Etsy (NASDAQ:ETSY) CEO Josh Silverman Sells 150,000 Shares

Key Points

• Etsy CEO Josh Silverman sold 150,000 shares of the company at an average price of $72.50, totaling $10,875,000, significantly decreasing his ownership stake by 70.53%.
• After the sale, Silverman retains 62,674 shares valued around $4.54 million, indicating a considerable reduction in his financial commitment to the company.
• Several analysts have revised their price targets for Etsy shares, with forecasts ranging from $50 to $81, reflecting mixed sentiments from the financial community.

Etsy, Inc. (NASDAQ:ETSY - Get Free Report) CEO Josh Silverman sold 150,000 shares of the stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $72.50, for a total transaction of $10,875,000.00. Following the transaction, the chief executive officer owned 62,674 shares of the company's stock, valued at approximately $4,543,865. This represents a 70.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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

• On Thursday, September 18th, Josh Silverman sold 70,000 shares of Etsy stock. The shares were sold at an average price of $65.00, for a total transaction of $4,550,000.00.
• On Monday, September 8th, Josh Silverman sold 65,000 shares of Etsy stock. The shares were sold at an average price of $57.50, for a total transaction of $3,737,500.00.
• On Tuesday, September 2nd, Josh Silverman sold 21,666 shares of Etsy stock. The shares were sold at an average price of $51.61, for a total transaction of $1,118,182.26.
• On Friday, August 1st, Josh Silverman sold 21,666 shares of Etsy stock. The shares were sold at an average price of $58.76, for a total transaction of $1,273,094.16.
• On Thursday, July 24th, Josh Silverman sold 140,000 shares of Etsy stock. The shares were sold at an average price of $65.00, for a total transaction of $9,100,000.00.

Etsy Price Performance

Etsy stock traded up $4.10 during trading hours on Wednesday, hitting $70.49. The company had a trading volume of 9,056,624 shares, compared to its average volume of 5,158,059. The firm has a market cap of $6.99 billion, a PE ratio of 56.85, a PEG ratio of 4.73 and a beta of 1.77. Etsy, Inc. has a one year low of $40.05 and a one year high of $75.77. The firm has a 50-day moving average of $60.54 and a 200 day moving average of $53.82.

Etsy (NASDAQ:ETSY - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.29). The company had revenue of $672.66 million during the quarter, compared to the consensus estimate of $645.16 million. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The firm's revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.41 earnings per share. As a group, research analysts expect that Etsy, Inc. will post 2.57 earnings per share for the current year.

Institutional Investors Weigh In On Etsy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Heritage Wealth Advisors grew its holdings in shares of Etsy by 476.5% during the 2nd quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer's stock valued at $25,000 after purchasing an additional 405 shares during the last quarter. Signaturefd LLC boosted its position in Etsy by 52.7% in the second quarter. Signaturefd LLC now owns 556 shares of the specialty retailer's stock valued at $28,000 after buying an additional 192 shares in the last quarter. Allworth Financial LP boosted its position in Etsy by 47.6% in the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock valued at $35,000 after buying an additional 248 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in Etsy in the second quarter valued at approximately $35,000. Finally, SVB Wealth LLC acquired a new stake in Etsy in the first quarter valued at approximately $36,000. 99.53% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on ETSY shares. Guggenheim reaffirmed a "buy" rating and set a $70.00 target price on shares of Etsy in a report on Thursday, September 18th. Sanford C. Bernstein raised their target price on shares of Etsy from $45.00 to $50.00 and gave the stock a "market perform" rating in a report on Thursday, July 17th. JPMorgan Chase & Co. raised their target price on shares of Etsy from $50.00 to $53.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Needham & Company LLC raised their target price on shares of Etsy from $55.00 to $72.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Finally, BTIG Research raised their target price on shares of Etsy from $72.00 to $81.00 and gave the stock a "buy" rating in a report on Tuesday. Nine analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, Etsy has an average rating of "Hold" and an average price target of $58.69.

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.

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