Handelsbanken Fonder AB Cuts Stake in Etsy, Inc. $ETSY

Handelsbanken Fonder AB lowered its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 10.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,599 shares of the specialty retailer’s stock after selling 3,500 shares during the period. Handelsbanken Fonder AB’s holdings in Etsy were worth $1,535,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. AQR Capital Management LLC grew its stake in Etsy by 423.7% during the first quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer’s stock valued at $218,890,000 after acquiring an additional 3,768,787 shares in the last quarter. Acadian Asset Management LLC lifted its stake in Etsy by 112.8% in the 1st quarter. Acadian Asset Management LLC now owns 2,803,956 shares of the specialty retailer’s stock worth $132,273,000 after purchasing an additional 1,486,142 shares in the last quarter. Artisan Partners Limited Partnership bought a new position in shares of Etsy during the 2nd quarter valued at about $50,033,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Etsy by 140.8% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 711,454 shares of the specialty retailer’s stock valued at $33,566,000 after purchasing an additional 415,942 shares during the last quarter. Finally, Bank of Nova Scotia purchased a new position in shares of Etsy during the first quarter valued at about $19,454,000. Institutional investors own 99.53% of the company’s stock.

Insider Activity

In related news, CEO Josh Silverman sold 150,000 shares of the company’s stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $72.50, for a total transaction of $10,875,000.00. Following the transaction, the chief executive officer directly owned 62,674 shares in the company, valued at approximately $4,543,865. This represents a 70.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Richard Edward Colburn III sold 3,200 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $57.80, for a total transaction of $184,960.00. Following the completion of the sale, the insider directly owned 4,387 shares of the company’s stock, valued at approximately $253,568.60. The trade was a 42.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 377,605 shares of company stock worth $24,893,486 in the last 90 days. Company insiders own 2.80% of the company’s stock.

Etsy Stock Performance

NASDAQ:ETSY opened at $54.25 on Thursday. The firm has a market capitalization of $5.35 billion, a PE ratio of 43.75, a PEG ratio of 10.65 and a beta of 1.87. The stock’s fifty day moving average is $64.80 and its 200 day moving average is $59.48. Etsy, Inc. has a fifty-two week low of $40.05 and a fifty-two week high of $76.51.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, October 29th. The specialty retailer reported $0.63 EPS for the quarter, topping the consensus estimate of $0.57 by $0.06. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The company had revenue of $678.03 million during the quarter, compared to analyst estimates of $655.83 million. During the same period in the previous year, the firm earned $0.45 earnings per share. Etsy’s quarterly revenue was up 2.4% compared to the same quarter last year. Equities analysts forecast that Etsy, Inc. will post 2.57 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on ETSY shares. Guggenheim reiterated a “buy” rating and issued a $70.00 target price on shares of Etsy in a research report on Thursday, September 18th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $72.00 price objective on shares of Etsy in a research note on Thursday, October 23rd. Jefferies Financial Group increased their target price on Etsy from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Friday, October 17th. BNP Paribas assumed coverage on shares of Etsy in a research report on Monday. They issued a “neutral” rating on the stock. Finally, Canaccord Genuity Group upped their price target on shares of Etsy from $76.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty-one have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $64.38.

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.