Pallas Capital Advisors LLC Takes $846,000 Position in Etsy Inc $ETSY

Pallas Capital Advisors LLC purchased a new position in shares of Etsy Inc (NYSE:ETSY) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 11,236 shares of the company’s stock, valued at approximately $846,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Perigon Wealth Management LLC acquired a new position in Etsy in the second quarter valued at approximately $248,000. Rice Hall James & Associates LLC acquired a new stake in Etsy during the second quarter worth $12,462,000. Persistent Asset Partners Ltd purchased a new stake in Etsy in the second quarter valued at $201,000. Global Retirement Partners LLC acquired a new position in shares of Etsy in the 2nd quarter valued at $34,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Etsy in the 2nd quarter valued at $42,781,000. Institutional investors and hedge funds own 99.53% of the company’s stock.

Etsy Trading Up 1.7%

Shares of NYSE ETSY opened at $79.76 on Wednesday. The stock has a market capitalization of $7.57 billion, a PE ratio of 44.56, a PEG ratio of 5.47 and a beta of 1.84. Etsy Inc has a twelve month low of $44.00 and a twelve month high of $87.97. The stock has a fifty day simple moving average of $79.06 and a 200-day simple moving average of $64.70.

Etsy (NYSE:ETSY) last posted its earnings results on Wednesday, August 5th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($1.24). Etsy had a negative return on equity of 34.18% and a net margin of 7.32%.The firm had revenue of $668.31 million for the quarter, compared to analyst estimates of $646.10 million. During the same period in the previous year, the company posted $0.25 EPS. Etsy’s revenue was down .7% on a year-over-year basis. On average, equities analysts predict that Etsy Inc will post 3.94 earnings per share for the current year.

Insider Activity

In other news, insider Josh Silverman sold 134,730 shares of the firm’s stock in a transaction that occurred on 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 owned 130,694 shares of the company’s stock, valued at approximately $9,003,509.66. This trade represents a 50.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 20,000 shares of Etsy stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $83.22, for a total transaction of $1,664,400.00. Following the completion of the transaction, the director owned 421,329 shares of the company’s stock, valued at $35,062,999.38. This trade represents a 4.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 604,262 shares of company stock valued at $45,085,166. 2.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ETSY has been the subject of a number of recent analyst reports. Cantor Fitzgerald raised their price objective on Etsy from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Wells Fargo & Company upped their target price on shares of Etsy from $61.00 to $76.00 and gave the company an “underweight” rating in a research report on Friday, August 7th. The Goldman Sachs Group began coverage on shares of Etsy in a research note on Monday. They set a “neutral” rating and a $89.00 target price for the company. Argus upgraded shares of Etsy from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a research report on Thursday, May 21st. Finally, Morgan Stanley set a $73.00 price target on shares of Etsy in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $82.73.

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.