Kennondale Capital Management LLC Makes New Investment in Etsy, Inc. (NASDAQ:ETSY)

Kennondale Capital Management LLC bought a new stake in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 17,512 shares of the specialty retailer's stock, valued at approximately $926,000.

Other large investors have also recently made changes to their positions in the company. DJE Kapital AG purchased a new stake in shares of Etsy during the fourth quarter valued at $983,000. Pacer Advisors Inc. boosted its stake in shares of Etsy by 183.9% during the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer's stock valued at $331,067,000 after purchasing an additional 3,861,668 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Etsy by 12.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,131,020 shares of the specialty retailer's stock valued at $59,820,000 after purchasing an additional 122,126 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Etsy by 313.1% during the third quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer's stock valued at $30,125,000 after purchasing an additional 411,165 shares during the period. Finally, Thrivent Financial for Lutherans boosted its stake in shares of Etsy by 258.5% during the third quarter. Thrivent Financial for Lutherans now owns 118,434 shares of the specialty retailer's stock valued at $6,576,000 after purchasing an additional 85,396 shares during the period. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Stock Performance

Shares of NASDAQ:ETSY traded up $0.18 during midday trading on Friday, reaching $45.11. 11,112,880 shares of the company's stock traded hands, compared to its average volume of 3,582,688. Etsy, Inc. has a 1 year low of $43.43 and a 1 year high of $71.72. The company has a market cap of $4.83 billion, a P/E ratio of 19.03, a PEG ratio of 2.57 and a beta of 2.23. The company has a fifty day simple moving average of $51.57 and a two-hundred day simple moving average of $52.89.

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Etsy (NASDAQ:ETSY - Get Free Report) last announced its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.08. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The firm had revenue of $852.16 million for the quarter, compared to analyst estimates of $861.37 million. During the same quarter last year, the firm posted $0.62 EPS. The business's revenue was up 1.2% on a year-over-year basis. As a group, research analysts forecast that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ETSY. UBS Group lowered their target price on shares of Etsy from $55.00 to $54.00 and set a "neutral" rating for the company in a research note on Thursday, February 20th. Needham & Company LLC restated a "buy" rating and set a $60.00 price objective on shares of Etsy in a report on Thursday, February 20th. Wells Fargo & Company upped their price objective on shares of Etsy from $44.00 to $47.00 and gave the company an "underweight" rating in a report on Thursday, February 20th. Truist Financial cut their price objective on shares of Etsy from $70.00 to $67.00 and set a "buy" rating on the stock in a report on Wednesday, January 29th. Finally, Cantor Fitzgerald cut their price target on shares of Etsy from $46.00 to $43.00 and set a "neutral" rating on the stock in a report on Thursday, February 20th. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Etsy presently has an average rating of "Hold" and a consensus target price of $58.42.

Insider Activity

In other Etsy news, CEO Josh Silverman sold 21,666 shares of the firm's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $52.05, for a total value of $1,127,715.30. Following the transaction, the chief executive officer now owns 5,004 shares in the company, valued at approximately $260,458.20. This trade represents a 81.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Nicholas Daniel sold 1,500 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $50.48, for a total value of $75,720.00. Following the completion of the transaction, the insider now owns 20,698 shares in the company, valued at $1,044,835.04. The trade was a 6.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,666 shares of company stock worth $1,286,445 in the last quarter. Corporate insiders own 2.60% of the company's stock.

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.