Summit Securities Group LLC Acquires Shares of 708 Etsy, Inc. (NASDAQ:ETSY)

Summit Securities Group LLC bought a new position in shares of Etsy, Inc. (NASDAQ:ETSY) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 708 shares of the specialty retailer’s stock, valued at approximately $37,000.

A number of other large investors also recently modified their holdings of ETSY. Vanguard Group Inc. increased its stake in Etsy by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 12,309,622 shares of the specialty retailer’s stock valued at $651,056,000 after purchasing an additional 56,772 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Etsy by 17.4% during the fourth quarter. Van ECK Associates Corp now owns 3,527,742 shares of the specialty retailer’s stock worth $186,583,000 after acquiring an additional 522,111 shares in the last quarter. DAVENPORT & Co LLC increased its position in shares of Etsy by 12.1% during the fourth quarter. DAVENPORT & Co LLC now owns 1,748,008 shares of the specialty retailer’s stock worth $92,452,000 after acquiring an additional 188,386 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Etsy by 132.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock valued at $78,827,000 after acquiring an additional 850,520 shares in the last quarter. Finally, Norges Bank acquired a new position in Etsy during the 4th quarter valued at about $74,235,000. 99.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ETSY. Stifel Nicolaus lowered their price objective on Etsy from $56.00 to $51.00 and set a “hold” rating for the company in a research note on Thursday, February 20th. UBS Group lowered their price target on Etsy from $55.00 to $54.00 and set a “neutral” rating for the company in a research report on Thursday, February 20th. Canaccord Genuity Group cut their price objective on shares of Etsy from $105.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Cantor Fitzgerald lowered their target price on shares of Etsy from $46.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Etsy in a report on Wednesday, March 19th. They set a “neutral” rating and a $50.00 price target on the stock. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Etsy presently has a consensus rating of “Hold” and a consensus target price of $58.42.

Etsy Stock Down 0.5 %

NASDAQ ETSY opened at $46.69 on Monday. The company has a market cap of $5.00 billion, a PE ratio of 19.70, a price-to-earnings-growth ratio of 2.57 and a beta of 2.23. The firm’s 50-day simple moving average is $50.93 and its two-hundred day simple moving average is $52.64. Etsy, Inc. has a 52 week low of $43.43 and a 52 week high of $71.72.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.95 by $0.08. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The company had revenue of $852.16 million during the quarter, compared to the consensus estimate of $861.37 million. During the same period last year, the firm earned $0.62 EPS. Etsy’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, equities research analysts anticipate that Etsy, Inc. will post 2.57 EPS for the current year.

Insider Transactions at Etsy

In other news, CEO Josh Silverman sold 21,666 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $52.05, for a total value of $1,127,715.30. Following the completion of the transaction, the chief executive officer now directly owns 5,004 shares in the company, valued at approximately $260,458.20. This trade represents a 81.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $50.48, for a total transaction of $75,720.00. Following the sale, the insider now directly owns 20,698 shares in the company, valued at $1,044,835.04. This trade represents a 6.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,666 shares of company stock valued at $1,286,445 over the last three months. Company insiders own 2.60% of the company’s stock.

About Etsy

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.