Public Sector Pension Investment Board Buys 76,442 Shares of Etsy, Inc. (NASDAQ:ETSY)

Key Points

• The Public Sector Pension Investment Board increased its stake in Etsy by 27.3% to a total of 356,698 shares, valued at approximately $16.83 million.
• Etsy's CEO, Josh Silverman, sold 151,666 shares in June, reducing his stake by 58.45%, while Director Melissa Reiff sold 6,909 shares in August.
• The company's recent earnings report revealed a miss on earnings per share forecasts, reporting $0.25 against expectations of $0.54, but a 3.8% year-over-year revenue increase to $672.66 million.

Public Sector Pension Investment Board raised its stake in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 27.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 356,698 shares of the specialty retailer's stock after purchasing an additional 76,442 shares during the period. Public Sector Pension Investment Board owned 0.34% of Etsy worth $16,829,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of ETSY. Assenagon Asset Management S.A. raised its position in Etsy by 36.0% during 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 last quarter. Victory Capital Management Inc. raised its position in Etsy by 53.7% during the 1st quarter. Victory Capital Management Inc. now owns 1,248,902 shares of the specialty retailer's stock worth $58,923,000 after purchasing an additional 436,231 shares during the last quarter. AQR Capital Management LLC raised its position in Etsy by 89.1% during the 4th quarter. AQR Capital Management LLC now owns 889,438 shares of the specialty retailer's stock worth $47,042,000 after purchasing an additional 419,038 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Etsy by 140.8% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 711,454 shares of the specialty retailer's stock worth $33,566,000 after purchasing an additional 415,942 shares during the last quarter. Finally, Bank of Nova Scotia bought a new position in Etsy during the 1st quarter worth $19,454,000. 99.53% of the stock is owned by institutional investors.

Insider Transactions at Etsy

In other news, CEO Josh Silverman sold 151,666 shares of the business's stock in a transaction that occurred 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. The trade was a 58.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Melissa Reiff sold 6,909 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $58.89, for a total value of $406,871.01. Following the completion of the transaction, the director owned 16,424 shares in the company, valued at $967,209.36. The trade was a 29.61% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 366,968 shares of company stock worth $22,076,609. 2.80% of the stock is owned by insiders.

Etsy Stock Performance

ETSY stock opened at $61.77 on Tuesday. The company has a market capitalization of $6.12 billion, a P/E ratio of 49.81, a price-to-earnings-growth ratio of 3.87 and a beta of 1.73. Etsy, Inc. has a 52-week low of $40.05 and a 52-week high of $68.45. The business has a 50-day simple moving average of $57.64 and a two-hundred day simple moving average of $51.69.

Etsy (NASDAQ:ETSY - Get Free Report) last announced its earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share for the quarter, missing analysts' consensus estimates of $0.54 by ($0.29). Etsy had a negative return on equity of 31.10% and a net margin of 5.78%. The business had revenue of $672.66 million during the quarter, compared to analysts' expectations of $645.16 million. During the same quarter in the previous year, the firm earned $0.41 EPS. Etsy's quarterly revenue was up 3.8% on a year-over-year basis. As a group, sell-side analysts forecast that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on ETSY. Stifel Nicolaus lifted their price objective on Etsy from $45.00 to $66.00 and gave the stock a "hold" rating in a research report on Tuesday, July 29th. Bank of America lifted their price objective on Etsy from $67.00 to $71.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Loop Capital lowered their price objective on Etsy from $40.00 to $37.00 and set a "sell" rating for the company in a research report on Thursday, May 1st. UBS Group reissued a "neutral" rating and issued a $67.00 price objective on shares of Etsy in a research report on Thursday, July 31st. Finally, Needham & Company LLC lifted their price objective on Etsy from $55.00 to $72.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Etsy presently has an average rating of "Hold" and an average 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.

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