Panagora Asset Management Inc. Buys 7,592 Shares of Etsy, Inc. (NASDAQ:ETSY)

Panagora Asset Management Inc. raised its position in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 1.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 429,001 shares of the specialty retailer's stock after purchasing an additional 7,592 shares during the period. Panagora Asset Management Inc. owned about 0.37% of Etsy worth $25,302,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sunbelt Securities Inc. raised its position in Etsy by 3,900.0% during the 1st quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer's stock valued at $30,000 after purchasing an additional 429 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Etsy by 402.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 447 shares of the specialty retailer's stock worth $36,000 after acquiring an additional 358 shares in the last quarter. Larson Financial Group LLC raised its position in shares of Etsy by 1,576.5% in the 1st quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer's stock worth $39,000 after acquiring an additional 536 shares in the last quarter. Principal Securities Inc. bought a new position in shares of Etsy in the 4th quarter worth $47,000. Finally, GAMMA Investing LLC bought a new position in shares of Etsy in the 4th quarter worth $54,000. 99.53% of the stock is owned by institutional investors.

Etsy Stock Performance

Shares of ETSY traded down $0.41 during midday trading on Friday, hitting $55.09. 9,732,783 shares of the stock were exchanged, compared to its average volume of 3,591,614. Etsy, Inc. has a 52-week low of $51.45 and a 52-week high of $89.58. The stock has a fifty day simple moving average of $58.01 and a 200 day simple moving average of $63.58. The firm has a market cap of $6.44 billion, a P/E ratio of 25.16, a P/E/G ratio of 5.02 and a beta of 2.02.

Etsy (NASDAQ:ETSY - Get Free Report) last released its quarterly earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.05). Etsy had a negative return on equity of 51.94% and a net margin of 10.36%. The firm had revenue of $647.80 million for the quarter, compared to analysts' expectations of $629.87 million. During the same quarter in the prior year, the business earned $0.83 earnings per share. The company's quarterly revenue was up 3.0% on a year-over-year basis. As a group, equities research analysts forecast that Etsy, Inc. will post 2.43 EPS for the current fiscal year.

Insider Transactions at Etsy

In other news, insider Nicholas Daniel sold 750 shares of the firm's stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $59.74, for a total transaction of $44,805.00. Following the completion of the transaction, the insider now directly owns 18,833 shares in the company, valued at $1,125,083.42. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Nicholas Daniel sold 750 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $59.74, for a total value of $44,805.00. Following the sale, the insider now directly owns 18,833 shares in the company, valued at $1,125,083.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Toni Thompson Nadal sold 1,444 shares of the firm's stock in a transaction on Monday, June 10th. The shares were sold at an average price of $65.68, for a total value of $94,841.92. Following the completion of the sale, the insider now owns 592 shares in the company, valued at $38,882.56. The disclosure for this sale can be found here. Insiders sold a total of 2,694 shares of company stock worth $169,687 over the last ninety days. Company insiders own 2.60% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on ETSY shares. Truist Financial reduced their price target on Etsy from $77.00 to $76.00 and set a "buy" rating for the company in a research report on Thursday, August 1st. Wolfe Research began coverage on Etsy in a research note on Tuesday, July 16th. They set a "peer perform" rating on the stock. BTIG Research dropped their target price on Etsy from $87.00 to $78.00 and set a "buy" rating on the stock in a research note on Thursday, May 2nd. Evercore ISI upgraded Etsy to a "strong-buy" rating in a research note on Thursday, August 1st. Finally, JMP Securities downgraded Etsy from an "outperform" rating to a "market perform" rating in a research note on Thursday, May 2nd. Four analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $71.55.

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.