State of Tennessee Department of Treasury Grows Stock Position in Etsy, Inc. (NASDAQ:ETSY)

State of Tennessee Department of Treasury lifted its stake in Etsy, Inc. (NASDAQ:ETSY) by 15.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 53,597 shares of the specialty retailer’s stock after buying an additional 7,338 shares during the period. State of Tennessee Department of Treasury’s holdings in Etsy were worth $2,835,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Etsy by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 12,309,622 shares of the specialty retailer’s stock worth $651,056,000 after buying an additional 56,772 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Etsy by 4.5% in the fourth quarter. Renaissance Technologies LLC now owns 5,421,641 shares of the specialty retailer’s stock worth $286,751,000 after buying an additional 235,550 shares during the period. Van ECK Associates Corp increased its holdings in shares of Etsy by 17.4% in the fourth quarter. Van ECK Associates Corp now owns 3,527,742 shares of the specialty retailer’s stock worth $186,583,000 after buying an additional 522,111 shares during the period. DAVENPORT & Co LLC increased its holdings in shares of Etsy by 12.1% in the fourth quarter. DAVENPORT & Co LLC now owns 1,748,008 shares of the specialty retailer’s stock worth $92,452,000 after buying an additional 188,386 shares during the period. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Etsy by 132.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock worth $78,827,000 after buying an additional 850,520 shares during the period. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Bank of America decreased their price objective on Etsy from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Jefferies Financial Group raised Etsy from an “underperform” rating to a “hold” rating and raised their target price for the stock from $45.00 to $55.00 in a research note on Monday, January 13th. Truist Financial cut their target price on Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. UBS Group cut their target price on Etsy from $54.00 to $46.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. Finally, Stifel Nicolaus cut their target price on Etsy from $51.00 to $45.00 and set a “hold” rating on the stock in a research note on Wednesday, April 23rd. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $55.54.

Etsy Price Performance

Shares of NASDAQ:ETSY opened at $45.86 on Monday. Etsy, Inc. has a 1-year low of $40.05 and a 1-year high of $71.72. The business has a fifty day moving average price of $46.64 and a 200-day moving average price of $51.32. The company has a market capitalization of $4.83 billion, a PE ratio of 19.35, a PEG ratio of 2.57 and a beta of 2.15.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.08. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The firm had revenue of $852.16 million during the quarter, compared to the consensus estimate of $861.37 million. During the same period last year, the company earned $0.62 earnings per share. The company’s revenue was up 1.2% on a year-over-year basis. On average, sell-side analysts anticipate that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $48.24, for a total value of $72,360.00. Following the completion of the sale, the insider now directly owns 34,822 shares in the company, valued at approximately $1,679,813.28. This trade represents a 4.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Josh Silverman sold 21,666 shares of Etsy stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $52.05, for a total value of $1,127,715.30. Following the completion of the sale, the chief executive officer now owns 5,004 shares of the company’s stock, valued at $260,458.20. The trade was a 81.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,952 shares of company stock worth $2,554,620. 2.60% of the stock is owned by corporate insiders.

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.