Optas LLC Buys New Stake in Etsy, Inc. $ETSY

Key Points

• Optas LLC has acquired a new stake in Etsy, Inc., purchasing 4,105 shares valued at approximately $206,000 during the second quarter.
• Multiple large investors, including Friedenthal Financial and KLP Kapitalforvaltning AS, have also increased or initiated their positions in Etsy during the second quarter, highlighting growing institutional interest.
• Analyst ratings for Etsy are mixed, with nine analysts rating it as a Buy, eighteen as Hold, and three as Sell, indicating uncertainty about its future performance.

Optas LLC bought a new stake in Etsy, Inc. (NASDAQ:ETSY - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,105 shares of the specialty retailer's stock, valued at approximately $206,000.

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

Analyst Ratings Changes

Several research firms have issued reports on ETSY. Weiss Ratings upgraded shares of Etsy from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday. BTIG Research upped their price objective on shares of Etsy from $72.00 to $81.00 and gave the company a "buy" rating in a research note on Tuesday, September 30th. UBS Group restated a "neutral" rating and issued a $67.00 price objective on shares of Etsy in a research note on Thursday, July 31st. JPMorgan Chase & Co. upped their price objective on shares of Etsy from $50.00 to $53.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Finally, Canaccord Genuity Group set a $76.00 price objective on shares of Etsy in a research note on Wednesday, July 30th. Nine equities research 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $58.88.

Insiders Place Their Bets

In other news, insider Nicholas Daniel sold 1,500 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $51.62, for a total value of $77,430.00. Following the completion of the sale, the insider directly owned 31,683 shares of the company's stock, valued at approximately $1,635,476.46. This represents a 4.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director M Michele Burns sold 14,464 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $62.82, for a total transaction of $908,628.48. Following the completion of the sale, the director directly owned 19,964 shares of the company's stock, valued at $1,254,138.48. The trade was a 42.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 542,667 shares of company stock valued at $35,462,857. 2.80% of the stock is owned by insiders.

Etsy Stock Performance

Shares of NASDAQ:ETSY opened at $68.73 on Friday. The company has a 50-day simple moving average of $62.09 and a 200-day simple moving average of $55.17. Etsy, Inc. has a one year low of $40.05 and a one year high of $76.51. The stock has a market capitalization 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 earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.54 by ($0.29). Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The business had revenue of $672.66 million during the quarter, compared to analysts' expectations of $645.16 million. During the same period in the previous year, the company posted $0.41 earnings per share. Etsy's quarterly revenue was up 3.8% on a year-over-year basis. As a group, research analysts forecast 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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