3,880,316 Shares in Etsy Inc $ETSY Acquired by Lone Pine Capital LLC

Lone Pine Capital LLC bought a new stake in shares of Etsy Inc (NYSE:ETSY) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 3,880,316 shares of the company’s stock, valued at approximately $257,614,000. Etsy comprises 1.9% of Lone Pine Capital LLC’s investment portfolio, making the stock its 24th largest holding. Lone Pine Capital LLC owned approximately 3.93% of Etsy at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Smartleaf Asset Management LLC lifted its holdings in shares of Etsy by 10.0% during the second quarter. Smartleaf Asset Management LLC now owns 1,734 shares of the company’s stock valued at $88,000 after purchasing an additional 158 shares in the last quarter. Alamea Verwaltungs GmbH boosted its position in shares of Etsy by 2.3% during the second quarter. Alamea Verwaltungs GmbH now owns 7,380 shares of the company’s stock valued at $370,000 after buying an additional 169 shares during the last quarter. Ameritas Investment Partners Inc. increased its holdings in Etsy by 0.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 28,705 shares of the company’s stock worth $1,440,000 after buying an additional 172 shares in the last quarter. Heron Bay Capital Management increased its holdings in Etsy by 0.8% in the 2nd quarter. Heron Bay Capital Management now owns 26,215 shares of the company’s stock worth $1,315,000 after buying an additional 219 shares in the last quarter. Finally, Ballentine Partners LLC raised its position in Etsy by 5.2% in the 3rd quarter. Ballentine Partners LLC now owns 4,951 shares of the company’s stock worth $329,000 after buying an additional 243 shares during the last quarter. Institutional investors own 99.53% of the company’s stock.

Etsy Stock Up 2.3%

NYSE ETSY opened at $53.20 on Tuesday. Etsy Inc has a 52 week low of $40.05 and a 52 week high of $76.51. The stock has a market cap of $5.12 billion, a price-to-earnings ratio of 40.61, a P/E/G ratio of 3.31 and a beta of 1.74. The company’s 50-day simple moving average is $55.27.

Etsy (NYSE:ETSY) last posted its quarterly earnings data on Thursday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. The company had revenue of $881.64 million for the quarter. Etsy had a net margin of 5.65% and a negative return on equity of 24.94%.

Etsy announced that its Board of Directors has approved a share repurchase program on Thursday, December 18th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the company to buy up to 14.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ETSY shares. BNP Paribas Exane initiated coverage on shares of Etsy in a report on Monday, November 24th. They set a “neutral” rating on the stock. Wall Street Zen raised shares of Etsy from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Cantor Fitzgerald lowered their price objective on shares of Etsy from $55.00 to $51.00 and set a “neutral” rating on the stock in a research report on Friday, February 20th. B. Riley Financial dropped their target price on shares of Etsy from $78.00 to $70.00 and set a “buy” rating on the stock in a report on Friday, February 20th. Finally, Morgan Stanley cut their target price on shares of Etsy from $65.00 to $60.00 and set an “equal weight” rating for the company in a research report on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, seventeen have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $60.80.

Insiders Place Their Bets

In other news, insider Josh Silverman sold 86,666 shares of the company’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $57.46, for a total value of $4,979,828.36. Following the completion of the sale, the insider directly owned 90,661 shares in the company, valued at $5,209,381.06. This represents a 48.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Merilee Buckley sold 5,636 shares of the firm’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $58.45, for a total value of $329,424.20. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 116,058 shares of company stock worth $6,576,362. Company insiders own 2.80% of the company’s stock.

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.