California State Teachers Retirement System Reduces Stock Position in Etsy Inc $ETSY

Key Points

• California State Teachers Retirement System cut its Etsy stake by 2.9% in the second quarter, selling 2,959 shares and retaining 100,383 shares valued at approximately $7.6 million. Institutional investors collectively own 99.53% of Etsy.
• Etsy’s latest quarterly results were mixed: revenue of $668.3 million exceeded estimates, but the company reported a $0.49 loss per share versus expectations for $0.75 in earnings, while revenue declined 0.7% year over year.
• Analyst sentiment remains positive, with a “Moderate Buy” consensus rating and an average price target of $85.62, although insiders sold roughly $29.1 million of stock in the latest quarter.

California State Teachers Retirement System lessened its holdings in shares of Etsy Inc (NYSE:ETSY - Free Report) by 2.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 100,383 shares of the company's stock after selling 2,959 shares during the period. California State Teachers Retirement System owned approximately 0.11% of Etsy worth $7,561,851 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the business. Global Retirement Partners LLC purchased a new stake in Etsy in the 2nd quarter valued at about $34,000. EFG International AG acquired a new position in Etsy during the 2nd quarter valued at about $45,000. CoreCap Advisors LLC boosted its position in shares of Etsy by 2,379.1% during the second quarter. CoreCap Advisors LLC now owns 1,066 shares of the company's stock worth $80,000 after buying an additional 1,023 shares during the period. Blue Trust Inc. raised its holdings in Etsy by 19.3% in the 1st quarter. Blue Trust Inc. now owns 1,238 shares of the company's stock valued at $62,000 after acquiring an additional 200 shares during the period. Finally, Johnson Financial Group Inc. acquired a new position in Etsy during the second quarter worth about $105,000. Institutional investors and hedge funds own 99.53% of the company's stock.

Etsy Trading Down 0.6%

Shares of NYSE:ETSY traded down $0.41 during mid-day trading on Tuesday, hitting $74.05. 1,375,130 shares of the company traded hands, compared to its average volume of 3,229,904. The stock has a 50-day moving average price of $80.93 and a two-hundred day moving average price of $68.48. The stock has a market cap of $7.03 billion, a P/E ratio of 41.39, a P/E/G ratio of 1.82 and a beta of 1.81. Etsy Inc has a 12-month low of $44.00 and a 12-month high of $87.97.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ETSY shares. Raymond James Financial boosted their price target on shares of Etsy from $75.00 to $92.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 21st. Guggenheim raised their price target on shares of Etsy from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Needham & Company LLC increased their price target on shares of Etsy from $85.00 to $100.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Piper Sandler upped their target price on shares of Etsy from $70.00 to $80.00 and gave the company a "neutral" rating in a report on Friday, August 7th. Finally, Roth Capital started coverage on shares of Etsy in a research report on Thursday, May 21st. They set a "buy" rating for the company. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, seventeen have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $85.62.

Insider Activity

In other news, insider Josh Silverman sold 97,389 shares of the company's stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $79.00, for a total transaction of $7,693,731.00. Following the completion of the transaction, the insider directly owned 130,694 shares of the company's stock, valued at approximately $10,324,826. This represents a 42.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Richard Edward Colburn III sold 8,252 shares of the firm's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $82.09, for a total value of $677,406.68. Following the transaction, the insider directly owned 6,503 shares of the company's stock, valued at $533,831.27. The trade was a 55.93% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 368,538 shares of company stock valued at $29,085,228 in the last quarter. Insiders own 2.50% of the company's stock.

About Etsy

Etsy, Inc operates a global online marketplace that connects buyers with independent sellers offering handmade, personalized and vintage goods, as well as craft supplies. Its marketplace includes products such as jewelry, clothing, home décor, art, gifts and party supplies.

The company provides tools and services that support commerce on its platform, including seller storefronts, search and discovery features, payment processing, advertising, shipping solutions and customer support. Etsy primarily serves individual entrepreneurs and small businesses seeking to reach consumers interested in distinctive and creatively designed products.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy serves buyers and sellers in numerous countries.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.