Brighton Jones LLC Acquires Shares of 15,342 Etsy, Inc. $ETSY

Brighton Jones LLC acquired a new stake in shares of Etsy, Inc. (NASDAQ:ETSY) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 15,342 shares of the specialty retailer’s stock, valued at approximately $770,000.

A number of other hedge funds have also added to or reduced their stakes in ETSY. AQR Capital Management LLC increased its position in Etsy by 423.7% during the 1st quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer’s stock valued at $218,890,000 after purchasing an additional 3,768,787 shares during the period. Acadian Asset Management LLC grew its position in shares of Etsy by 112.8% in the 1st quarter. Acadian Asset Management LLC now owns 2,803,956 shares of the specialty retailer’s stock worth $132,273,000 after buying an additional 1,486,142 shares during the period. Victory Capital Management Inc. grew its position in shares of Etsy by 53.7% in the 1st quarter. Victory Capital Management Inc. now owns 1,248,902 shares of the specialty retailer’s stock worth $58,923,000 after buying an additional 436,231 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Etsy by 140.8% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 711,454 shares of the specialty retailer’s stock worth $33,566,000 after buying an additional 415,942 shares during the period. Finally, Bank of Nova Scotia purchased a new stake in shares of Etsy in the 1st quarter worth about $19,454,000. 99.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Etsy

In other news, Director Melissa Reiff sold 6,909 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $58.89, for a total value of $406,871.01. Following the transaction, the director owned 16,424 shares in the company, valued at $967,209.36. This represents a 29.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director M Michele Burns sold 14,464 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $62.82, for a total transaction of $908,628.48. Following the completion of the transaction, the director owned 19,964 shares in the company, valued at $1,254,138.48. This trade represents a 42.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 402,667 shares of company stock worth $26,362,857 over the last quarter. 2.80% of the stock is currently owned by insiders.

Etsy Stock Performance

Shares of ETSY stock opened at $74.68 on Wednesday. Etsy, Inc. has a one year low of $40.05 and a one year high of $76.51. The company’s 50-day moving average is $64.42 and its 200 day moving average is $57.57. The company has a market capitalization of $7.40 billion, a price-to-earnings ratio of 60.22, a price-to-earnings-growth ratio of 10.65 and a beta of 1.85.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, July 30th. The specialty retailer reported $0.25 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.29). Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The firm had revenue of $672.66 million for the quarter, compared to analysts’ expectations of $645.16 million. During the same period last year, the company posted $0.41 earnings per share. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, research analysts predict that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ETSY. Cantor Fitzgerald upped their target price on shares of Etsy from $52.00 to $64.00 and gave the stock a “neutral” rating in a research report on Thursday, July 31st. Morgan Stanley upped their target price on shares of Etsy from $54.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Monday, October 20th. Jefferies Financial Group upped their target price on shares of Etsy from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Friday, October 17th. JPMorgan Chase & Co. upped their target price on shares of Etsy from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Monday, October 13th. Finally, Barclays reaffirmed a “positive” rating and issued a $60.00 target price (up from $52.00) on shares of Etsy in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, seventeen have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $62.00.

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.