Convergence Investment Partners LLC Takes $1.02 Million Position in Etsy Inc $ETSY

Convergence Investment Partners LLC acquired a new position in shares of Etsy Inc (NYSE:ETSY) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 20,475 shares of the company’s stock, valued at approximately $1,023,000.

Several other institutional investors have also recently modified their holdings of ETSY. Integrated Wealth Concepts LLC lifted its stake in Etsy by 19.1% in the 1st quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the company’s stock valued at $282,000 after buying an additional 961 shares in the last quarter. Empowered Funds LLC increased its position in Etsy by 55.5% during the first quarter. Empowered Funds LLC now owns 9,673 shares of the company’s stock worth $456,000 after buying an additional 3,451 shares in the last quarter. Woodline Partners LP acquired a new position in shares of Etsy in the first quarter worth $2,181,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Etsy by 33.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,594 shares of the company’s stock worth $180,000 after acquiring an additional 906 shares during the last quarter. Finally, M&T Bank Corp purchased a new stake in shares of Etsy in the second quarter valued at $232,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Etsy Stock Down 2.9%

ETSY stock opened at $81.63 on Wednesday. Etsy Inc has a 52-week low of $44.00 and a 52-week high of $87.14. The stock’s fifty day simple moving average is $71.71 and its 200-day simple moving average is $61.62. The stock has a market capitalization of $7.75 billion, a price-to-earnings ratio of 34.01, a price-to-earnings-growth ratio of 3.29 and a beta of 1.83.

Insider Buying and Selling at Etsy

In related news, insider Josh Silverman sold 134,730 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $68.89, for a total transaction of $9,281,549.70. Following the transaction, the insider directly owned 130,694 shares in the company, valued at approximately $9,003,509.66. This represents a 50.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $74.39, for a total value of $1,487,800.00. Following the completion of the sale, the director directly owned 441,329 shares in the company, valued at approximately $32,830,464.31. The trade was a 4.34% decrease in their ownership of the stock. 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 658,943 shares of company stock valued at $47,305,981 over the last quarter. Insiders own 2.50% of the company’s stock.

Analyst Upgrades and Downgrades

ETSY has been the topic of a number of analyst reports. UBS Group raised Etsy from a “neutral” rating to a “neutral” rating in a research note on Thursday, May 21st. Canaccord Genuity Group boosted their target price on shares of Etsy from $72.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. BTIG Research lowered shares of Etsy from a “buy” rating to a “neutral” rating in a report on Thursday, July 16th. Guggenheim began coverage on shares of Etsy in a research note on Thursday, May 21st. They set a “buy” rating on the stock. Finally, Zacks Research downgraded shares of Etsy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $75.16.

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.