Canada Pension Plan Investment Board Buys New Position in Etsy Inc $ETSY

Canada Pension Plan Investment Board bought a new position in shares of Etsy Inc (NYSE:ETSY) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 394,600 shares of the company’s stock, valued at approximately $29,725,000. Canada Pension Plan Investment Board owned 0.42% of Etsy at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ETSY. Legal & General Group Plc acquired a new position in Etsy in the second quarter valued at approximately $18,541,000. Cibc World Market Inc. bought a new position in shares of Etsy during the 2nd quarter worth approximately $1,777,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Etsy during the 2nd quarter worth approximately $1,793,000. Sanctuary Advisors LLC acquired a new stake in shares of Etsy during the 2nd quarter worth approximately $278,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Etsy in the 2nd quarter valued at $5,347,000. 99.53% of the stock is currently owned by institutional investors.

Etsy Stock Up 1.0%

Shares of NYSE:ETSY opened at $83.79 on Friday. Etsy Inc has a twelve month low of $44.00 and a twelve month high of $87.97. The stock’s 50 day moving average is $80.83 and its 200-day moving average is $66.23. The firm has a market capitalization of $7.95 billion, a price-to-earnings ratio of 46.81, a PEG ratio of 4.01 and a beta of 1.84.

Etsy (NYSE:ETSY) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($1.24). The business had revenue of $668.31 million during the quarter, compared to analyst estimates of $646.10 million. Etsy had a net margin of 7.32% and a negative return on equity of 34.18%. The business’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.25 EPS. Equities research analysts anticipate that Etsy Inc will post 3.94 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on ETSY shares. Royal Bank Of Canada downgraded shares of Etsy to a “sector perform” rating in a research report on Thursday, August 20th. Rosenblatt Securities assumed coverage on shares of Etsy in a report on Thursday, August 20th. They issued a “buy” rating and a $95.00 price target for the company. Citigroup lifted their price target on shares of Etsy from $60.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Wall Street Zen lowered shares of Etsy from a “buy” rating to a “hold” rating in a report on Sunday, May 31st. Finally, Loop Capital set a $105.00 price objective on shares of Etsy in a research report on Thursday, August 20th. Two investment 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 issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $84.68.

Insiders Place Their Bets

In related news, Director Frederick R. Wilson sold 20,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $83.22, for a total value of $1,664,400.00. Following the sale, the director owned 421,329 shares in the company, valued at $35,062,999.38. This represents a 4.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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 company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $68.89, for a total transaction of $9,281,549.70. Following the completion of the sale, the insider owned 130,694 shares in the company, valued at $9,003,509.66. This represents a 50.76% decrease in their position. 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 589,467 shares of company stock worth $44,276,956 over the last ninety days. Insiders own 2.50% of the company’s stock.

Etsy Company 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.