Deepwater Asset Management LLC Acquires 13,947 Shares of Etsy, Inc. (NASDAQ:ETSY)

Deepwater Asset Management LLC increased its holdings in shares of Etsy, Inc. (NASDAQ:ETSY) by 8.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 175,507 shares of the specialty retailer’s stock after acquiring an additional 13,947 shares during the period. Etsy makes up 4.5% of Deepwater Asset Management LLC’s investment portfolio, making the stock its 17th largest holding. Deepwater Asset Management LLC owned about 0.15% of Etsy worth $12,061,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Arizona State Retirement System lifted its stake in shares of Etsy by 0.5% in the fourth quarter. Arizona State Retirement System now owns 33,810 shares of the specialty retailer’s stock worth $2,740,000 after buying an additional 157 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in Etsy by 3.8% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,368 shares of the specialty retailer’s stock worth $354,000 after purchasing an additional 161 shares during the last quarter. Truist Financial Corp raised its stake in Etsy by 2.7% during the 4th quarter. Truist Financial Corp now owns 6,367 shares of the specialty retailer’s stock valued at $516,000 after buying an additional 168 shares during the last quarter. D.A. Davidson & CO. lifted its holdings in shares of Etsy by 0.9% during the 4th quarter. D.A. Davidson & CO. now owns 19,580 shares of the specialty retailer’s stock valued at $1,587,000 after buying an additional 184 shares during the period. Finally, Treasurer of the State of North Carolina boosted its stake in shares of Etsy by 0.4% in the 3rd quarter. Treasurer of the State of North Carolina now owns 55,455 shares of the specialty retailer’s stock worth $3,581,000 after buying an additional 210 shares during the last quarter. Institutional investors own 99.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on ETSY shares. Barclays reduced their price objective on Etsy from $67.00 to $60.00 and set an “equal weight” rating for the company in a research report on Thursday, May 2nd. Truist Financial dropped their price objective on shares of Etsy from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Needham & Company LLC decreased their price target on shares of Etsy from $95.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Etsy from $80.00 to $65.00 and set a “hold” rating on the stock in a research note on Wednesday, April 10th. Finally, Guggenheim cut their price objective on shares of Etsy from $95.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a 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 $79.88.

Insider Activity

In other news, insider Toni Thompson Nadal sold 1,444 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $65.68, for a total transaction of $94,841.92. Following the transaction, the insider now directly owns 592 shares in the company, valued at $38,882.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Etsy news, insider Toni Thompson Nadal sold 1,444 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $65.68, for a total value of $94,841.92. Following the completion of the sale, the insider now directly owns 592 shares in the company, valued at $38,882.56. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Merilee Buckley sold 1,671 shares of the firm’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total transaction of $108,681.84. Following the completion of the sale, the chief accounting officer now owns 2,827 shares of the company’s stock, valued at $183,868.08. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Etsy Stock Up 1.4 %

Etsy stock traded up $0.78 during midday trading on Tuesday, reaching $57.79. The stock had a trading volume of 956,283 shares, compared to its average volume of 3,651,721. Etsy, Inc. has a 52-week low of $56.60 and a 52-week high of $102.81. The firm has a market cap of $6.76 billion, a price-to-earnings ratio of 26.03, a price-to-earnings-growth ratio of 4.81 and a beta of 2.02. The company has a fifty day moving average of $62.74 and a 200 day moving average of $69.00.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). Etsy had a negative return on equity of 67.27% and a net margin of 10.75%. The company had revenue of $646.00 million during the quarter, compared to the consensus estimate of $646.30 million. During the same quarter in the prior year, the company earned $0.53 earnings per share. Etsy’s revenue was up .8% on a year-over-year basis. Equities research analysts predict that Etsy, Inc. will post 2.49 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.