Deepwater Asset Management LLC Grows Holdings in Etsy, Inc. (NASDAQ:ETSY)

Deepwater Asset Management LLC grew its stake in Etsy, Inc. (NASDAQ:ETSY) by 8.6% during the first quarter, Holdings Channel.com reports. The fund owned 175,507 shares of the specialty retailer’s stock after acquiring an additional 13,947 shares during the period. Etsy accounts for about 4.5% of Deepwater Asset Management LLC’s investment portfolio, making the stock its 17th biggest position. Deepwater Asset Management LLC’s holdings in Etsy were worth $12,061,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Arizona State Retirement System raised its stake in shares of Etsy by 0.5% in the 4th quarter. Arizona State Retirement System now owns 33,810 shares of the specialty retailer’s stock valued at $2,740,000 after acquiring an additional 157 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in shares of Etsy by 3.8% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 4,368 shares of the specialty retailer’s stock valued at $354,000 after acquiring an additional 161 shares during the period. Truist Financial Corp increased 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 worth $516,000 after buying an additional 168 shares during the period. D.A. Davidson & CO. increased its stake in Etsy by 0.9% during the 4th quarter. D.A. Davidson & CO. now owns 19,580 shares of the specialty retailer’s stock worth $1,587,000 after buying an additional 184 shares during the period. Finally, Treasurer of the State of North Carolina increased its stake in Etsy by 0.4% during 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 period. 99.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Etsy

In other Etsy news, insider Toni Thompson Nadal sold 1,444 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $65.68, for a total transaction of $94,841.92. Following the sale, the insider now directly owns 592 shares of the company’s stock, valued at approximately $38,882.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, 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 value of $108,681.84. Following the sale, the chief accounting officer now directly owns 2,827 shares of the company’s stock, valued at $183,868.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Toni Thompson Nadal sold 1,444 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $65.68, for a total transaction 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 disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.

Etsy Trading Up 1.4 %

Shares of ETSY traded up $0.78 during trading hours on Tuesday, reaching $57.79. The company had a trading volume of 956,283 shares, compared to its average volume of 3,651,721. The firm has a 50 day simple moving average of $62.74 and a 200-day simple moving average of $69.00. The company has a market capitalization of $6.76 billion, a price-to-earnings ratio of 26.03, a PEG ratio of 4.81 and a beta of 2.02. Etsy, Inc. has a 12-month low of $56.60 and a 12-month high of $102.81.

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

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. JMP Securities cut shares of Etsy from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. Morgan Stanley lowered their price target on shares of Etsy from $55.00 to $52.00 and set an “underweight” rating for the company in a report on Thursday, May 2nd. Oppenheimer lowered their price target on shares of Etsy from $95.00 to $80.00 and set an “outperform” rating for the company in a report on Monday, April 29th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Etsy from $80.00 to $65.00 and set a “hold” rating for the company in a report on Wednesday, April 10th. Finally, BTIG Research lowered their target price on shares of Etsy from $87.00 to $78.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Etsy has a consensus rating of “Hold” and an average price target of $79.88.

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.