Connor Clark & Lunn Investment Management Ltd. Takes $5.35 Million Position in Etsy Inc $ETSY

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Etsy Inc (NYSE:ETSY) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 70,982 shares of the company’s stock, valued at approximately $5,347,000.

A number of other institutional investors also recently bought and sold shares of the stock. EFG International AG bought a new position in Etsy during the fourth quarter valued at $33,000. Global Retirement Partners LLC bought a new stake in shares of Etsy in the 2nd quarter worth about $34,000. Blue Trust Inc. lifted its holdings in shares of Etsy by 19.3% in the 1st quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock worth $62,000 after acquiring an additional 200 shares during the last quarter. Danske Bank A S purchased a new position in shares of Etsy during the 3rd quarter worth about $66,000. Finally, Federation des caisses Desjardins du Quebec grew its holdings in Etsy by 22.8% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company’s stock valued at $67,000 after purchasing an additional 225 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors.

Etsy Price Performance

Etsy stock opened at $82.90 on Friday. The stock has a market cap of $7.87 billion, a price-to-earnings ratio of 46.31, a price-to-earnings-growth ratio of 3.95 and a beta of 1.84. Etsy Inc has a 1 year low of $44.00 and a 1 year high of $87.97. The firm has a 50-day moving average of $80.64 and a two-hundred day moving average of $66.10.

Etsy (NYSE:ETSY) last issued its earnings results on Wednesday, August 5th. The company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($1.24). The company had revenue of $668.31 million during the quarter, compared to the consensus estimate of $646.10 million. Etsy had a negative return on equity of 34.18% and a net margin of 7.32%.Etsy’s revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.25 earnings per share. Research analysts expect that Etsy Inc will post 3.94 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Rosenblatt Securities began coverage on shares of Etsy in a research note on Thursday, August 20th. They issued a “buy” rating and a $95.00 price objective for the company. Wells Fargo & Company increased their price target on Etsy from $61.00 to $76.00 and gave the stock an “underweight” rating in a report on Friday, August 7th. The Goldman Sachs Group started coverage on Etsy in a report on Monday, August 17th. They issued a “neutral” rating and a $89.00 price target on the stock. Piper Sandler raised their price target on Etsy from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Finally, Wedbush initiated coverage on Etsy in a report on Thursday, July 16th. They set a “neutral” rating and a $80.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eighteen have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Etsy presently has an average rating of “Hold” and a consensus price target of $84.68.

Insider Activity at Etsy

In other Etsy news, Director Frederick R. Wilson sold 20,000 shares of Etsy stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $83.22, for a total transaction of $1,664,400.00. Following the completion of the sale, the director directly owned 421,329 shares of the company’s stock, valued at $35,062,999.38. The trade was a 4.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Josh Silverman sold 134,730 shares of the company’s stock in a transaction 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 sale, the insider owned 130,694 shares of the company’s stock, valued at $9,003,509.66. This represents a 50.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 584,967 shares of company stock worth $43,908,631. 2.50% of the stock is owned by insiders.

About Etsy

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.