New York State Teachers Retirement System Decreases Stock Position in Etsy Inc $ETSY

New York State Teachers Retirement System cut its stake in Etsy Inc (NYSE:ETSY) by 15.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 92,316 shares of the company’s stock after selling 17,397 shares during the quarter. New York State Teachers Retirement System’s holdings in Etsy were worth $4,614,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of ETSY. Janney Montgomery Scott LLC lifted its holdings in shares of Etsy by 8.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 6,359 shares of the company’s stock worth $318,000 after acquiring an additional 504 shares during the last quarter. Pictet Asset Management Holding SA grew its holdings in Etsy by 5.9% during the 1st quarter. Pictet Asset Management Holding SA now owns 15,776 shares of the company’s stock valued at $788,000 after purchasing an additional 873 shares during the last quarter. Aaron Wealth Advisors LLC raised its position in Etsy by 30.6% in the 1st quarter. Aaron Wealth Advisors LLC now owns 6,144 shares of the company’s stock worth $307,000 after purchasing an additional 1,438 shares during the period. Louisiana State Employees Retirement System bought a new stake in Etsy in the first quarter worth about $2,189,000. Finally, Cardinal Point Capital Management ULC lifted its stake in Etsy by 66.0% in the first quarter. Cardinal Point Capital Management ULC now owns 7,735 shares of the company’s stock worth $387,000 after purchasing an additional 3,075 shares during the last quarter. 99.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Evercore set a $72.00 target price on Etsy in a research note on Wednesday, April 29th. Sanford C. Bernstein upped their price objective on Etsy from $60.00 to $65.00 and gave the company a “market perform” rating in a research report on Thursday, April 30th. Zacks Research upgraded Etsy from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 15th. Guggenheim began coverage on shares of Etsy in a report on Thursday, May 21st. They issued a “buy” rating on the stock. Finally, Wells Fargo & Company raised their price target on shares of Etsy from $47.00 to $61.00 and gave the stock an “underweight” rating in a research note on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, nineteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Etsy has an average rating of “Hold” and a consensus price target of $71.80.

Etsy Stock Down 0.3%

Shares of NYSE:ETSY opened at $77.32 on Thursday. The company has a market capitalization of $7.34 billion, a price-to-earnings ratio of 32.22, a price-to-earnings-growth ratio of 3.23 and a beta of 1.83. Etsy Inc has a 52 week low of $44.00 and a 52 week high of $80.41. The firm has a 50 day moving average of $68.27 and a 200 day moving average of $59.91.

Trending Headlines about Etsy

Here are the key news stories impacting Etsy this week:

• Positive Sentiment: Recent analysis suggests Etsy is seeing a buyer rebound, with active buyers returning to sequential growth and spending per buyer improving, which could support revenue and cash flow if the trend continues. Etsy (ETSY) Buyers Return To Growth, Is The Stock Now Too Pricey?
• Positive Sentiment: Another report says Etsy’s first sequential increase in active buyers in two years, along with stronger app-based sales and personalized search/AI features, may be improving the investment case. Is Etsy’s Buyer Rebound and App Engagement Shift Altering The Investment Case For Etsy (ETSY)?
• Positive Sentiment: Analysts say Etsy’s AI seller tools could reduce friction for merchants, improve inventory quality, and help accelerate marketplace growth. Etsy’s Seller Tools Could Unlock Faster Marketplace Growth
• Neutral Sentiment: One valuation piece argues Etsy may look attractive on cash flow, but not necessarily cheap on earnings, leaving investors split on whether the stock is undervalued after its recent rebound. Is Etsy (ETSY) Stock Cheap On Cash Flow Or Expensive On Earnings?
• Negative Sentiment: ETSY saw additional insider selling, including CAO Merilee Buckley and Director Frederick Wilson, which can weigh on sentiment even though the trades were made under pre-arranged 10b5-1 plans. Insider Selling: Etsy (NYSE:ETSY) Director Sells 20,000 Shares of Stock
• Negative Sentiment: A market article also notes Etsy and CarGurus were trading down, reinforcing the weaker tone in the stock today. Etsy and CarGurus stocks trade down, what you need to know

Insider Activity

In other news, insider Josh Silverman sold 134,730 shares of the business’s stock in a transaction on Monday, June 1st. The stock was 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 of the company’s stock, valued at approximately $9,003,509.66. The trade was a 50.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 744,447 shares of company stock valued at $52,139,342. Company insiders own 2.50% of the company’s stock.

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.