Findlay Park Partners LLP Reduces Position in Etsy, Inc. $ETSY

Findlay Park Partners LLP trimmed its position in Etsy, Inc. (NASDAQ:ETSY) by 3.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,192,800 shares of the specialty retailer’s stock after selling 43,200 shares during the period. Findlay Park Partners LLP owned 1.20% of Etsy worth $59,831,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ETSY. AQR Capital Management LLC increased its holdings in shares of Etsy by 423.7% in the first quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer’s stock valued at $218,890,000 after purchasing an additional 3,768,787 shares during the period. Acadian Asset Management LLC increased its holdings in Etsy by 112.8% in the 1st quarter. Acadian Asset Management LLC now owns 2,803,956 shares of the specialty retailer’s stock worth $132,273,000 after buying an additional 1,486,142 shares during the period. Artisan Partners Limited Partnership purchased a new position in Etsy during the 2nd quarter worth approximately $50,033,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Etsy by 140.8% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 711,454 shares of the specialty retailer’s stock valued at $33,566,000 after acquiring an additional 415,942 shares during the period. Finally, Bank of Nova Scotia purchased a new stake in shares of Etsy in the 1st quarter valued at $19,454,000. Institutional investors and hedge funds own 99.53% of the company’s stock.

Etsy Stock Performance

NASDAQ:ETSY opened at $54.25 on Thursday. The stock has a market capitalization of $5.35 billion, a PE ratio of 43.75, a P/E/G ratio of 10.65 and a beta of 1.87. Etsy, Inc. has a fifty-two week low of $40.05 and a fifty-two week high of $76.51. The company has a fifty day moving average of $64.80 and a two-hundred day moving average of $59.48.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, October 29th. The specialty retailer reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The business had revenue of $678.03 million during the quarter, compared to analysts’ expectations of $655.83 million. During the same quarter in the previous year, the company earned $0.45 earnings per share. The company’s quarterly revenue was up 2.4% on a year-over-year basis. Research analysts forecast that Etsy, Inc. will post 2.57 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. BTIG Research restated a “buy” rating and set a $81.00 target price on shares of Etsy in a research report on Wednesday, November 12th. The Goldman Sachs Group boosted their price objective on Etsy from $48.00 to $57.00 and gave the company a “sell” rating in a report on Thursday, October 30th. Raymond James Financial reaffirmed an “outperform” rating and set a $78.00 target price (down from $80.00) on shares of Etsy in a report on Thursday, October 30th. Guggenheim reiterated a “buy” rating and set a $70.00 price target on shares of Etsy in a research report on Thursday, September 18th. Finally, Needham & Company LLC upped their price objective on Etsy from $72.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twenty-one have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Etsy currently has an average rating of “Hold” and a consensus target price of $64.38.

Insider Buying and Selling at Etsy

In other news, insider Goyal Kruti Patel sold 7,685 shares of the firm’s stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $75.01, for a total value of $576,451.85. Following the transaction, the insider owned 54,840 shares in the company, valued at $4,113,548.40. This trade represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Josh Silverman sold 150,000 shares of the firm’s stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $72.50, for a total transaction of $10,875,000.00. Following the completion of the transaction, the chief executive officer directly owned 62,674 shares in the company, valued at approximately $4,543,865. This represents a 70.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 377,605 shares of company stock valued at $24,893,486. 2.80% of the stock is owned by insiders.

Etsy Profile

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. 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.