Cardinal Point Capital Management ULC Acquires Shares of 4,985 Etsy, Inc. $ETSY

Cardinal Point Capital Management ULC acquired a new stake in shares of Etsy, Inc. (NASDAQ:ETSY) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 4,985 shares of the specialty retailer’s stock, valued at approximately $250,000.

Several other hedge funds and other institutional investors have also made changes to their positions in ETSY. Blue Trust Inc. lifted its stake in Etsy by 18.7% in the second quarter. Blue Trust Inc. now owns 1,150 shares of the specialty retailer’s stock worth $58,000 after purchasing an additional 181 shares during the last quarter. Signaturefd LLC lifted its stake in Etsy by 52.7% in the second quarter. Signaturefd LLC now owns 556 shares of the specialty retailer’s stock worth $28,000 after purchasing an additional 192 shares during the last quarter. Allworth Financial LP lifted its stake in Etsy by 47.6% in the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer’s stock worth $35,000 after purchasing an additional 248 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Etsy by 27.5% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,299 shares of the specialty retailer’s stock worth $65,000 after purchasing an additional 280 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its stake in Etsy by 10.5% in the first quarter. Geneos Wealth Management Inc. now owns 4,343 shares of the specialty retailer’s stock worth $205,000 after purchasing an additional 412 shares during the last quarter. Institutional investors own 99.53% of the company’s stock.

Etsy Stock Down 0.1%

Shares of ETSY stock opened at $73.79 on Friday. The firm has a market cap of $7.31 billion, a price-to-earnings ratio of 59.51, a PEG ratio of 10.65 and a beta of 1.85. The company’s 50 day moving average is $63.99 and its 200 day moving average is $56.93. Etsy, Inc. has a 52-week low of $40.05 and a 52-week high of $76.51.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.29). The business had revenue of $672.66 million for the quarter, compared to analysts’ expectations of $645.16 million. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.41 earnings per share. Analysts anticipate that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

Insider Buying and Selling at Etsy

In other Etsy news, insider Goyal Kruti Patel sold 11,944 shares of Etsy stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $59.31, for a total value of $708,398.64. Following the transaction, the insider directly owned 47,529 shares of the company’s stock, valued at approximately $2,818,944.99. The trade was a 20.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Melissa Reiff sold 6,909 shares of Etsy stock in a transaction on Friday, August 1st. The stock was sold at an average price of $58.89, for a total transaction of $406,871.01. Following the completion of the transaction, the director directly owned 16,424 shares in the company, valued at $967,209.36. This represents a 29.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 402,667 shares of company stock valued at $26,362,857. 2.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ETSY shares. UBS Group raised their price objective on shares of Etsy from $67.00 to $75.00 and gave the stock a “neutral” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $72.00 price objective on shares of Etsy in a research note on Thursday. Arete Research raised shares of Etsy from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 7th. BTIG Research raised their target price on shares of Etsy from $72.00 to $81.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Finally, JPMorgan Chase & Co. raised their target price on shares of Etsy from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Monday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, seventeen have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $62.00.

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.