Connor Clark & Lunn Investment Management Ltd. Acquires New Holdings in Etsy, Inc. (NASDAQ:ETSY)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Etsy, Inc. (NASDAQ:ETSY) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 295,512 shares of the specialty retailer’s stock, valued at approximately $15,630,000. Connor Clark & Lunn Investment Management Ltd. owned 0.26% of Etsy as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Lindbrook Capital LLC grew its holdings in Etsy by 55.7% during the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after acquiring an additional 181 shares during the period. Kestra Investment Management LLC acquired a new position in Etsy during the fourth quarter worth about $38,000. Versant Capital Management Inc grew its holdings in Etsy by 153.1% during the fourth quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer’s stock worth $44,000 after acquiring an additional 499 shares during the period. Blue Trust Inc. increased its stake in Etsy by 95.1% in the 4th quarter. Blue Trust Inc. now owns 874 shares of the specialty retailer’s stock worth $46,000 after purchasing an additional 426 shares in the last quarter. Finally, Prospera Private Wealth LLC purchased a new position in Etsy in the 3rd quarter worth about $59,000. 99.53% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently weighed in on ETSY shares. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Etsy in a research note on Thursday, February 20th. Canaccord Genuity Group dropped their price target on Etsy from $105.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. Wells Fargo & Company lifted their price target on Etsy from $44.00 to $47.00 and gave the stock an “underweight” rating in a research note on Thursday, February 20th. Stifel Nicolaus dropped their price target on Etsy from $56.00 to $51.00 and set a “hold” rating on the stock in a research note on Thursday, February 20th. Finally, Truist Financial decreased their price objective on Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $58.78.

Insiders Place Their Bets

In other news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total value of $83,010.00. Following the transaction, the insider now owns 22,198 shares of the company’s stock, valued at $1,228,437.32. This represents a 6.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction, the chief executive officer now directly owns 5,004 shares in the company, valued at approximately $260,458.20. This trade represents a 81.24 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,666 shares of company stock valued at $1,286,445. 2.60% of the stock is currently owned by corporate insiders.

Etsy Stock Down 1.2 %

Shares of NASDAQ ETSY opened at $44.40 on Friday. The business’s 50 day moving average is $52.79 and its two-hundred day moving average is $53.37. The company has a market cap of $4.75 billion, a P/E ratio of 18.73, a P/E/G ratio of 2.57 and a beta of 2.23. Etsy, Inc. has a 12 month low of $43.75 and a 12 month high of $71.72.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data 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 business had revenue of $852.16 million for the quarter, compared to analysts’ expectations of $861.37 million. During the same period in the previous year, the business posted $0.62 earnings per share. Etsy’s quarterly revenue was up 1.2% on a year-over-year basis. Sell-side analysts expect that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

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.