Geode Capital Management LLC Lowers Holdings in Etsy Inc $ETSY

Geode Capital Management LLC trimmed its position in shares of Etsy Inc (NYSE:ETSY) by 4.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,741,506 shares of the company’s stock after selling 77,634 shares during the period. Geode Capital Management LLC’s holdings in Etsy were worth $96,570,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in ETSY. Integrated Wealth Concepts LLC lifted its stake in Etsy by 19.1% during the first quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the company’s stock worth $282,000 after purchasing an additional 961 shares in the last quarter. Empowered Funds LLC lifted its stake in Etsy by 55.5% during the first quarter. Empowered Funds LLC now owns 9,673 shares of the company’s stock worth $456,000 after purchasing an additional 3,451 shares in the last quarter. Woodline Partners LP acquired a new position in Etsy during the first quarter worth $2,181,000. Northwestern Mutual Wealth Management Co. lifted its stake in Etsy by 33.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,594 shares of the company’s stock worth $180,000 after purchasing an additional 906 shares in the last quarter. Finally, M&T Bank Corp acquired a new position in Etsy during the second quarter worth $232,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Etsy Stock Performance

ETSY stock opened at $66.90 on Friday. The company’s 50 day moving average price is $60.03 and its 200 day moving average price is $56.59. The firm has a market capitalization of $6.35 billion, a price-to-earnings ratio of 27.88, a PEG ratio of 2.76 and a beta of 1.88. Etsy Inc has a fifty-two week low of $44.00 and a fifty-two week high of $76.51.

Wall Street Analyst Weigh In

A number of research analysts have commented on ETSY shares. Wells Fargo & Company upped their price target on Etsy from $47.00 to $61.00 and gave the stock an “underweight” rating in a research note on Thursday, April 30th. The Goldman Sachs Group upgraded Etsy from a “sell” rating to a “neutral” rating in a research note on Thursday, May 21st. Stifel Nicolaus decreased their price target on Etsy from $62.00 to $55.00 and set a “hold” rating on the stock in a research note on Friday, February 20th. Evercore set a $72.00 price target on Etsy in a research note on Wednesday, April 29th. Finally, Morgan Stanley set a $64.00 price target on Etsy in a research note on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Etsy has an average rating of “Hold” and a consensus price target of $70.88.

Insider Activity

In related news, insider Richard Edward Colburn III sold 4,776 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $65.09, for a total value of $310,869.84. Following the sale, the insider owned 6,503 shares of the company’s stock, valued at $423,280.27. This trade represents a 42.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Charles Baker sold 2,030 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at approximately $438,975.50. The trade was a 22.70% decrease in their position. 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. Insiders sold 451,509 shares of company stock worth $29,518,662 in the last ninety days. 2.50% of the stock is owned by insiders.

About Etsy

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.