State Board of Administration of Florida Retirement System Increases Stake in Etsy Inc (NASDAQ:ETSY)

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State Board of Administration of Florida Retirement System raised its position in Etsy Inc (NASDAQ:ETSY) by 105.6% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 128,430 shares of the specialty retailer’s stock after purchasing an additional 65,953 shares during the period. State Board of Administration of Florida Retirement System owned 0.11% of Etsy worth $7,882,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ETSY. Meeder Asset Management Inc. boosted its holdings in Etsy by 348.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 2,774 shares of the specialty retailer’s stock valued at $169,000 after acquiring an additional 2,156 shares during the period. Lisanti Capital Growth LLC boosted its holdings in Etsy by 36.6% during the 2nd quarter. Lisanti Capital Growth LLC now owns 55,080 shares of the specialty retailer’s stock valued at $3,380,000 after acquiring an additional 14,760 shares during the period. Hillsdale Investment Management Inc. boosted its holdings in Etsy by 23.1% during the 2nd quarter. Hillsdale Investment Management Inc. now owns 13,300 shares of the specialty retailer’s stock valued at $816,000 after acquiring an additional 2,500 shares during the period. Swiss National Bank boosted its holdings in Etsy by 12.6% during the 2nd quarter. Swiss National Bank now owns 222,500 shares of the specialty retailer’s stock valued at $13,655,000 after acquiring an additional 24,900 shares during the period. Finally, TimesSquare Capital Management LLC boosted its holdings in Etsy by 79.7% during the 2nd quarter. TimesSquare Capital Management LLC now owns 322,300 shares of the specialty retailer’s stock valued at $19,780,000 after acquiring an additional 142,900 shares during the period. Institutional investors own 92.92% of the company’s stock.

A number of equities analysts recently commented on ETSY shares. BidaskClub cut Etsy from a “hold” rating to a “sell” rating in a report on Thursday, August 15th. Needham & Company LLC began coverage on Etsy in a research note on Monday, July 1st. They issued a “buy” rating and a $75.00 price objective for the company. KeyCorp set a $90.00 price objective on Etsy and gave the company a “buy” rating in a research note on Friday, August 2nd. Stifel Nicolaus upgraded Etsy from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Wednesday, August 21st. Finally, BTIG Research upgraded Etsy from a “neutral” rating to a “buy” rating and set a $79.00 price objective for the company in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the stock. Etsy presently has an average rating of “Buy” and an average price target of $73.13.

In other Etsy news, insider Michael T. Fisher sold 5,208 shares of Etsy stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $55.30, for a total transaction of $288,002.40. Following the transaction, the insider now owns 22,580 shares of the company’s stock, valued at $1,248,674. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CTO Michael T. Fisher sold 5,209 shares of Etsy stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $61.31, for a total value of $319,363.79. Following the transaction, the chief technology officer now directly owns 32,435 shares in the company, valued at approximately $1,988,589.85. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,572 shares of company stock valued at $2,046,791. 3.00% of the stock is owned by company insiders.

ETSY stock traded down $0.33 during trading on Wednesday, hitting $53.08. 2,386 shares of the company’s stock were exchanged, compared to its average volume of 2,896,874. The business has a 50-day moving average price of $60.74 and a two-hundred day moving average price of $63.70. The stock has a market capitalization of $6.37 billion, a price-to-earnings ratio of 86.64, a PEG ratio of 3.28 and a beta of 0.92. Etsy Inc has a 52-week low of $38.02 and a 52-week high of $73.35. The company has a current ratio of 4.47, a quick ratio of 4.47 and a debt-to-equity ratio of 0.77.

Etsy (NASDAQ:ETSY) last posted its earnings results on Thursday, August 1st. The specialty retailer reported $0.14 earnings per share for the quarter, hitting the consensus estimate of $0.14. The firm had revenue of $181.10 million during the quarter, compared to analysts’ expectations of $183.28 million. Etsy had a return on equity of 26.77% and a net margin of 15.83%. The firm’s revenue was up 36.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.07 earnings per share. On average, equities research analysts anticipate that Etsy Inc will post 0.8 earnings per share for the current fiscal year.

About Etsy

Etsy, Inc operates Etsy.com, a commerce platform to make, sell, and buy goods online and offline primarily in the United States, United Kingdom, Canada, Australia, France, and Germany. It provides various seller services and tools that are designed to help entrepreneurs for starting, managing, and scaling their businesses.

See Also: Capital Gains Distribution

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Institutional Ownership by Quarter for Etsy (NASDAQ:ETSY)

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