SG Americas Securities LLC Buys 1,314,071 Shares of Etsy Inc $ETSY

Key Points

• SG Americas Securities LLC sharply increased its Etsy stake by 717.7% in the first quarter, buying 1,314,071 additional shares and lifting its position to 1,497,174 shares worth about $74.8 million.
• Wall Street sentiment on Etsy remains mixed: analysts currently have a consensus "Hold" rating, with an average price target of $71 even after several firms raised or adjusted their targets.
• Insider activity has included notable sales, with CEO Josh Silverman selling 52,479 shares at $74 each and CFO Charles Baker also reducing his stake, while insiders sold a total of 553,988 shares in the last quarter.

SG Americas Securities LLC boosted its position in shares of Etsy Inc (NYSE:ETSY - Free Report) by 717.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,497,174 shares of the company's stock after buying an additional 1,314,071 shares during the quarter. SG Americas Securities LLC owned approximately 1.56% of Etsy worth $74,829,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of ETSY. Massachusetts Financial Services Co. MA boosted its holdings in Etsy by 33.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 187,028 shares of the company's stock valued at $10,369,000 after acquiring an additional 47,105 shares during the last quarter. Lone Pine Capital LLC bought a new stake in Etsy during the 3rd quarter worth about $257,614,000. Crossmark Global Holdings Inc. raised its holdings in Etsy by 338.4% during the 4th quarter. Crossmark Global Holdings Inc. now owns 103,497 shares of the company's stock worth $5,738,000 after purchasing an additional 79,888 shares during the last quarter. Picton Mahoney Asset Management lifted its position in Etsy by 30.5% during the 3rd quarter. Picton Mahoney Asset Management now owns 95,008 shares of the company's stock valued at $6,307,000 after purchasing an additional 22,229 shares during the period. Finally, Hussman Strategic Advisors Inc. lifted its position in Etsy by 100.0% during the 4th quarter. Hussman Strategic Advisors Inc. now owns 84,000 shares of the company's stock valued at $4,657,000 after purchasing an additional 42,000 shares during the period. 99.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ETSY. B. Riley Financial lowered shares of Etsy from a "buy" rating to a "neutral" rating and raised their target price for the company from $70.00 to $75.00 in a research note on Thursday, April 30th. Truist Financial increased their price objective on shares of Etsy from $83.00 to $85.00 and gave the company a "buy" rating in a report on Thursday, April 30th. Morgan Stanley set a $64.00 price objective on shares of Etsy in a research note on Wednesday, April 29th. Bank of America lifted their target price on shares of Etsy from $72.00 to $75.00 and gave the stock a "neutral" rating in a report on Thursday, May 28th. Finally, Wells Fargo & Company upped their target price on shares of Etsy from $47.00 to $61.00 and gave the company an "underweight" rating in a research report on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, nineteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Etsy has an average rating of "Hold" and a consensus price target of $71.00.

Insiders Place Their Bets

In other Etsy news, insider Josh Silverman sold 52,479 shares of Etsy stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $74.00, for a total value of $3,883,446.00. Following the transaction, the insider owned 130,694 shares of the company's stock, valued at approximately $9,671,356. The trade was a 28.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Charles Baker sold 2,030 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $63.50, for a total transaction of $128,905.00. Following the completion of the transaction, the chief financial officer owned 6,913 shares of the company's stock, valued at $438,975.50. This trade represents a 22.70% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 553,988 shares of company stock valued at $37,027,108 in the last quarter. 2.50% of the stock is owned by company insiders.

Etsy Stock Down 1.8%

Shares of NYSE ETSY opened at $72.64 on Tuesday. Etsy Inc has a twelve month low of $44.00 and a twelve month high of $76.51. The stock has a market cap of $6.89 billion, a price-to-earnings ratio of 30.27, a P/E/G ratio of 2.95 and a beta of 1.88. The company's fifty day moving average is $64.47 and its 200-day moving average is $57.97.

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.

Want to see what other hedge funds are holding ETSY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Etsy Inc (NYSE:ETSY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.