Lone Pine Capital LLC Acquires New Position in Etsy Inc $ETSY

Lone Pine Capital LLC bought a new position in Etsy Inc (NYSE:ETSY) in the 3rd quarter, Holdings Channel reports. The fund bought 3,880,316 shares of the company’s stock, valued at approximately $257,614,000. Etsy comprises approximately 1.9% of Lone Pine Capital LLC’s holdings, making the stock its 24th biggest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ETSY. Heritage Wealth Advisors lifted its holdings in Etsy by 476.5% during the second quarter. Heritage Wealth Advisors now owns 490 shares of the company’s stock valued at $25,000 after purchasing an additional 405 shares in the last quarter. Elevation Point Wealth Partners LLC bought a new position in shares of Etsy in the second quarter worth approximately $35,000. Employees Retirement System of Texas purchased a new stake in shares of Etsy in the second quarter worth $47,000. SJS Investment Consulting Inc. increased its stake in shares of Etsy by 12,600.0% in the third quarter. SJS Investment Consulting Inc. now owns 762 shares of the company’s stock worth $51,000 after purchasing an additional 756 shares in the last quarter. Finally, Abich Financial Wealth Management LLC bought a new stake in shares of Etsy during the 3rd quarter valued at $51,000. Institutional investors own 99.53% of the company’s stock.

Insider Transactions at Etsy

In related news, insider Josh Silverman sold 21,666 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $53.26, for a total transaction of $1,153,931.16. Following the completion of the transaction, the insider directly owned 90,661 shares of the company’s stock, valued at approximately $4,828,604.86. This represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles Andrew Ballard sold 1,790 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $55.74, for a total value of $99,774.60. Following the transaction, the director owned 4,006 shares of the company’s stock, valued at $223,294.44. This represents a 30.88% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 116,058 shares of company stock valued at $6,576,362. 2.80% of the stock is currently owned by insiders.

Etsy Stock Up 2.3%

ETSY opened at $53.20 on Tuesday. The stock has a market capitalization of $5.12 billion, a PE ratio of 40.61, a price-to-earnings-growth ratio of 3.31 and a beta of 1.74. The company’s fifty day moving average is $55.27. Etsy Inc has a fifty-two week low of $40.05 and a fifty-two week high of $76.51.

Etsy (NYSE:ETSY) last announced its quarterly earnings results on Thursday, February 19th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.88 by $0.04. Etsy had a net margin of 5.65% and a negative return on equity of 24.94%. The business had revenue of $881.64 million for the quarter.

Etsy declared that its board has approved a share repurchase plan on Thursday, December 18th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the company to purchase up to 14.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms recently weighed in on ETSY. BNP Paribas Exane started coverage on shares of Etsy in a research note on Monday, November 24th. They set a “neutral” rating on the stock. Needham & Company LLC decreased their price target on Etsy from $76.00 to $65.00 and set a “buy” rating on the stock in a report on Friday, February 20th. Cantor Fitzgerald lowered their price objective on Etsy from $55.00 to $51.00 and set a “neutral” rating on the stock in a research report on Friday, February 20th. Jefferies Financial Group dropped their price objective on Etsy from $62.00 to $55.00 and set a “hold” rating for the company in a research note on Thursday, February 12th. Finally, Barclays upgraded Etsy from an “equal weight” rating to an “overweight” rating and set a $72.00 target price for the company in a research report on Thursday, February 19th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seventeen have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $60.80.

Etsy Company 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.