Empowered Funds LLC Invests $3.55 Million in Etsy Inc $ETSY

Empowered Funds LLC purchased a new stake in Etsy Inc (NYSE:ETSY) during the 2nd quarter, HoldingsChannel reports. The fund purchased 47,100 shares of the company’s stock, valued at approximately $3,548,000.

Other institutional investors also recently modified their holdings of the company. Renaissance Technologies LLC boosted its holdings in Etsy by 11.1% in the 1st quarter. Renaissance Technologies LLC now owns 5,962,210 shares of the company’s stock worth $297,991,000 after buying an additional 594,768 shares during the period. AQR Capital Management LLC raised its holdings in Etsy by 40.1% during the 4th quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company’s stock valued at $227,785,000 after acquiring an additional 1,177,301 shares during the period. Van ECK Associates Corp raised its holdings in Etsy by 1.1% during the 4th quarter. Van ECK Associates Corp now owns 3,734,156 shares of the company’s stock valued at $207,022,000 after acquiring an additional 39,067 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Etsy by 51.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company’s stock worth $163,841,000 after acquiring an additional 1,112,520 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Etsy by 48.0% during the second quarter. Assenagon Asset Management S.A. now owns 1,613,333 shares of the company’s stock worth $121,532,000 after acquiring an additional 523,092 shares in the last quarter. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Etsy Price Performance

Shares of NYSE ETSY opened at $81.97 on Wednesday. Etsy Inc has a one year low of $44.00 and a one year high of $87.97. The firm’s 50 day simple moving average is $81.15 and its two-hundred day simple moving average is $66.74. The stock has a market capitalization of $7.78 billion, a P/E ratio of 45.79, a PEG ratio of 3.93 and a beta of 1.81.

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

Analysts Set New Price Targets

ETSY has been the subject of several recent research reports. Morgan Stanley upgraded Etsy from an “underweight” rating to an “outperform” rating in a research report on Thursday, August 20th. Guggenheim increased their price objective on Etsy from $85.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Citigroup raised their target price on Etsy from $60.00 to $92.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Wedbush started coverage on Etsy in a report on Thursday, July 16th. They set a “neutral” rating and a $80.00 target price for the company. Finally, Needham & Company LLC boosted their price target on shares of Etsy from $85.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eighteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $84.68.

Insider Transactions at Etsy

In related news, insider Josh Silverman sold 97,389 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $79.00, for a total transaction of $7,693,731.00. Following the completion of the sale, the insider directly owned 130,694 shares in the company, valued at $10,324,826. This represents a 42.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 20,000 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $74.39, for a total transaction of $1,487,800.00. Following the sale, the director directly owned 441,329 shares of the company’s stock, valued at $32,830,464.31. The trade was a 4.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 434,737 shares of company stock worth $33,619,606. Insiders own 2.50% of the company’s stock.

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.