West Tower Group LLC Acquires New Stake in Etsy, Inc. $ETSY

Key Points

• West Tower Group LLC acquired a new stake in Etsy, purchasing 4,000 shares valued at approximately $201,000.
• Multiple institutional investors have significantly increased their holdings in Etsy, with Chicago Partners Investment Group boosting its stake by 90.4% in the most recent quarter.
• Etsy's recent earnings report showed a miss on earnings per share, with a reported $0.25, falling short of the consensus estimate of $0.54.

West Tower Group LLC purchased a new stake in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 4,000 shares of the specialty retailer's stock, valued at approximately $201,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of ETSY. Chicago Partners Investment Group LLC boosted its stake in Etsy by 90.4% during the second quarter. Chicago Partners Investment Group LLC now owns 9,383 shares of the specialty retailer's stock valued at $471,000 after buying an additional 4,455 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Etsy in the 2nd quarter worth approximately $1,294,000. Allianz Asset Management GmbH raised its holdings in shares of Etsy by 85.3% in the 2nd quarter. Allianz Asset Management GmbH now owns 40,426 shares of the specialty retailer's stock worth $2,028,000 after purchasing an additional 18,608 shares in the last quarter. Vanguard Personalized Indexing Management LLC acquired a new stake in Etsy during the second quarter valued at approximately $262,000. Finally, Lmcg Investments LLC grew its position in Etsy by 56.0% in the second quarter. Lmcg Investments LLC now owns 66,119 shares of the specialty retailer's stock worth $3,317,000 after buying an additional 23,733 shares during the last quarter. Institutional investors own 99.53% of the company's stock.

Analysts Set New Price Targets

ETSY has been the topic of several recent research reports. Arete Research upgraded shares of Etsy from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 7th. Weiss Ratings upgraded shares of Etsy from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, October 8th. Needham & Company LLC lifted their price target on shares of Etsy from $55.00 to $72.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Jefferies Financial Group boosted their price objective on Etsy from $65.00 to $70.00 and gave the stock a "hold" rating in a report on Friday. Finally, Stifel Nicolaus raised their target price on shares of Etsy from $45.00 to $66.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eighteen have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $59.92.

Etsy Trading Down 1.3%

NASDAQ ETSY opened at $70.52 on Monday. Etsy, Inc. has a 1-year low of $40.05 and a 1-year high of $76.51. The company has a market capitalization of $6.99 billion, a PE ratio of 56.87, a price-to-earnings-growth ratio of 10.65 and a beta of 1.85. The firm's fifty day simple moving average is $63.37 and its 200-day simple moving average is $56.08.

Etsy (NASDAQ:ETSY - Get Free Report) last posted 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). The company had revenue of $672.66 million during the quarter, compared to analyst estimates of $645.16 million. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%.The company's revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company posted $0.41 earnings per share. As a group, analysts predict that Etsy, Inc. will post 2.57 EPS for the current year.

Insider Activity at Etsy

In other Etsy news, CEO Josh Silverman sold 21,666 shares of the company's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $70.19, for a total transaction of $1,520,736.54. Following the completion of the sale, the chief executive officer directly owned 62,674 shares in the company, valued at $4,399,088.06. This represents a 25.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director M Michele Burns sold 14,464 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $62.82, for a total transaction of $908,628.48. Following the completion of the sale, the director owned 19,964 shares of the company's stock, valued at approximately $1,254,138.48. The trade was a 42.01% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 542,667 shares of company stock valued at $35,462,857. 2.80% of the stock is owned by corporate insiders.

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.

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