,317,000 after purchasing an additional 48,236 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Etsy by 3.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,611,431 shares of the company's stock worth $89,338,000 after purchasing an additional 59,123 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Etsy by 5.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 938,056 shares of the company's stock worth $62,278,000 after purchasing an additional 51,556 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in shares of Etsy by 65.6% during the 2nd quarter. Quantinno Capital Management LP now owns 613,395 shares of the company's stock worth $30,768,000 after buying an additional 243,079 shares during the period. 99.53% of the stock is owned by institutional investors.

Etsy Stock Performance

Shares of NYSE ETSY opened at $68.75 on Tuesday. Etsy Inc has a 52-week low of $44.00 and a 52-week high of $76.51. The firm has a 50 day moving average price of $60.43 and a two-hundred day moving average price of $56.70. The stock has a market cap of $6.52 billion, a P/E ratio of 28.64, a price-to-earnings-growth ratio of 2.76 and a beta of 1.88.

Insider Activity at Etsy

In other Etsy news, insider Josh Silverman sold 134,730 shares of the company's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $68.89, for a total value of $9,281,549.70. Following the completion of the transaction, the insider directly owned 130,694 shares in the company, valued at approximately $9,003,509.66. This represents a 50.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 20,000 shares of the company's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $61.63, for a total transaction of $1,232,600.00. Following the completion of the transaction, the director owned 481,329 shares of the company's stock, valued at approximately $29,664,306.27. This trade represents a 3.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 451,509 shares of company stock valued at $29,518,662. Corporate insiders own 2.50% of the company's stock.

Analyst Ratings Changes

ETSY has been the subject of several research analyst reports. UBS Group raised shares of Etsy from a "neutral" rating to a "neutral" rating in a report on Thursday, May 21st. Bank of America boosted their price objective on shares of Etsy from $72.00 to $75.00 and gave the company a "neutral" rating in a report on Thursday, May 28th. Wall Street Zen downgraded shares of Etsy from a "buy" rating to a "hold" rating in a report on Sunday, May 31st. Roth Mkm began coverage on shares of Etsy in a report on Thursday, May 21st. They set a "buy" rating for the company. Finally, Sanford C. Bernstein upped their price target on shares of Etsy from $60.00 to $65.00 and gave the stock a "market perform" rating in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $70.88.

Etsy Profile

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.

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