Envestnet Asset Management Inc. Trims Stake in Etsy, Inc. (NASDAQ:ETSY)

Key Points

• Envestnet Asset Management Inc. reduced its stake in Etsy, Inc. by 8.0% in the first quarter, now holding 64,692 shares valued at approximately $3.05 million.
• CEO Josh Silverman sold 151,666 shares on June 2nd, a 58.45% decrease in his holdings, worth about $8.75 million from the transaction.
• Currently, 99.53% of Etsy's stock is owned by institutional and hedge fund investors, reflecting significant institutional interest in the company.

Envestnet Asset Management Inc. lessened its position in Etsy, Inc. (NASDAQ:ETSY - Free Report) by 8.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 64,692 shares of the specialty retailer's stock after selling 5,606 shares during the period. Envestnet Asset Management Inc. owned approximately 0.06% of Etsy worth $3,052,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of ETSY. HighTower Advisors LLC bought a new stake in shares of Etsy in the 4th quarter worth $218,000. KLP Kapitalforvaltning AS purchased a new position in shares of Etsy during the fourth quarter valued at $1,269,000. Vanguard Group Inc. grew its holdings in shares of Etsy by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 12,309,622 shares of the specialty retailer's stock valued at $651,056,000 after buying an additional 56,772 shares in the last quarter. Norges Bank purchased a new position in shares of Etsy during the fourth quarter valued at $74,235,000. Finally, Summit Securities Group LLC purchased a new position in shares of Etsy during the fourth quarter valued at $37,000. Institutional investors own 99.53% of the company's stock.

Insider Buying and Selling at Etsy

In other news, insider Nicholas Daniel sold 1,500 shares of the firm's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $51.36, for a total transaction of $77,040.00. Following the sale, the insider owned 34,683 shares in the company, valued at approximately $1,781,318.88. This trade represents a 4.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Richard Edward Colburn III sold 2,350 shares of Etsy stock in a transaction on Friday, May 16th. The stock was sold at an average price of $47.01, for a total transaction of $110,473.50. Following the completion of the transaction, the chief technology officer owned 2,896 shares in the company, valued at approximately $136,140.96. The trade was a 44.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 319,132 shares of company stock valued at $19,257,846 in the last three months. Company insiders own 2.80% of the company's stock.

Etsy Price Performance

NASDAQ:ETSY traded down $4.70 during trading hours on Thursday, hitting $57.28. The stock had a trading volume of 1,893,980 shares, compared to its average volume of 4,774,999. The company has a 50 day simple moving average of $56.48 and a two-hundred day simple moving average of $51.38. Etsy, Inc. has a one year low of $40.05 and a one year high of $68.45. The firm has a market capitalization of $5.97 billion, a price-to-earnings ratio of 40.96, a P/E/G ratio of 3.29 and a beta of 1.74.

Etsy (NASDAQ:ETSY - Get Free Report) last announced its quarterly earnings results 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 net margin of 6.69% and a negative return on equity of 39.60%. The firm had revenue of $672.66 million during the quarter, compared to the consensus estimate of $645.16 million. During the same period in the previous year, the business earned $0.41 earnings per share. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. Equities research analysts anticipate that Etsy, Inc. will post 2.57 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. B. Riley lowered their price target on Etsy from $62.00 to $55.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Citigroup lowered their price target on Etsy from $53.00 to $48.00 and set a "neutral" rating on the stock in a report on Friday, April 25th. Cantor Fitzgerald boosted their target price on Etsy from $52.00 to $64.00 and gave the company a "neutral" rating in a research note on Thursday. Morgan Stanley upgraded Etsy from an "underweight" rating to an "equal weight" rating and upped their price target for the stock from $38.00 to $50.00 in a research note on Monday, July 21st. Finally, Loop Capital decreased their price target on Etsy from $40.00 to $37.00 and set a "sell" rating for the company in a research note on Thursday, May 1st. Five equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $55.96.

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.