Allianz Asset Management GmbH Has $46.92 Million Stake in Etsy, Inc. $ETSY

Allianz Asset Management GmbH raised its position in shares of Etsy, Inc. (NASDAQ:ETSY) by 1,648.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 706,679 shares of the specialty retailer’s stock after purchasing an additional 666,253 shares during the quarter. Allianz Asset Management GmbH’s holdings in Etsy were worth $46,916,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of ETSY. Holocene Advisors LP grew its holdings in shares of Etsy by 697.4% during the second quarter. Holocene Advisors LP now owns 5,343,797 shares of the specialty retailer’s stock valued at $268,045,000 after buying an additional 4,673,615 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Etsy by 62.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the specialty retailer’s stock worth $185,197,000 after acquiring an additional 1,416,772 shares during the period. Norges Bank purchased a new position in Etsy during the 2nd quarter valued at about $65,207,000. Artisan Partners Limited Partnership acquired a new position in shares of Etsy in the 2nd quarter valued at about $50,033,000. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Etsy by 37.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,552,308 shares of the specialty retailer’s stock valued at $103,058,000 after purchasing an additional 424,461 shares during the period. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Etsy Price Performance

Shares of NASDAQ:ETSY opened at $52.98 on Thursday. The stock has a market capitalization of $5.23 billion, a P/E ratio of 42.73, a P/E/G ratio of 10.65 and a beta of 1.74. The business has a 50-day moving average of $56.69 and a two-hundred day moving average of $60.41. Etsy, Inc. has a fifty-two week low of $40.05 and a fifty-two week high of $76.51.

Etsy declared that its board has approved a share repurchase program on Thursday, December 18th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the specialty retailer to purchase up to 14.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Truist Financial boosted their price objective on shares of Etsy from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Zacks Research raised shares of Etsy from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Wedbush cut their price objective on Etsy from $72.00 to $66.00 and set a “neutral” rating for the company in a report on Friday, December 19th. Cantor Fitzgerald lowered their target price on Etsy from $64.00 to $55.00 and set a “neutral” rating on the stock in a research note on Thursday, January 8th. Finally, Stifel Nicolaus cut their price target on Etsy from $65.00 to $62.00 and set a “hold” rating for the company in a research note on Tuesday, January 27th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eighteen have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $63.72.

Insider Buying and Selling

In related news, insider Josh Silverman sold 21,666 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $53.26, for a total transaction of $1,153,931.16. Following the completion of the sale, the insider directly owned 90,661 shares of the company’s stock, valued at approximately $4,828,604.86. This represents a 19.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Merilee Buckley sold 5,636 shares of the firm’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $58.45, for a total transaction of $329,424.20. The SEC filing for this sale provides additional information. Insiders have sold 135,934 shares of company stock valued at $7,663,369 in the last ninety days. Company insiders own 2.80% of the company’s stock.

About Etsy

Etsy, Inc (NASDAQ: ETSY) operates a global e-commerce marketplace focused on handmade, vintage and unique goods. The platform connects individual artisans, small businesses and collectors with buyers seeking one-of-a-kind items, ranging from handcrafted jewelry and clothing to home décor and art supplies. Etsy’s revenue is primarily generated through listing fees, transaction fees on sales and optional seller services such as advertising and shipping labels.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy has cultivated a community-driven ethos, encouraging sustainable practices and personal entrepreneurship.