Pacer Advisors Inc. Reduces Holdings in Etsy, Inc. (NASDAQ:ETSY)

Key Points

• Pacer Advisors Inc. has reduced its holdings in Etsy, Inc. by 77.5%, selling 4,443,088 shares, now owning 1.24% of the company valued at approximately $60.9 million.
• Despite missed earnings expectations of $0.50 EPS, Etsy reported a revenue increase of 0.8% year-over-year, totaling $651.18 million for the quarter.
• Institutional investors hold about 99.53% of Etsy's stock, with varying ratings from analysts, including five "sell," seventeen "hold," and six "buy" ratings.

Pacer Advisors Inc. lowered its position in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 77.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,291,697 shares of the specialty retailer's stock after selling 4,443,088 shares during the quarter. Pacer Advisors Inc. owned 1.24% of Etsy worth $60,942,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ETSY. Allworth Financial LP lifted its position in Etsy by 47.6% during the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock worth $35,000 after acquiring an additional 248 shares during the last quarter. True Wealth Design LLC raised its holdings in Etsy by 112.7% in the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock valued at $29,000 after buying an additional 292 shares during the last quarter. GAMMA Investing LLC raised its position in Etsy by 39.4% during the 1st quarter. GAMMA Investing LLC now owns 1,928 shares of the specialty retailer's stock worth $91,000 after purchasing an additional 545 shares during the last quarter. Hurley Capital LLC bought a new position in Etsy during the 4th quarter worth approximately $32,000. Finally, Covestor Ltd increased its holdings in Etsy by 38.3% in the fourth quarter. Covestor Ltd now owns 2,318 shares of the specialty retailer's stock worth $123,000 after purchasing an additional 642 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Etsy

In related news, CEO Josh Silverman sold 151,666 shares of Etsy 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 directly owned 107,809 shares in the company, valued at $6,218,423.12. The trade was a 58.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Nicholas Daniel sold 1,500 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $51.36, for a total transaction of $77,040.00. Following the transaction, the insider owned 34,683 shares in the company, valued at approximately $1,781,318.88. The trade was a 4.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 342,298 shares of company stock worth $20,256,039 in the last quarter. 2.80% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on ETSY. Morgan Stanley raised Etsy from an "underweight" rating to an "equal weight" rating and lifted their target price for the company from $38.00 to $50.00 in a research report on Monday, July 21st. Raymond James Financial increased their target price on shares of Etsy from $50.00 to $70.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. Arete Research upgraded shares of Etsy to a "strong sell" rating in a research report on Wednesday, June 11th. Cantor Fitzgerald lifted their target price on shares of Etsy from $42.00 to $47.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Finally, Citigroup cut their target price on Etsy from $53.00 to $48.00 and set a "neutral" rating on the stock in a research note on Friday, April 25th. Five analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $52.42.

Etsy Trading Up 5.2%

Shares of NASDAQ:ETSY traded up $3.13 on Wednesday, hitting $63.43. 4,809,328 shares of the company were exchanged, compared to its average volume of 4,740,444. Etsy, Inc. has a 1-year low of $40.05 and a 1-year high of $68.45. The firm has a market capitalization of $6.61 billion, a P/E ratio of 45.41, a price-to-earnings-growth ratio of 3.43 and a beta of 1.74. The stock's 50 day moving average price is $55.90 and its 200 day moving average price is $51.25.

Etsy (NASDAQ:ETSY - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.29). The business had revenue of $672.66 million for the quarter, compared to analyst estimates of $645.16 million. Etsy had a negative return on equity of 39.60% and a net margin of 6.69%. The company's revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.41 earnings per share. On average, equities analysts predict 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.