Public Sector Pension Investment Board Purchases New Stake in Etsy, Inc. (NASDAQ:ETSY)

Public Sector Pension Investment Board purchased a new stake in Etsy, Inc. (NASDAQ:ETSY) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,221 shares of the specialty retailer’s stock, valued at approximately $249,000.

A number of other institutional investors and hedge funds also recently modified their holdings of ETSY. California State Teachers Retirement System raised its holdings in shares of Etsy by 1.5% during the fourth quarter. California State Teachers Retirement System now owns 196,627 shares of the specialty retailer’s stock worth $15,937,000 after purchasing an additional 2,846 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Etsy during the fourth quarter worth $676,000. Jones Financial Companies Lllp raised its holdings in shares of Etsy by 64.0% during the fourth quarter. Jones Financial Companies Lllp now owns 953 shares of the specialty retailer’s stock worth $77,000 after purchasing an additional 372 shares during the period. Rafferty Asset Management LLC raised its holdings in shares of Etsy by 6.5% during the fourth quarter. Rafferty Asset Management LLC now owns 45,258 shares of the specialty retailer’s stock worth $3,668,000 after purchasing an additional 2,761 shares during the period. Finally, Royal London Asset Management Ltd. raised its holdings in shares of Etsy by 2.1% during the fourth quarter. Royal London Asset Management Ltd. now owns 53,145 shares of the specialty retailer’s stock worth $4,307,000 after purchasing an additional 1,071 shares during the period. 99.53% of the stock is owned by institutional investors and hedge funds.

Etsy Price Performance

Shares of ETSY opened at $51.10 on Friday. Etsy, Inc. has a one year low of $50.54 and a one year high of $89.58. The company has a 50-day moving average of $55.38 and a two-hundred day moving average of $60.64. The stock has a market cap of $5.98 billion, a price-to-earnings ratio of 23.26, a PEG ratio of 5.39 and a beta of 1.97.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.05). Etsy had a negative return on equity of 51.94% and a net margin of 10.36%. The firm had revenue of $647.80 million during the quarter, compared to analyst estimates of $629.87 million. During the same quarter in the previous year, the business earned $0.83 earnings per share. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. Analysts anticipate that Etsy, Inc. will post 2.38 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on ETSY shares. Truist Financial reissued a “buy” rating and set a $76.00 target price on shares of Etsy in a report on Tuesday, September 24th. Wells Fargo & Company dropped their price objective on shares of Etsy from $58.00 to $47.00 and set an “underweight” rating on the stock in a report on Thursday. Evercore ISI raised shares of Etsy to a “strong-buy” rating in a report on Thursday, August 1st. Wolfe Research assumed coverage on shares of Etsy in a report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $56.00 price objective on shares of Etsy in a report on Friday, August 23rd. Four investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $70.22.

Insiders Place Their Bets

In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $73,751.73. Following the completion of the transaction, the insider now directly owns 592 shares in the company, valued at $30,257.12. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $59.74, for a total transaction of $44,805.00. Following the completion of the sale, the insider now directly owns 18,833 shares in the company, valued at $1,125,083.42. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Toni Thompson Nadal sold 1,443 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $73,751.73. Following the sale, the insider now owns 592 shares of the company’s stock, valued at $30,257.12. The disclosure for this sale can be found here. Insiders sold a total of 5,869 shares of company stock worth $315,670 over the last ninety days. 2.60% of the stock is currently owned by company insiders.

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.