Geode Capital Management LLC Cuts Stock Position in Etsy Inc $ETSY

Geode Capital Management LLC lessened its stake in Etsy Inc (NYSE:ETSY) by 4.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,741,506 shares of the company’s stock after selling 77,634 shares during the quarter. Geode Capital Management LLC owned approximately 1.76% of Etsy worth $96,570,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Lone Pine Capital LLC purchased a new position in shares of Etsy in the third quarter valued at approximately $257,614,000. Alyeska Investment Group L.P. purchased a new position in shares of Etsy in the third quarter valued at approximately $31,793,000. Jupiter Asset Management Ltd. purchased a new position in shares of Etsy in the third quarter valued at approximately $23,186,000. Meridiem Capital Partners LP purchased a new position in shares of Etsy in the third quarter valued at approximately $18,515,000. Finally, Quantinno Capital Management LP lifted its position in shares of Etsy by 65.6% in the second quarter. Quantinno Capital Management LP now owns 613,395 shares of the company’s stock valued at $30,768,000 after acquiring an additional 243,079 shares in the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on ETSY. The Goldman Sachs Group raised Etsy from a “sell” rating to a “neutral” rating in a report on Thursday, May 21st. Arete Research set a $76.00 price target on Etsy and gave the company a “buy” rating in a report on Wednesday, May 20th. Bank of America increased their price target on Etsy from $72.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, May 28th. Evercore set a $72.00 price target on Etsy in a report on Wednesday, April 29th. Finally, Argus raised Etsy from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a report on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Etsy currently has a consensus rating of “Hold” and an average price target of $70.88.

Insider Activity at Etsy

In related news, Director Frederick R. Wilson sold 20,000 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $61.63, for a total value of $1,232,600.00. Following the completion of the transaction, the director directly owned 481,329 shares in the company, valued at approximately $29,664,306.27. This represents a 3.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Josh Silverman sold 134,730 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $68.89, for a total value of $9,281,549.70. Following the completion of the transaction, the insider owned 130,694 shares of the company’s stock, valued at $9,003,509.66. The trade was a 50.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 451,509 shares of company stock valued at $29,518,662 over the last quarter. 2.50% of the stock is currently owned by company insiders.

Etsy Stock Performance

Shares of Etsy stock opened at $66.90 on Friday. The firm has a market capitalization of $6.35 billion, a price-to-earnings ratio of 27.88, a PEG ratio of 2.76 and a beta of 1.88. Etsy Inc has a fifty-two week low of $44.00 and a fifty-two week high of $76.51. The stock has a 50 day moving average of $60.03 and a 200 day moving average of $56.59.

Etsy Profile

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.