Etsy, Inc. (NASDAQ:ETSY) Stock Position Raised by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC increased its stake in Etsy, Inc. (NASDAQ:ETSY) by 2,298.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 52,444 shares of the specialty retailer’s stock after acquiring an additional 50,257 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Etsy were worth $2,802,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Lindbrook Capital LLC raised its holdings in Etsy by 55.7% during the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after buying an additional 181 shares during the period. Larson Financial Group LLC raised its holdings in shares of Etsy by 8.7% during the fourth quarter. Larson Financial Group LLC now owns 2,728 shares of the specialty retailer’s stock valued at $144,000 after acquiring an additional 218 shares during the period. Heron Bay Capital Management lifted its position in shares of Etsy by 1.3% in the 4th quarter. Heron Bay Capital Management now owns 20,260 shares of the specialty retailer’s stock valued at $1,072,000 after acquiring an additional 258 shares in the last quarter. Denver PWM LLC boosted its stake in Etsy by 36.1% in the 4th quarter. Denver PWM LLC now owns 1,090 shares of the specialty retailer’s stock worth $58,000 after purchasing an additional 289 shares during the period. Finally, Gagnon Securities LLC raised its stake in Etsy by 7.9% during the 4th quarter. Gagnon Securities LLC now owns 5,148 shares of the specialty retailer’s stock valued at $272,000 after purchasing an additional 376 shares during the period. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Price Performance

Shares of ETSY opened at $50.42 on Thursday. The company has a market capitalization of $5.40 billion, a PE ratio of 21.27, a price-to-earnings-growth ratio of 2.57 and a beta of 2.15. Etsy, Inc. has a one year low of $43.43 and a one year high of $71.72. The company’s fifty day moving average price is $50.70 and its 200 day moving average price is $52.54.

Etsy (NASDAQ:ETSY) last posted 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 business had revenue of $852.16 million for 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 firm’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.62 earnings per share. Analysts anticipate that Etsy, Inc. will post 2.57 earnings per share for the current year.

Insider Activity

In other Etsy news, CEO Josh Silverman sold 21,666 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $52.05, for a total value of $1,127,715.30. Following the completion of the sale, the chief executive officer now directly owns 5,004 shares of the company’s stock, valued at $260,458.20. This represents a 81.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Nicholas Daniel sold 1,500 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $50.48, for a total transaction of $75,720.00. Following the transaction, the insider now owns 20,698 shares in the company, valued at approximately $1,044,835.04. The trade was a 6.76 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,666 shares of company stock valued at $1,286,445. 2.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on ETSY shares. JPMorgan Chase & Co. began coverage on Etsy in a research report on Wednesday, March 19th. They issued a “neutral” rating and a $50.00 target price for the company. Loop Capital lowered their target price on Etsy from $45.00 to $40.00 and set a “sell” rating on the stock in a research note on Thursday, February 20th. Wells Fargo & Company reduced their price target on shares of Etsy from $47.00 to $46.00 and set an “underweight” rating for the company in a research report on Wednesday. JMP Securities reaffirmed a “market perform” rating on shares of Etsy in a research report on Monday, December 16th. Finally, Canaccord Genuity Group cut their target price on shares of Etsy from $105.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $58.38.

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.