Etsy, Inc. (NASDAQ:ETSY) CEO Josh Silverman Sells 21,666 Shares

Etsy, Inc. (NASDAQ:ETSY) CEO Josh Silverman sold 21,666 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 5,004 shares in the company, valued at $260,458.20. This represents a 81.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Etsy Trading Down 2.7 %

Shares of ETSY opened at $51.70 on Thursday. The company’s 50-day moving average price is $54.01 and its 200 day moving average price is $53.75. Etsy, Inc. has a 12-month low of $47.10 and a 12-month high of $73.48. The firm has a market cap of $5.54 billion, a P/E ratio of 21.81, a price-to-earnings-growth ratio of 2.57 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $861.37 million. During the same period in the previous year, the firm earned $0.62 EPS. The business’s revenue was up 1.2% on a year-over-year basis. Equities research analysts forecast that Etsy, Inc. will post 2.57 earnings per share for the current year.

Etsy declared that its board has approved a share repurchase program on Wednesday, October 30th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the specialty retailer to purchase up to 17.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ETSY shares. Truist Financial reduced their target price on Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Deutsche Bank Aktiengesellschaft downgraded Etsy to a “hold” rating and reduced their price objective for the company from $45.00 to $43.00 in a research note on Wednesday, February 12th. Wells Fargo & Company lifted their target price on shares of Etsy from $44.00 to $47.00 and gave the stock an “underweight” rating in a research note on Thursday, February 20th. Jefferies Financial Group upgraded shares of Etsy from an “underperform” rating to a “hold” rating and increased their target price for the company from $45.00 to $55.00 in a research report on Monday, January 13th. Finally, Loop Capital lowered their price target on shares of Etsy from $45.00 to $40.00 and set a “sell” rating on the stock in a research report on Thursday, February 20th. Four equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Etsy has an average rating of “Hold” and an average target price of $58.78.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Meritage Portfolio Management raised its holdings in shares of Etsy by 152.4% in the 3rd quarter. Meritage Portfolio Management now owns 264,689 shares of the specialty retailer’s stock valued at $14,698,000 after buying an additional 159,820 shares during the period. Pacer Advisors Inc. grew its position in Etsy by 183.9% in the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after acquiring an additional 3,861,668 shares in the last quarter. Principal Financial Group Inc. increased its stake in Etsy by 313.1% during the third quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock worth $30,125,000 after purchasing an additional 411,165 shares during the period. Thrivent Financial for Lutherans lifted its position in shares of Etsy by 258.5% during the third quarter. Thrivent Financial for Lutherans now owns 118,434 shares of the specialty retailer’s stock worth $6,576,000 after purchasing an additional 85,396 shares in the last quarter. Finally, American Capital Advisory LLC boosted its stake in shares of Etsy by 1,204,900.0% in the fourth quarter. American Capital Advisory LLC now owns 12,050 shares of the specialty retailer’s stock valued at $637,000 after purchasing an additional 12,049 shares during the period. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Etsy Company 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.