Sumitomo Mitsui Trust Group Inc. Acquires New Stake in Etsy Inc $ETSY

Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of Etsy Inc (NYSE:ETSY) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 7,391 shares of the company’s stock, valued at approximately $528,000.

Several other institutional investors have also added to or reduced their stakes in ETSY. Global Retirement Partners LLC bought a new position in Etsy during the second quarter worth about $34,000. EFG International AG bought a new stake in shares of Etsy in the second quarter valued at approximately $45,000. Signaturefd LLC raised its position in shares of Etsy by 61.8% in the third quarter. Signaturefd LLC now owns 762 shares of the company’s stock valued at $54,000 after purchasing an additional 291 shares during the period. CoreCap Advisors LLC lifted its stake in shares of Etsy by 2,379.1% during the 2nd quarter. CoreCap Advisors LLC now owns 1,066 shares of the company’s stock valued at $80,000 after buying an additional 1,023 shares in the last quarter. Finally, Johnson Financial Group Inc. purchased a new stake in shares of Etsy during the 2nd quarter valued at approximately $105,000. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Stock Up 0.2%

Shares of ETSY opened at $90.08 on Monday. The business’s 50-day moving average price is $79.61 and its 200-day moving average price is $68.98. Etsy Inc has a twelve month low of $44.00 and a twelve month high of $97.85. The stock has a market cap of $7.77 billion, a PE ratio of 10.63, a P/E/G ratio of 2.53 and a beta of 1.75.

Etsy (NYSE:ETSY) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $7.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $6.55. Etsy had a net margin of 34.36% and a negative return on equity of 43.65%. The firm had revenue of $692.47 million for the quarter, compared to the consensus estimate of $669.04 million. During the same period in the prior year, the firm posted $0.63 earnings per share. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. Analysts expect that Etsy Inc will post 4.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Etsy

In other Etsy news, Director Frederick R. Wilson sold 28,527 shares of the firm’s stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $91.39, for a total value of $2,607,082.53. Following the completion of the transaction, the director directly owned 400,000 shares of the company’s stock, valued at $36,556,000. This trade represents a 6.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Merilee Buckley sold 5,076 shares of the firm’s stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $90.00, for a total transaction of $456,840.00. Following the completion of the transaction, the chief accounting officer directly owned 5,076 shares of the company’s stock, valued at approximately $456,840. The trade was a 50.00% decrease in their ownership of the stock. 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. Insiders have sold a total of 134,656 shares of company stock worth $11,765,784 in the last ninety days. Insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ETSY shares. The Goldman Sachs Group raised their price objective on shares of Etsy from $89.00 to $108.00 and gave the stock a “neutral” rating in a report on Wednesday, October 28th. JPMorgan Chase & Co. raised shares of Etsy from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $85.00 to $100.00 in a report on Friday, August 7th. UBS Group increased their target price on Etsy from $86.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, October 29th. Piper Sandler raised their price target on Etsy from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Finally, Oppenheimer raised Etsy from a “market perform” rating to an “outperform” rating and set a $90.00 price target for the company in a report on Tuesday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, sixteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $94.07.

About Etsy