Etsy, Inc. (NASDAQ:ETSY) CEO Sells $9,100,000.00 in Stock

Key Points

• Josh Silverman, CEO of Etsy, sold $9.1 million worth of stock by transferring 140,000 shares at an average price of $65, leading to a 69.08% decrease in his ownership stake.
• Etsy's shares traded at $62.46, down $1.52, compared to its 50-day average price of $55.28 and a 12-month high of $66.31.
• Multiple research analysts have revised their price targets for Etsy, with Goldman Sachs setting a new target of $31.00 and labeling it a "sell," while B. Riley updated theirs to $55.00 with a "buy" rating.

Etsy, Inc. (NASDAQ:ETSY - Get Free Report) CEO Josh Silverman sold 140,000 shares of the firm's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $65.00, for a total transaction of $9,100,000.00. Following the completion of the transaction, the chief executive officer directly owned 62,674 shares in the company, valued at $4,073,810. This trade represents a 69.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Josh Silverman also recently made the following trade(s):

• On Tuesday, July 1st, Josh Silverman sold 21,666 shares of Etsy stock. The stock was sold at an average price of $51.37, for a total value of $1,112,982.42.
• On Monday, June 2nd, Josh Silverman sold 151,666 shares of Etsy stock. The stock was sold at an average price of $57.68, for a total value of $8,748,094.88.
• On Thursday, May 1st, Josh Silverman sold 21,666 shares of Etsy stock. The stock was sold at an average price of $43.09, for a total transaction of $933,587.94.

Etsy Stock Up 1.4%

Shares of NASDAQ:ETSY traded up $0.84 during trading on Monday, hitting $63.30. The stock had a trading volume of 2,219,243 shares, compared to its average volume of 4,697,494. The company has a market capitalization of $6.60 billion, a PE ratio of 45.18, a PEG ratio of 3.41 and a beta of 1.74. The firm's fifty day moving average is $55.59 and its 200 day moving average is $51.17. Etsy, Inc. has a 12 month low of $40.05 and a 12 month high of $66.31.

Etsy (NASDAQ:ETSY - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The specialty retailer reported $0.46 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.04). Etsy had a net margin of 6.69% and a negative return on equity of 39.60%. The firm had revenue of $651.18 million for the quarter, compared to analysts' expectations of $642.22 million. During the same period in the prior year, the business posted $0.48 EPS. The business's quarterly revenue was up .8% compared to the same quarter last year. Equities research analysts expect that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

Institutional Investors Weigh In On Etsy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Versant Capital Management Inc raised its holdings in shares of Etsy by 1,066.3% during the first quarter. Versant Capital Management Inc now owns 9,622 shares of the specialty retailer's stock valued at $454,000 after purchasing an additional 8,797 shares during the last quarter. Brooklyn FI LLC purchased a new position in shares of Etsy during the 4th quarter valued at $5,229,000. JBGlobal.com LLC boosted its stake in shares of Etsy by 68.2% in the first quarter. JBGlobal.com LLC now owns 12,837 shares of the specialty retailer's stock worth $606,000 after acquiring an additional 5,206 shares during the period. Natixis Advisors LLC bought a new stake in shares of Etsy during the fourth quarter valued at approximately $606,000. Finally, Praxis Investment Management Inc. bought a new position in shares of Etsy during the 1st quarter valued at about $232,000. Hedge funds and other institutional investors own 99.53% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ETSY. Stifel Nicolaus reduced their target price on shares of Etsy from $51.00 to $45.00 and set a "hold" rating for the company in a research report on Wednesday, April 23rd. Piper Sandler decreased their target price on Etsy from $52.00 to $40.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. B. Riley cut their price target on Etsy from $62.00 to $55.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Bank of America lowered their price objective on Etsy from $55.00 to $50.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Finally, Citigroup cut their target price on shares of Etsy from $53.00 to $48.00 and set a "neutral" rating for the company in a research report on Friday, April 25th. Five analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Etsy presently has a consensus rating of "Hold" and a consensus target price of $51.71.

About Etsy

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.