Norges Bank Invests $74.24 Million in Etsy, Inc. (NASDAQ:ETSY)

Norges Bank bought a new stake in Etsy, Inc. (NASDAQ:ETSY - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,403,577 shares of the specialty retailer's stock, valued at approximately $74,235,000. Norges Bank owned 1.25% of Etsy as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Cerity Partners LLC increased its holdings in shares of Etsy by 28.9% in the 3rd quarter. Cerity Partners LLC now owns 22,884 shares of the specialty retailer's stock worth $1,271,000 after acquiring an additional 5,128 shares during the period. Glenmede Trust Co. NA acquired a new stake in shares of Etsy in the third quarter valued at approximately $222,000. CreativeOne Wealth LLC bought a new stake in shares of Etsy during the third quarter valued at approximately $238,000. Janus Henderson Group PLC boosted its position in shares of Etsy by 7.8% during the third quarter. Janus Henderson Group PLC now owns 482,262 shares of the specialty retailer's stock worth $26,780,000 after buying an additional 34,991 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its holdings in Etsy by 146.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 22,876 shares of the specialty retailer's stock worth $1,270,000 after buying an additional 13,577 shares in the last quarter. 99.53% of the stock is owned by institutional investors.

Etsy Stock Down 8.2 %

Shares of ETSY traded down $3.99 during mid-day trading on Friday, reaching $44.42. The company's stock had a trading volume of 7,964,597 shares, compared to its average volume of 3,762,340. 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 $4.76 billion, a price-to-earnings ratio of 18.74, a price-to-earnings-growth ratio of 2.57 and a beta of 2.15. The business has a fifty day moving average of $50.45 and a 200 day moving average of $52.43.

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Canaccord Genuity Group reduced their price target on Etsy from $105.00 to $76.00 and set a "buy" rating for the company in a research report on Thursday, February 20th. Cantor Fitzgerald lowered their target price on shares of Etsy from $46.00 to $43.00 and set a "neutral" rating on the stock in a research note on Thursday, February 20th. Deutsche Bank Aktiengesellschaft downgraded shares of Etsy to a "hold" rating and dropped their price target for the stock from $45.00 to $43.00 in a research report on Wednesday, February 12th. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price objective on shares of Etsy in a report on Thursday, February 20th. Finally, Loop Capital dropped their target price on Etsy from $45.00 to $40.00 and set a "sell" rating on the stock in a report on Thursday, February 20th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $58.38.

Insider Buying and Selling at Etsy

In other news, insider Nicholas Daniel sold 1,500 shares of the company's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the transaction, the insider now directly owns 22,198 shares of the company's stock, valued at approximately $1,228,437.32. This represents a 6.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $48.40, for a total value of $81,118.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,952 shares of company stock worth $2,554,620. 2.60% of the stock is currently owned by company insiders.

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.