State of Wyoming Acquires New Holdings in Etsy, Inc. $ETSY

Key Points

• The State of Wyoming has acquired a new position in Etsy, Inc., purchasing 7,521 shares valued at approximately $355,000 in the first quarter.
• Several investment firms notably increased their stakes in Etsy during the same period, with Trexquant Investment LP increasing its stake by 35.7% to hold 404,636 shares worth $19,091,000.
• Analysts have raised their price targets for Etsy significantly, with Guggenheim and Raymond James both increasing their targets from $50.00 to $70.00 and maintaining a "buy" recommendation.

State of Wyoming bought a new position in Etsy, Inc. (NASDAQ:ETSY - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 7,521 shares of the specialty retailer's stock, valued at approximately $355,000.

Other large investors have also recently added to or reduced their stakes in the company. True Wealth Design LLC increased its position in Etsy by 112.7% in the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock worth $29,000 after buying an additional 292 shares during the period. SVB Wealth LLC bought a new position in shares of Etsy in the first quarter worth $36,000. Allworth Financial LP grew its stake in shares of Etsy by 47.6% in the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock worth $35,000 after purchasing an additional 248 shares in the last quarter. Brooklyn Investment Group grew its stake in shares of Etsy by 842.2% in the first quarter. Brooklyn Investment Group now owns 782 shares of the specialty retailer's stock worth $37,000 after purchasing an additional 699 shares in the last quarter. Finally, Olde Wealth Management LLC bought a new position in shares of Etsy in the first quarter worth $70,000. 99.53% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Etsy

In related news, Director Marla J. Blow sold 450 shares of the stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $67.46, for a total value of $30,357.00. Following the completion of the sale, the director directly owned 9,491 shares of the company's stock, valued at approximately $640,262.86. This represents a 4.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles Andrew Ballard sold 2,400 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $62.42, for a total value of $149,808.00. Following the sale, the director directly owned 5,796 shares of the company's stock, valued at $361,786.32. This trade represents a 29.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 251,482 shares of company stock worth $15,393,191. 2.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Stifel Nicolaus increased their price target on Etsy from $45.00 to $66.00 and gave the stock a "hold" rating in a research note on Tuesday, July 29th. Citizens Jmp raised Etsy to a "hold" rating in a research note on Thursday, July 10th. Wells Fargo & Company increased their price target on Etsy from $41.00 to $57.00 and gave the stock an "underweight" rating in a research note on Thursday, July 31st. Barclays reissued a "positive" rating and issued a $60.00 price target (up previously from $52.00) on shares of Etsy in a research note on Thursday, July 31st. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Etsy from $40.00 to $47.00 and gave the company a "hold" rating in a research note on Tuesday, July 22nd. Eight investment analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $57.80.

Etsy Stock Performance

Shares of NASDAQ:ETSY traded up $0.27 during midday trading on Wednesday, reaching $51.97. The company had a trading volume of 4,411,289 shares, compared to its average volume of 5,134,184. Etsy, Inc. has a 1-year low of $40.05 and a 1-year high of $70.57. The firm has a market cap of $5.15 billion, a price-to-earnings ratio of 41.91, a price-to-earnings-growth ratio of 3.38 and a beta of 1.77. The company has a fifty day simple moving average of $58.38 and a two-hundred day simple moving average of $52.35.

Etsy (NASDAQ:ETSY - Get Free Report) last released its quarterly 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 net margin of 5.78% and a negative return on equity of 31.10%. The company had revenue of $672.66 million during the quarter, compared to analyst estimates of $645.16 million. During the same quarter last year, the business earned $0.41 EPS. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. Analysts expect that Etsy, Inc. will post 2.57 EPS for the current 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.