NorthCrest Asset Manangement LLC Purchases New Shares in Etsy, Inc. (NASDAQ:ETSY)

NorthCrest Asset Manangement LLC bought a new position in Etsy, Inc. (NASDAQ:ETSY - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 5,693 shares of the specialty retailer's stock, valued at approximately $269,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Norges Bank purchased a new stake in Etsy during the fourth quarter worth about $74,235,000. Victory Capital Management Inc. grew its position in shares of Etsy by 703.8% during the 4th quarter. Victory Capital Management Inc. now owns 812,671 shares of the specialty retailer's stock valued at $42,982,000 after acquiring an additional 711,572 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Etsy by 36.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer's stock worth $95,599,000 after purchasing an additional 535,864 shares during the period. AQR Capital Management LLC lifted its stake in Etsy by 89.1% in the fourth quarter. AQR Capital Management LLC now owns 889,438 shares of the specialty retailer's stock valued at $47,042,000 after purchasing an additional 419,038 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in Etsy during the fourth quarter valued at $19,412,000. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Stock Down 3.8%

Shares of Etsy stock traded down $2.10 during trading on Monday, hitting $53.89. 9,040,140 shares of the stock traded hands, compared to its average volume of 4,188,207. The stock has a market cap of $5.62 billion, a price-to-earnings ratio of 22.74, a PEG ratio of 2.57 and a beta of 1.80. Etsy, Inc. has a 52 week low of $40.05 and a 52 week high of $66.81. The firm's fifty day moving average is $49.04 and its 200-day moving average is $51.22.

Etsy (NASDAQ:ETSY - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 EPS for the quarter, missing analysts' consensus estimates of $0.50 by ($0.04). The business had revenue of $651.18 million for the quarter, compared to the consensus estimate of $642.22 million. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The firm's revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.48 earnings per share. On average, analysts forecast that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Richard Edward Colburn III sold 2,350 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $47.01, for a total value of $110,473.50. Following the completion of the sale, the chief technology officer now owns 2,896 shares of the company's stock, valued at $136,140.96. This trade represents a 44.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Toni Thompson Nadal sold 1,444 shares of the firm's stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $48.30, for a total transaction of $69,745.20. Following the completion of the sale, the insider now directly owns 592 shares of the company's stock, valued at approximately $28,593.60. This represents a 70.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 205,418 shares of company stock valued at $11,234,192. Corporate insiders own 2.80% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Evercore ISI lowered their target price on Etsy from $60.00 to $54.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Bank of America lowered their price objective on Etsy from $55.00 to $50.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Piper Sandler cut their target price on shares of Etsy from $52.00 to $40.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Deutsche Bank Aktiengesellschaft set a $40.00 price target on shares of Etsy and gave the company a "hold" rating in a research report on Monday, April 14th. Finally, B. Riley cut their price objective on shares of Etsy from $62.00 to $55.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Six research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $50.17.

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.