Connor Clark & Lunn Investment Management Ltd. Makes New $15.63 Million Investment in Etsy, Inc. (NASDAQ:ETSY)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Etsy, Inc. (NASDAQ:ETSY) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 295,512 shares of the specialty retailer’s stock, valued at approximately $15,630,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Lindbrook Capital LLC increased 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 purchasing an additional 181 shares in the last quarter. Larson Financial Group LLC increased its holdings in Etsy by 8.7% during the 4th quarter. Larson Financial Group LLC now owns 2,728 shares of the specialty retailer’s stock worth $144,000 after purchasing an additional 218 shares in the last quarter. Denver PWM LLC increased its holdings in Etsy by 36.1% during 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 in the last quarter. Gagnon Securities LLC increased its holdings in Etsy by 7.9% during the 4th quarter. Gagnon Securities LLC now owns 5,148 shares of the specialty retailer’s stock worth $272,000 after purchasing an additional 376 shares in the last quarter. Finally, M&T Bank Corp grew its holdings in shares of Etsy by 7.3% in the 4th quarter. M&T Bank Corp now owns 6,009 shares of the specialty retailer’s stock valued at $318,000 after acquiring an additional 409 shares in the last quarter. Institutional investors own 99.53% of the company’s stock.

Insider Activity

In related 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 transaction of $1,127,715.30. Following the transaction, the chief executive officer now owns 5,004 shares of the company’s stock, valued at approximately $260,458.20. This trade represents a 81.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $50.48, for a total transaction of $75,720.00. Following the transaction, the insider now directly owns 20,698 shares in the company, valued at approximately $1,044,835.04. This represents a 6.76 % 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 worth $1,286,445. 2.60% of the stock is currently owned by corporate insiders.

Etsy Trading Down 1.2 %

Shares of ETSY stock opened at $44.40 on Friday. The stock has a market capitalization of $4.75 billion, a P/E ratio of 18.73, a PEG ratio of 2.57 and a beta of 2.23. The firm’s 50 day moving average is $52.79 and its 200 day moving average is $53.37. Etsy, Inc. has a 12 month low of $43.75 and a 12 month high of $71.72.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.08. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. 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 prior year, the company posted $0.62 EPS. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. On average, equities analysts predict that Etsy, Inc. will post 2.57 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ETSY shares. Wells Fargo & Company raised their price objective on Etsy from $44.00 to $47.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. Moffett Nathanson lifted their price target on Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Citigroup cut their price objective on shares of Etsy from $56.00 to $53.00 and set a “neutral” rating for the company in a research report on Thursday, February 20th. Jefferies Financial Group raised shares of Etsy from an “underperform” rating to a “hold” rating and lifted their price objective for the company from $45.00 to $55.00 in a research note on Monday, January 13th. Finally, Deutsche Bank Aktiengesellschaft cut shares of Etsy to a “hold” rating and reduced their price objective for the stock from $45.00 to $43.00 in a research note on Wednesday, February 12th. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $58.78.

About Etsy

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.