Canada Pension Plan Investment Board Purchases 107,600 Shares of Etsy, Inc. (NASDAQ:ETSY)

Canada Pension Plan Investment Board raised its holdings in shares of Etsy, Inc. (NASDAQ:ETSY) by 51.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 318,400 shares of the specialty retailer’s stock after acquiring an additional 107,600 shares during the period. Canada Pension Plan Investment Board’s holdings in Etsy were worth $21,880,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ETSY. CVA Family Office LLC purchased a new stake in Etsy during the 4th quarter valued at about $27,000. Fifth Third Bancorp boosted its stake in shares of Etsy by 5.2% during the fourth quarter. Fifth Third Bancorp now owns 6,041 shares of the specialty retailer’s stock valued at $490,000 after purchasing an additional 297 shares during the period. Oak Thistle LLC purchased a new stake in shares of Etsy during the fourth quarter valued at approximately $543,000. Ballentine Partners LLC bought a new position in shares of Etsy in the fourth quarter worth approximately $263,000. Finally, Arizona State Retirement System increased its stake in shares of Etsy by 0.5% in the fourth quarter. Arizona State Retirement System now owns 33,810 shares of the specialty retailer’s stock worth $2,740,000 after buying an additional 157 shares during the period. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Stock Performance

Shares of Etsy stock traded up $1.84 on Friday, hitting $62.27. 3,003,317 shares of the company’s stock were exchanged, compared to its average volume of 2,881,950. The stock has a market capitalization of $7.28 billion, a PE ratio of 28.43, a PEG ratio of 4.96 and a beta of 2.02. Etsy, Inc. has a 1 year low of $55.08 and a 1 year high of $102.81. The company has a 50-day simple moving average of $61.10 and a 200-day simple moving average of $66.35.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.01). The company had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $646.30 million. Etsy had a net margin of 10.75% and a negative return on equity of 67.27%. Etsy’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter last year, the firm posted $0.53 earnings per share. On average, analysts expect that Etsy, Inc. will post 2.47 EPS for the current fiscal year.

Insider Activity at Etsy

In other news, insider Toni Thompson Nadal sold 1,444 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $65.68, for a total value of $94,841.92. Following the completion of the sale, the insider now directly owns 592 shares of the company’s stock, valued at $38,882.56. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Citigroup cut their price target on shares of Etsy from $72.00 to $62.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Truist Financial raised their target price on Etsy from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday. Oppenheimer reduced their price target on Etsy from $95.00 to $80.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Canaccord Genuity Group dropped their price objective on Etsy from $125.00 to $105.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. Finally, BTIG Research cut their target price on shares of Etsy from $87.00 to $78.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $80.00.

Etsy Company 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.