Etsy, Inc. $ETSY Shares Sold by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC reduced its stake in Etsy by 5.1%, now holding approximately 1,030,420 shares worth $52 million, following a sale of 55,933 shares in Q2.
• Analysts have mixed views on Etsy, with BTIG Research raising its price target from $72 to $81, while nine analysts rate it as a Buy and others as Hold or Sell, leading to an average price target of $58.69.
• Despite a miss on earnings with $0.25 EPS compared to an estimated $0.54, Etsy's revenue rose by 3.8%, reaching $672.66 million for the quarter.

DAVENPORT & Co LLC trimmed its position in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 5.1% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,030,420 shares of the specialty retailer's stock after selling 55,933 shares during the period. DAVENPORT & Co LLC owned approximately 0.99% of Etsy worth $52,008,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of ETSY. Signaturefd LLC boosted its holdings in Etsy by 52.7% during the 2nd quarter. Signaturefd LLC now owns 556 shares of the specialty retailer's stock valued at $28,000 after acquiring an additional 192 shares during the period. SVB Wealth LLC acquired a new stake in shares of Etsy during the first quarter worth about $36,000. Allworth Financial LP boosted its stake in shares of Etsy by 47.6% in the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock valued at $35,000 after purchasing an additional 248 shares during the period. Brooklyn Investment Group grew its holdings in shares of Etsy by 842.2% in the first quarter. Brooklyn Investment Group now owns 782 shares of the specialty retailer's stock valued at $37,000 after purchasing an additional 699 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Etsy by 27.5% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,299 shares of the specialty retailer's stock worth $65,000 after buying an additional 280 shares during the period. 99.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. BTIG Research boosted their price target on shares of Etsy from $72.00 to $81.00 and gave the stock a "buy" rating in a research note on Tuesday, September 30th. Morgan Stanley set a $54.00 target price on Etsy in a report on Monday, September 29th. Stifel Nicolaus upped their price target on Etsy from $45.00 to $66.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. Arete upgraded Etsy from a "sell" rating to a "neutral" rating and set a $54.00 price objective for the company in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. boosted their price objective on Etsy from $50.00 to $53.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Nine analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $58.69.

Etsy Price Performance

ETSY stock opened at $72.38 on Monday. The company has a market cap of $7.17 billion, a price-to-earnings ratio of 58.37, a price-to-earnings-growth ratio of 4.61 and a beta of 1.85. The company has a fifty day moving average price of $61.07 and a 200 day moving average price of $54.44. Etsy, Inc. has a 12 month low of $40.05 and a 12 month high of $76.52.

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

Insider Activity at Etsy

In related news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $51.62, for a total transaction of $77,430.00. Following the completion of the sale, the insider directly owned 31,683 shares of the company's stock, valued at $1,635,476.46. This trade represents a 4.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Goyal Kruti Patel sold 7,685 shares of Etsy stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $75.01, for a total transaction of $576,451.85. Following the completion of the transaction, the insider owned 54,840 shares in the company, valued at approximately $4,113,548.40. This trade represents a 12.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 542,667 shares of company stock worth $35,462,857 in the last ninety days. Company insiders own 2.80% of the company's stock.

Etsy Profile

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.

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