Edgestream Partners L.P. Makes New Investment in Etsy, Inc. (NASDAQ:ETSY)

Edgestream Partners L.P. bought a new position in shares of Etsy, Inc. (NASDAQ:ETSY) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 13,685 shares of the specialty retailer’s stock, valued at approximately $807,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Sunbelt Securities Inc. increased its position in Etsy by 3,900.0% in the 1st quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock valued at $30,000 after acquiring an additional 429 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Etsy by 402.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 447 shares of the specialty retailer’s stock worth $36,000 after purchasing an additional 358 shares during the last quarter. Larson Financial Group LLC raised its position in Etsy by 1,576.5% in the 1st quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock worth $39,000 after purchasing an additional 536 shares during the last quarter. 1620 Investment Advisors Inc. bought a new position in Etsy in the 2nd quarter valued at $42,000. Finally, Principal Securities Inc. acquired a new stake in shares of Etsy in the 4th quarter valued at $47,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Etsy news, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total value of $41,550.00. Following the sale, the insider now owns 18,083 shares in the company, valued at approximately $1,001,798.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders sold 2,000 shares of company stock worth $116,395. 2.60% of the stock is owned by corporate insiders.

Etsy Stock Down 0.3 %

Etsy stock opened at $53.91 on Friday. The company has a 50 day moving average of $56.67 and a 200-day moving average of $61.48. Etsy, Inc. has a twelve month low of $50.63 and a twelve month high of $89.58. The stock has a market capitalization of $6.30 billion, a PE ratio of 24.62, a price-to-earnings-growth ratio of 5.10 and a beta of 1.97.

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Evercore ISI raised Etsy to a “strong-buy” rating in a research note on Thursday, August 1st. Cantor Fitzgerald assumed coverage on shares of Etsy in a research note on Thursday, September 5th. They issued a “neutral” rating and a $50.00 target price on the stock. Wells Fargo & Company dropped their price target on shares of Etsy from $58.00 to $56.00 and set an “underweight” rating for the company in a research note on Tuesday, June 25th. Stifel Nicolaus reduced their price objective on shares of Etsy from $65.00 to $64.00 and set a “hold” rating on the stock in a research note on Thursday, August 1st. Finally, Piper Sandler reiterated a “neutral” rating and set a $56.00 target price on shares of Etsy in a research report on Friday, August 23rd. Four equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $70.61.

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.