VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in Etsy Inc $ETSY

Key Points

• Virginia Retirement Systems purchased 21,400 Etsy shares worth approximately $1.61 million during the second quarter. Institutional investors collectively own 99.53% of Etsy’s outstanding stock.
• Etsy reported mixed quarterly results, with revenue of $668.3 million exceeding estimates but earnings per share of negative $0.49 falling well short of the $0.75 consensus; revenue declined 0.7% year over year.
• Analyst sentiment remains moderately bullish, with a consensus rating of “Moderate Buy” and an average price target of $85.46 versus the stock’s reported $72.95 price. Meanwhile, insiders sold 471,017 shares worth approximately $36.6 million over the past three months.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Etsy Inc (NYSE:ETSY - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 21,400 shares of the company's stock, valued at approximately $1,612,000.

Several other hedge funds have also recently bought and sold shares of ETSY. Global Retirement Partners LLC purchased a new stake in shares of Etsy in the second quarter worth approximately $34,000. EFG International AG purchased a new position in Etsy during the second quarter valued at approximately $45,000. Danske Bank A S purchased a new position in Etsy during the third quarter valued at approximately $66,000. CoreCap Advisors LLC increased its stake in Etsy by 2,379.1% in the 2nd quarter. CoreCap Advisors LLC now owns 1,066 shares of the company's stock valued at $80,000 after buying an additional 1,023 shares during the period. Finally, Federation des caisses Desjardins du Quebec increased its stake in Etsy by 22.8% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company's stock valued at $67,000 after buying an additional 225 shares during the period. 99.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Etsy

In other Etsy news, Director Frederick Wilson sold 20,000 shares of the firm's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $74.39, for a total transaction of $1,487,800.00. Following the transaction, the director directly owned 441,329 shares in the company, valued at $32,830,464.31. This trade represents a 4.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Josh Silverman sold 97,389 shares of the business's stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $79.00, for a total value of $7,693,731.00. Following the completion of the sale, the insider directly owned 130,694 shares of the company's stock, valued at $10,324,826. This represents a 42.70% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 471,017 shares of company stock worth $36,593,674 over the last three months. Company insiders own 2.50% of the company's stock.

Etsy Stock Up 1.9%

ETSY stock opened at $72.95 on Friday. The company has a market capitalization of $6.92 billion, a price-to-earnings ratio of 40.75, a P/E/G ratio of 1.79 and a beta of 1.81. Etsy Inc has a 12 month low of $44.00 and a 12 month high of $87.97. The firm has a 50 day moving average of $80.95 and a two-hundred day moving average of $68.22.

Etsy (NYSE:ETSY - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.49) earnings per share for the quarter, missing analysts' consensus estimates of $0.75 by ($1.24). Etsy had a net margin of 7.32% and a negative return on equity of 34.18%. The business had revenue of $668.31 million for the quarter, compared to the consensus estimate of $646.10 million. During the same quarter in the prior year, the business posted $0.25 EPS. The firm's revenue for the quarter was down .7% compared to the same quarter last year. On average, research analysts expect that Etsy Inc will post 3.94 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ETSY shares. Wedbush assumed coverage on shares of Etsy in a research note on Thursday, July 16th. They set a "neutral" rating and a $80.00 target price for the company. Susquehanna downgraded shares of Etsy to a "neutral" rating in a research note on Thursday, May 21st. Argus increased their price objective on Etsy from $67.00 to $89.00 and gave the stock a "buy" rating in a report on Tuesday. Bank of America raised Etsy from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $88.00 to $95.00 in a research report on Thursday, August 20th. Finally, President Capital upgraded Etsy from a "neutral" rating to a "buy" rating and boosted their target price for the company from $57.00 to $91.00 in a research note on Thursday, June 25th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, seventeen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Etsy has a consensus rating of "Moderate Buy" and an average target price of $85.46.

Etsy Profile

Etsy, Inc operates a global online marketplace that connects buyers with independent sellers offering handmade, personalized and vintage goods, as well as craft supplies. Its marketplace includes products such as jewelry, clothing, home décor, art, gifts and party supplies.

The company provides tools and services that support commerce on its platform, including seller storefronts, search and discovery features, payment processing, advertising, shipping solutions and customer support. Etsy primarily serves individual entrepreneurs and small businesses seeking to reach consumers interested in distinctive and creatively designed products.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy serves buyers and sellers in numerous countries.

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