Distillate Capital Partners LLC Takes Position in Etsy, Inc. (NASDAQ:ETSY)

Distillate Capital Partners LLC purchased a new position in shares of Etsy, Inc. (NASDAQ:ETSY) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 227,084 shares of the specialty retailer’s stock, valued at approximately $13,393,000. Distillate Capital Partners LLC owned 0.19% of Etsy at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Marshall Wace LLP raised its stake in shares of Etsy by 304.2% in the 2nd quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock valued at $82,703,000 after purchasing an additional 1,055,296 shares in the last quarter. TD Asset Management Inc lifted its stake in Etsy by 260.2% in the fourth quarter. TD Asset Management Inc now owns 1,319,190 shares of the specialty retailer’s stock valued at $106,920,000 after buying an additional 952,907 shares during the last quarter. Renaissance Technologies LLC lifted its position in Etsy by 21.1% in the 2nd quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock valued at $248,623,000 after purchasing an additional 734,200 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Etsy by 14.3% during the second quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock valued at $339,964,000 after buying an additional 721,454 shares during the last quarter. Finally, Pacer Advisors Inc. raised its stake in Etsy by 52.3% during the 2nd quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer’s stock valued at $123,875,000 after acquiring an additional 721,453 shares in the last quarter. 99.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total value of $41,550.00. Following the completion of the transaction, the insider now directly owns 18,083 shares of the company’s stock, valued at $1,001,798.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 2,000 shares of company stock worth $116,395 in the last quarter. Corporate insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Truist Financial cut their target price on Etsy from $77.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Evercore ISI raised Etsy to a “strong-buy” rating in a research note on Thursday, August 1st. Cantor Fitzgerald restated a “neutral” rating and issued a $50.00 price objective on shares of Etsy in a report on Monday. Loop Capital cut their target price on Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a report on Monday, August 12th. Finally, Wells Fargo & Company dropped their price target on shares of Etsy from $58.00 to $56.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 25th. Four equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $70.61.

Etsy Stock Up 1.7 %

Shares of ETSY stock opened at $54.83 on Tuesday. Etsy, Inc. has a 12 month low of $50.63 and a 12 month high of $89.58. The stock has a 50-day moving average price of $56.54 and a 200 day moving average price of $61.33. The firm has a market cap of $6.41 billion, a price-to-earnings ratio of 25.04, a PEG ratio of 5.10 and a beta of 1.97.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.05). Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. The business had revenue of $647.80 million for the quarter, compared to the consensus estimate of $629.87 million. During the same quarter last year, the firm earned $0.83 EPS. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. Sell-side analysts predict that Etsy, Inc. will post 2.38 earnings per share for the current fiscal year.

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.