Choreo LLC Lowers Stock Holdings in Etsy, Inc. (NASDAQ:ETSY)

Key Points

• Choreo LLC has reduced its stake in Etsy, Inc. by 83.2%, selling 26,199 shares and holding 5,309 shares worth approximately $250,000 after the sale.
• In the latest quarter, Etsy reported earnings of $0.25 per share, missing analysts' expectations of $0.54, with a revenue increase of 3.8% year-over-year to $672.66 million.
• Institutional investors now own 99.53% of Etsy's stock, highlighting strong institutional interest in the specialty retailer's shares.

Choreo LLC lessened its holdings in Etsy, Inc. (NASDAQ:ETSY - Free Report) by 83.2% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,309 shares of the specialty retailer's stock after selling 26,199 shares during the period. Choreo LLC's holdings in Etsy were worth $250,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Impact Partnership Wealth LLC purchased a new position in Etsy in the first quarter valued at approximately $204,000. Allegiance Financial Group Advisory Services LLC purchased a new position in Etsy in the first quarter valued at approximately $239,000. Archer Investment Corp purchased a new position in Etsy in the first quarter valued at approximately $101,000. Parcion Private Wealth LLC purchased a new position in Etsy in the first quarter valued at approximately $236,000. Finally, Victory Capital Management Inc. lifted its stake in Etsy by 53.7% in the first quarter. Victory Capital Management Inc. now owns 1,248,902 shares of the specialty retailer's stock valued at $58,923,000 after purchasing an additional 436,231 shares during the last quarter. Hedge funds and other institutional investors own 99.53% of the company's stock.

Insider Buying and Selling at Etsy

In related news, CTO Richard Edward Colburn III sold 2,350 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $47.01, for a total transaction of $110,473.50. Following the completion of the sale, the chief technology officer owned 2,896 shares of the company's stock, valued at $136,140.96. This trade represents a 44.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Josh Silverman sold 151,666 shares of Etsy stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $57.68, for a total transaction of $8,748,094.88. Following the completion of the sale, the chief executive officer directly owned 107,809 shares of the company's stock, valued at approximately $6,218,423.12. This trade represents a 58.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 326,041 shares of company stock worth $19,664,717 over the last three months. Company insiders own 2.80% of the company's stock.

Etsy Price Performance

ETSY traded up $0.50 on Friday, hitting $58.77. The company had a trading volume of 4,639,839 shares, compared to its average volume of 5,269,765. Etsy, Inc. has a 52-week low of $40.05 and a 52-week high of $68.45. The stock has a fifty day simple moving average of $56.91 and a 200-day simple moving average of $51.45. The firm has a market capitalization of $5.82 billion, a P/E ratio of 26.84, a P/E/G ratio of 3.18 and a beta of 1.73.

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ETSY shares. Citizens Jmp upgraded Etsy to a "hold" rating in a research note on Thursday, July 10th. Wells Fargo & Company boosted their target price on shares of Etsy from $41.00 to $57.00 and gave the company an "underweight" rating in a report on Thursday. Citigroup lowered their target price on shares of Etsy from $53.00 to $48.00 and set a "neutral" rating on the stock in a report on Friday, April 25th. Needham & Company LLC boosted their target price on shares of Etsy from $55.00 to $72.00 and gave the company a "buy" rating in a report on Thursday. Finally, Guggenheim boosted their target price on shares of Etsy from $50.00 to $70.00 and gave the company a "buy" rating in a report on Thursday. Five investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Etsy has an average rating of "Hold" and an average target price of $56.76.

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.