Norges Bank Takes Position in Etsy, Inc. (NASDAQ:ETSY)

Norges Bank bought a new position in Etsy, Inc. (NASDAQ:ETSY) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 1,403,577 shares of the specialty retailer’s stock, valued at approximately $74,235,000.

Other large investors have also recently added to or reduced their stakes in the company. Cerity Partners LLC lifted its stake in shares of Etsy by 28.9% in the third quarter. Cerity Partners LLC now owns 22,884 shares of the specialty retailer’s stock worth $1,271,000 after buying an additional 5,128 shares during the last quarter. Glenmede Trust Co. NA bought a new stake in Etsy during the third quarter valued at about $222,000. CreativeOne Wealth LLC acquired a new stake in shares of Etsy in the third quarter valued at about $238,000. Janus Henderson Group PLC increased its stake in shares of Etsy by 7.8% in the third quarter. Janus Henderson Group PLC now owns 482,262 shares of the specialty retailer’s stock worth $26,780,000 after purchasing an additional 34,991 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of Etsy by 146.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 22,876 shares of the specialty retailer’s stock worth $1,270,000 after purchasing an additional 13,577 shares during the last quarter. Institutional investors own 99.53% of the company’s stock.

Wall Street Analyst Weigh In

ETSY has been the topic of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Etsy in a report on Thursday, February 20th. Cantor Fitzgerald cut their target price on shares of Etsy from $46.00 to $43.00 and set a “neutral” rating for the company in a research note on Thursday, February 20th. Morgan Stanley reduced their price target on shares of Etsy from $45.00 to $44.00 and set an “underweight” rating for the company in a report on Thursday, February 20th. Canaccord Genuity Group cut their price objective on shares of Etsy from $105.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Finally, Stifel Nicolaus reduced their target price on shares of Etsy from $56.00 to $51.00 and set a “hold” rating for the company in a research note on Thursday, February 20th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $58.38.

Insider Activity at Etsy

In related news, CEO Josh Silverman sold 21,666 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $52.05, for a total value of $1,127,715.30. Following the completion of the transaction, the chief executive officer now owns 5,004 shares in the company, valued at $260,458.20. The trade was a 81.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $50.48, for a total value of $75,720.00. Following the completion of the transaction, the insider now owns 20,698 shares in the company, valued at $1,044,835.04. The trade was a 6.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,666 shares of company stock valued at $1,286,445 over the last ninety days. 2.60% of the stock is owned by insiders.

Etsy Trading Up 3.9 %

Shares of Etsy stock opened at $50.42 on Thursday. Etsy, Inc. has a 1-year low of $43.43 and a 1-year high of $71.72. The firm’s 50-day moving average price is $50.70 and its two-hundred day moving average price is $52.54. The stock has a market capitalization of $5.40 billion, a price-to-earnings ratio of 21.27, a P/E/G ratio of 2.57 and a beta of 2.15.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.08. The firm had revenue of $852.16 million during the quarter, compared to analysts’ expectations of $861.37 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The business’s revenue was up 1.2% on a year-over-year basis. During the same period last year, the firm posted $0.62 EPS. As a group, equities research analysts predict 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.