Wed Sep 11 09:37:06 UTC 2024: ## Arizona State Retirement System Trims Etsy Holdings as Institutional Investors Diversify

**New York, NY** – Arizona State Retirement System reduced its stake in online marketplace Etsy, Inc. (NASDAQ: ETSY) by 1.0% in the second quarter, according to a recent SEC filing. The system now owns 32,604 shares of the company, valued at $1.92 million.

This move comes as several other large investors have adjusted their holdings in Etsy. Vanguard Group Inc. increased its position by 0.7%, while Capital International Investors boosted its stake by 0.6%. Van ECK Associates Corp. significantly lifted its holdings by 14.3%, and Bares Capital Management Inc. increased its stake by 0.9%. Artisan Partners Limited Partnership also saw an increase of 2.0% in its Etsy holdings.

Despite the trimming by Arizona State Retirement System, institutional investors remain heavily invested in Etsy, with 99.53% of the stock owned by them.

Analysts remain divided on Etsy’s future performance. While Wedbush reaffirmed a “neutral” rating with a $65.00 price objective, Oppenheimer downgraded the stock from “outperform” to “market perform.” Wolfe Research initiated coverage with a “peer perform” rating, while Loop Capital dropped its price target to $45.00 and issued a “sell” rating. Evercore ISI, however, upgraded the stock to a “strong-buy” rating. Overall, analysts have assigned an average rating of “Hold” with an average target price of $70.61.

Etsy’s recent earnings report showed a miss on analysts’ expectations for earnings per share, despite revenue exceeding forecasts. The company reported $0.41 EPS for the quarter, compared to an expected $0.46. Revenue reached $647.80 million, exceeding the projected $629.87 million.

The company’s stock opened at $52.58 on Wednesday, with a 52-week low of $51.45 and a 52-week high of $89.58.

Etsy’s future performance will likely be influenced by factors such as evolving consumer spending patterns, competition within the online marketplace sector, and the company’s ability to effectively manage its platform. The company continues to operate two-sided online marketplaces connecting buyers and sellers in multiple countries, offering a diverse selection of handmade and vintage items.

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