9,570 Shares in Etsy Inc $ETSY Purchased by Summit Global Investments

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

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. SG Americas Securities LLC lifted its holdings in shares of Etsy by 717.7% during the 1st quarter. SG Americas Securities LLC now owns 1,497,174 shares of the company’s stock worth $74,829,000 after acquiring an additional 1,314,071 shares during the period. AQR Capital Management LLC grew its holdings in Etsy by 40.1% in the fourth quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company’s stock valued at $227,785,000 after purchasing an additional 1,177,301 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Etsy by 51.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company’s stock valued at $163,841,000 after purchasing an additional 1,112,520 shares during the period. Norges Bank acquired a new position in Etsy during the fourth quarter worth approximately $33,903,000. Finally, Renaissance Technologies LLC increased its position in Etsy by 11.1% during the first quarter. Renaissance Technologies LLC now owns 5,962,210 shares of the company’s stock worth $297,991,000 after purchasing an additional 594,768 shares during the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Etsy Stock Down 0.7%

ETSY opened at $80.07 on Friday. Etsy Inc has a 52-week low of $44.00 and a 52-week high of $87.97. The company has a 50 day moving average of $78.65 and a two-hundred day moving average of $64.37. The company has a market cap of $7.60 billion, a P/E ratio of 44.73, a P/E/G ratio of 5.47 and a beta of 1.84.

Insiders Place Their Bets

In related news, Director Frederick R. Wilson sold 20,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $83.22, for a total value of $1,664,400.00. Following the completion of the sale, the director directly owned 421,329 shares in the company, valued at approximately $35,062,999.38. This represents a 4.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Josh Silverman sold 134,730 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $68.89, for a total value of $9,281,549.70. Following the completion of the transaction, the insider directly owned 130,694 shares in the company, valued at $9,003,509.66. This trade represents a 50.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 604,262 shares of company stock worth $45,085,166. Insiders own 2.50% of the company’s stock.

Analyst Upgrades and Downgrades

ETSY has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised shares of Etsy from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $85.00 to $100.00 in a research note on Friday, August 7th. The Goldman Sachs Group raised shares of Etsy from a “sell” rating to a “neutral” rating in a research note on Thursday, May 21st. Argus upgraded Etsy from a “hold” rating to a “buy” rating and set a $67.00 price objective for the company in a report on Thursday, May 21st. Deutsche Bank Aktiengesellschaft lifted their target price on Etsy from $74.00 to $75.00 and gave the company a “hold” rating in a report on Thursday, April 30th. Finally, Canaccord Genuity Group set a $92.00 price target on Etsy in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $81.50.

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.