Assenagon Asset Management S.A. Decreases Stock Position in Etsy Inc $ETSY

Assenagon Asset Management S.A. lessened its stake in shares of Etsy Inc (NYSE:ETSY) by 32.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,090,241 shares of the company’s stock after selling 521,190 shares during the period. Assenagon Asset Management S.A.’s holdings in Etsy were worth $54,490,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Lone Pine Capital LLC bought a new position in shares of Etsy during the 3rd quarter valued at approximately $257,614,000. SG Americas Securities LLC lifted its position in Etsy by 717.7% in the first quarter. SG Americas Securities LLC now owns 1,497,174 shares of the company’s stock worth $74,829,000 after buying an additional 1,314,071 shares during the last quarter. AQR Capital Management LLC boosted its stake in Etsy by 40.1% during the fourth quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company’s stock worth $227,785,000 after buying an additional 1,177,301 shares during the period. Norges Bank bought a new position in Etsy during the fourth quarter valued at $33,903,000. Finally, Deutsche Bank AG increased its position in Etsy by 68.8% during the fourth quarter. Deutsche Bank AG now owns 1,378,170 shares of the company’s stock valued at $76,406,000 after acquiring an additional 561,487 shares during the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Etsy Stock Performance

Shares of NYSE:ETSY opened at $77.80 on Friday. The firm’s 50 day simple moving average is $65.80 and its 200-day simple moving average is $58.47. Etsy Inc has a one year low of $44.00 and a one year high of $79.90. The firm has a market cap of $7.38 billion, a PE ratio of 32.42, a price-to-earnings-growth ratio of 3.11 and a beta of 1.88.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ETSY. Barclays raised their target price on shares of Etsy from $72.00 to $82.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. JPMorgan Chase & Co. upped their price target on shares of Etsy from $75.00 to $78.00 and gave the company a “neutral” rating in a report on Friday, June 12th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Etsy from $74.00 to $75.00 and gave the stock a “hold” rating in a research report on Thursday, April 30th. BTIG Research raised their price objective on shares of Etsy from $65.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Finally, Wall Street Zen lowered Etsy from a “buy” rating to a “hold” rating in a research report on Sunday, May 31st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, nineteen have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Etsy has a consensus rating of “Hold” and an average price target of $71.80.

Insider Transactions at Etsy

In other Etsy news, Director Frederick R. Wilson sold 20,000 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $68.79, for a total value of $1,375,800.00. Following the completion of the sale, the director directly owned 461,329 shares in the company, valued at approximately $31,734,821.91. This represents a 4.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Charles Baker sold 2,030 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $63.50, for a total transaction of $128,905.00. Following the transaction, the chief financial officer owned 6,913 shares in the company, valued at approximately $438,975.50. The trade was a 22.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 651,377 shares of company stock valued at $44,720,839. 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.