Clearline Capital LP Cuts Stake in Etsy, Inc. (NASDAQ:ETSY)

Clearline Capital LP lessened its position in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 19.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 335,132 shares of the specialty retailer's stock after selling 78,611 shares during the period. Etsy makes up about 2.3% of Clearline Capital LP's holdings, making the stock its 12th biggest position. Clearline Capital LP owned 0.30% of Etsy worth $17,725,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ETSY. Lindbrook Capital LLC increased its holdings in shares of Etsy by 55.7% in the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer's stock worth $27,000 after purchasing an additional 181 shares during the period. Hurley Capital LLC purchased a new position in Etsy during the fourth quarter worth about $32,000. Strategic Investment Solutions Inc. IL bought a new position in Etsy in the 4th quarter worth about $34,000. Summit Securities Group LLC bought a new position in Etsy in the 4th quarter worth about $37,000. Finally, Kestra Investment Management LLC purchased a new stake in shares of Etsy in the 4th quarter valued at about $38,000. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Etsy

In other news, CEO Josh Silverman sold 21,666 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $52.05, for a total value of $1,127,715.30. Following the completion of the transaction, the chief executive officer now owns 5,004 shares of the company's stock, valued at approximately $260,458.20. This represents a 81.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction that occurred on Thursday, April 3rd. The shares were sold at an average price of $48.40, for a total value of $81,118.40. The disclosure for this sale can be found here. Insiders have sold 72,618 shares of company stock worth $3,469,803 over the last 90 days. 2.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ETSY. Deutsche Bank Aktiengesellschaft set a $40.00 price objective on shares of Etsy and gave the stock a "hold" rating in a research report on Monday, April 14th. Jefferies Financial Group raised shares of Etsy from an "underperform" rating to a "hold" rating and increased their price target for the stock from $45.00 to $55.00 in a report on Monday, January 13th. Citigroup dropped their price objective on shares of Etsy from $53.00 to $48.00 and set a "neutral" rating for the company in a report on Friday, April 25th. Loop Capital reduced their target price on Etsy from $40.00 to $37.00 and set a "sell" rating on the stock in a research note on Thursday, May 1st. Finally, Stifel Nicolaus dropped their price target on Etsy from $51.00 to $45.00 and set a "hold" rating for the company in a research note on Wednesday, April 23rd. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $50.14.

Etsy Price Performance

ETSY traded down $1.07 during midday trading on Tuesday, reaching $46.52. 2,218,896 shares of the company's stock traded hands, compared to its average volume of 3,863,137. Etsy, Inc. has a 52 week low of $40.05 and a 52 week high of $66.93. The firm has a fifty day moving average of $45.40 and a two-hundred day moving average of $50.95. The stock has a market capitalization of $4.85 billion, a price-to-earnings ratio of 19.63, a P/E/G ratio of 2.57 and a beta of 1.78.

Etsy (NASDAQ:ETSY - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 EPS for the quarter, missing analysts' consensus estimates of $0.50 by ($0.04). The business had revenue of $651.18 million during the quarter, compared to analysts' expectations of $642.22 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The business's revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.48 EPS. Sell-side analysts forecast that Etsy, Inc. will post 2.57 EPS for the current year.

Etsy 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.