Bank of New York Mellon Corp Invests $42.78 Million in Etsy Inc $ETSY

Bank of New York Mellon Corp purchased a new stake in shares of Etsy Inc (NYSE:ETSY - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 567,909 shares of the company's stock, valued at approximately $42,781,000. Bank of New York Mellon Corp owned approximately 0.60% of Etsy at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EFG International AG acquired a new stake in shares of Etsy during the fourth quarter worth approximately $33,000. Blue Trust Inc. raised its holdings in Etsy by 19.3% in the first quarter. Blue Trust Inc. now owns 1,238 shares of the company's stock valued at $62,000 after acquiring an additional 200 shares in the last quarter. Danske Bank A S bought a new position in Etsy during the 3rd quarter valued at $66,000. Federation des caisses Desjardins du Quebec boosted its stake in Etsy by 22.8% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company's stock valued at $67,000 after acquiring an additional 225 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new position in Etsy during the 4th quarter valued at $79,000. Hedge funds and other institutional investors own 99.53% of the company's stock.

Insiders Place Their Bets

In related news, CAO Merilee Buckley sold 405 shares of the company's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $79.50, for a total transaction of $32,197.50. Following the completion of the transaction, the chief accounting officer directly owned 167 shares in the company, valued at $13,276.50. This represents a 70.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Josh Silverman sold 6,294 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $84.00, for a total value of $528,696.00. Following the completion of the sale, the insider directly owned 249,559 shares in the company, valued at $20,962,956. This represents a 2.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 584,967 shares of company stock worth $43,908,631. 2.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ETSY has been the subject of several research analyst reports. JPMorgan Chase & Co. raised shares of Etsy from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $85.00 to $100.00 in a research report on Friday, August 7th. Sanford C. Bernstein raised shares of Etsy from a "hold" rating to an "outperform" rating in a research report on Thursday, August 20th. Wedbush assumed coverage on Etsy in a research note on Thursday, July 16th. They issued a "neutral" rating and a $80.00 price target for the company. Wells Fargo & Company boosted their price objective on Etsy from $61.00 to $76.00 and gave the company an "underweight" rating in a report on Friday, August 7th. Finally, Truist Financial upped their price objective on Etsy from $85.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eighteen have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $84.68.

Etsy Stock Up 1.4%

ETSY opened at $82.90 on Friday. The firm has a market cap of $7.87 billion, a price-to-earnings ratio of 46.31, a price-to-earnings-growth ratio of 3.95 and a beta of 1.84. Etsy Inc has a fifty-two week low of $44.00 and a fifty-two week high of $87.97. The company's 50-day moving average price is $80.64 and its 200 day moving average price is $66.10.

Etsy (NYSE:ETSY - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($0.49) EPS for the quarter, missing analysts' consensus estimates of $0.75 by ($1.24). Etsy had a net margin of 7.32% and a negative return on equity of 34.18%. The company had revenue of $668.31 million during the quarter, compared to analyst estimates of $646.10 million. During the same quarter in the previous year, the firm earned $0.25 earnings per share. The business's revenue was down .7% on a year-over-year basis. Research analysts anticipate that Etsy Inc will post 3.94 earnings per share for the current year.

Etsy Profile

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.

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