Summit Global Investments Takes $721,000 Position in Etsy Inc $ETSY

Summit Global Investments bought a new position in shares of Etsy Inc (NYSE:ETSY) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,570 shares of the company’s stock, valued at approximately $721,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Smartleaf Asset Management LLC grew its holdings in Etsy by 10.0% during the 2nd quarter. Smartleaf Asset Management LLC now owns 1,734 shares of the company’s stock valued at $88,000 after purchasing an additional 158 shares in the last quarter. Alamea Verwaltungs GmbH increased its stake in Etsy by 2.3% during the 2nd quarter. Alamea Verwaltungs GmbH now owns 7,380 shares of the company’s stock worth $370,000 after buying an additional 169 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Etsy by 2.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 7,550 shares of the company’s stock worth $419,000 after buying an additional 180 shares in the last quarter. Blue Trust Inc. lifted its holdings in Etsy by 19.3% in the 1st quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock worth $62,000 after buying an additional 200 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its position in Etsy by 1.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 22,547 shares of the company’s stock valued at $1,250,000 after buying an additional 224 shares during the last quarter. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on ETSY. Evercore set a $83.00 target price on Etsy in a research note on Thursday, August 6th. Susquehanna cut Etsy to a “neutral” rating in a research note on Thursday, May 21st. The Goldman Sachs Group raised Etsy from a “sell” rating to a “neutral” rating in a report on Thursday, May 21st. Wall Street Zen lowered Etsy from a “buy” rating to a “hold” rating in a research note on Sunday, May 31st. Finally, Canaccord Genuity Group set a $92.00 price objective on Etsy in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $81.50.

Etsy Price Performance

NYSE ETSY opened at $80.07 on Friday. The company has a market capitalization of $7.60 billion, a price-to-earnings ratio of 44.73, a price-to-earnings-growth ratio of 5.47 and a beta of 1.84. Etsy Inc has a 12 month low of $44.00 and a 12 month high of $87.97. The company’s fifty day moving average price is $78.65 and its two-hundred day moving average price is $64.37.

Insiders Place Their Bets

In other news, CAO Merilee Buckley sold 881 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $75.35, for a total value of $66,383.35. Following the sale, the chief accounting officer owned 405 shares in the company, valued at approximately $30,516.75. This represents a 68.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Josh Silverman sold 6,294 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $84.00, for a total transaction of $528,696.00. Following the transaction, the insider directly owned 249,559 shares in the company, valued at $20,962,956. The trade was a 2.46% 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. In the last quarter, insiders have sold 604,262 shares of company stock worth $45,085,166. Company insiders own 2.50% of the company’s stock.

Etsy Profile

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.