Arizona State Retirement System Lowers Holdings in Etsy, Inc. (NASDAQ:ETSY)

Arizona State Retirement System decreased its position in Etsy, Inc. (NASDAQ:ETSY) by 3.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 32,249 shares of the specialty retailer’s stock after selling 1,054 shares during the period. Arizona State Retirement System’s holdings in Etsy were worth $1,522,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Etsy by 0.5% in the fourth 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 during the period. Renaissance Technologies LLC lifted its holdings in Etsy by 4.5% during the fourth quarter. Renaissance Technologies LLC now owns 5,421,641 shares of the specialty retailer’s stock worth $286,751,000 after buying an additional 235,550 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Etsy by 36.0% during the first quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer’s stock worth $95,599,000 after buying an additional 535,864 shares during the period. Norges Bank purchased a new stake in Etsy during the fourth quarter worth $74,235,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Etsy by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,118,697 shares of the specialty retailer’s stock worth $59,172,000 after buying an additional 33,736 shares during the period. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ETSY. Evercore ISI lowered their target price on Etsy from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Thursday, May 1st. Truist Financial upped their target price on Etsy from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, June 17th. JPMorgan Chase & Co. upped their target price on Etsy from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Wednesday, June 4th. The Goldman Sachs Group lowered their target price on Etsy from $35.00 to $31.00 and set a “sell” rating for the company in a report on Thursday, May 1st. Finally, Deutsche Bank Aktiengesellschaft set a $40.00 price target on Etsy and gave the stock a “hold” rating in a research report on Monday, April 14th. Six equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Etsy has an average rating of “Hold” and an average price target of $49.92.

Etsy Price Performance

NASDAQ ETSY opened at $59.64 on Friday. The stock’s fifty day moving average price is $54.03 and its 200 day moving average price is $50.91. Etsy, Inc. has a 1 year low of $40.05 and a 1 year high of $66.18. The company has a market cap of $6.22 billion, a price-to-earnings ratio of 42.60, a PEG ratio of 3.19 and a beta of 1.74.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.04). Etsy had a net margin of 6.69% and a negative return on equity of 39.60%. The firm had revenue of $651.18 million during the quarter, compared to analyst estimates of $642.22 million. During the same period in the previous year, the company earned $0.48 earnings per share. Etsy’s revenue was up .8% on a year-over-year basis. Research analysts expect that Etsy, Inc. will post 2.57 earnings per share for the current year.

Insider Activity at Etsy

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $51.36, for a total transaction of $77,040.00. Following the sale, the insider directly owned 34,683 shares of the company’s stock, valued at approximately $1,781,318.88. This trade represents a 4.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Richard Edward Colburn III sold 2,350 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $47.01, for a total value of $110,473.50. Following the sale, the chief technology officer directly owned 2,896 shares in the company, valued at $136,140.96. This represents a 44.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 202,298 shares of company stock valued at $11,156,039 in the last ninety days. Company insiders own 2.80% of the company’s stock.

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.