Cibc World Market Inc. Buys New Stake in Etsy Inc $ETSY

Cibc World Market Inc. bought a new stake in shares of Etsy Inc (NYSE:ETSY) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 23,584 shares of the company’s stock, valued at approximately $1,777,000.

A number of other institutional investors also recently added to or reduced their stakes in ETSY. Ieq Capital LLC acquired a new stake in Etsy in the second quarter worth about $4,083,000. Landscape Capital Management L.L.C. bought a new position in Etsy in the 2nd quarter valued at about $6,466,000. Bank of Nova Scotia acquired a new position in Etsy during the 2nd quarter valued at about $18,602,000. Janus Henderson Group PLC increased its stake in Etsy by 627.2% during the 1st quarter. Janus Henderson Group PLC now owns 279,407 shares of the company’s stock valued at $13,962,000 after buying an additional 240,986 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Etsy by 51.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company’s stock worth $163,841,000 after buying an additional 1,112,520 shares in the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

Etsy Stock Performance

Etsy stock opened at $82.90 on Friday. The firm has a market cap of $7.87 billion, a price-to-earnings ratio of 46.31, a price-to-earnings-growth ratio of 3.95 and a beta of 1.84. Etsy Inc has a 1 year low of $44.00 and a 1 year high of $87.97. The firm’s 50 day moving average price is $80.64 and its two-hundred day moving average price is $66.10.

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

Insider Activity at Etsy

In other news, insider Josh Silverman sold 6,294 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $84.00, for a total transaction of $528,696.00. Following the completion of the sale, the insider directly owned 249,559 shares of the company’s stock, valued at $20,962,956. This represents a 2.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Charles Baker sold 1,564 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $85.88, for a total value of $134,316.32. Following the completion of the transaction, the chief financial officer owned 11,357 shares of the company’s stock, valued at $975,339.16. This trade represents a 12.10% 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. Insiders sold 584,967 shares of company stock valued at $43,908,631 over the last ninety days. Company insiders own 2.50% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ETSY. Roth Capital started coverage on shares of Etsy in a research note on Thursday, May 21st. They issued a “buy” rating for the company. Evercore set a $83.00 price objective on shares of Etsy in a research note on Thursday, August 6th. Cantor Fitzgerald boosted their target price on Etsy from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Deutsche Bank Aktiengesellschaft upped their target price on Etsy from $74.00 to $75.00 and gave the stock a “hold” rating in a research report on Thursday, April 30th. Finally, JPMorgan Chase & Co. raised Etsy from a “neutral” rating to an “overweight” rating and increased their price target for the company from $85.00 to $100.00 in a research note on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eighteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $84.68.

Etsy 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.