Advisors Asset Management Inc. Sells 18,742 Shares of Etsy, Inc. $ETSY

Key Points

• Advisors Asset Management Inc. reduced its stake in Etsy by 11.6%, selling 18,742 shares, leaving them with 142,747 shares valued at approximately $6.7 million.
• Analysts have raised target prices for Etsy shares, with Canaccord Genuity setting a new target at $76.00 and Barclays updating theirs to $60.00, indicating strong interest and varied opinions about the stock's potential.
• Etsy recently reported a negative EPS of $0.25, missing expectations, while revenue increased by 3.8% year-over-year, reaching $672.66 million for the quarter.

Advisors Asset Management Inc. lessened its holdings in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 11.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 142,747 shares of the specialty retailer's stock after selling 18,742 shares during the period. Advisors Asset Management Inc. owned 0.14% of Etsy worth $6,735,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. EP Wealth Advisors LLC bought a new stake in shares of Etsy during the 1st quarter valued at $277,000. Focus Partners Advisor Solutions LLC bought a new stake in shares of Etsy during the 1st quarter valued at $922,000. Graham Capital Management L.P. bought a new stake in shares of Etsy during the 1st quarter valued at $1,038,000. Alamea Verwaltungs GmbH bought a new stake in shares of Etsy during the 1st quarter valued at $340,000. Finally, Quarry LP boosted its holdings in shares of Etsy by 74.8% during the 1st quarter. Quarry LP now owns 2,279 shares of the specialty retailer's stock valued at $108,000 after buying an additional 975 shares in the last quarter. Institutional investors own 99.53% of the company's stock.

Insider Activity at Etsy

In other Etsy news, CAO Merilee Buckley sold 5,817 shares of the company's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $58.83, for a total value of $342,214.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Goyal Kruti Patel sold 11,944 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $59.31, for a total value of $708,398.64. Following the completion of the transaction, the insider owned 47,529 shares of the company's stock, valued at $2,818,944.99. The trade was a 20.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 251,482 shares of company stock worth $15,393,191 in the last quarter. 2.80% of the stock is currently owned by insiders.

Etsy Price Performance

Shares of NASDAQ:ETSY traded down $2.06 during mid-day trading on Tuesday, reaching $56.14. 3,982,284 shares of the company traded hands, compared to its average volume of 4,914,195. The company's 50 day moving average price is $58.64 and its 200-day moving average price is $52.36. The firm has a market cap of $5.56 billion, a PE ratio of 45.33, a PEG ratio of 3.44 and a beta of 1.77. Etsy, Inc. has a 52 week low of $40.05 and a 52 week high of $70.57.

Etsy (NASDAQ:ETSY - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.54 by ($0.29). The company had revenue of $672.66 million for 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 company's revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.41 earnings per share. On average, research analysts predict that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ETSY has been the subject of several recent analyst reports. Barclays reaffirmed a "positive" rating and issued a $60.00 price target (up previously from $52.00) on shares of Etsy in a research report on Thursday, July 31st. Citizens Jmp raised Etsy to a "hold" rating in a research report on Thursday, July 10th. Canaccord Genuity Group set a $76.00 target price on Etsy in a research report on Wednesday, July 30th. Raymond James Financial boosted their target price on Etsy from $50.00 to $70.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 22nd. Finally, Wells Fargo & Company upped their price target on shares of Etsy from $41.00 to $57.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Eight investment analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $57.80.

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.