Bank of New York Mellon Corp Sells 38,634 Shares of Etsy, Inc. (NASDAQ:ETSY)

Bank of New York Mellon Corp lessened its holdings in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 4.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 796,625 shares of the specialty retailer's stock after selling 38,634 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.76% of Etsy worth $37,585,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ETSY. Heron Bay Capital Management lifted its holdings in Etsy by 1.3% in the 4th quarter. Heron Bay Capital Management now owns 20,260 shares of the specialty retailer's stock worth $1,072,000 after purchasing an additional 258 shares during the last quarter. True Wealth Design LLC raised its position in shares of Etsy by 112.7% in the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock valued at $29,000 after purchasing an additional 292 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Etsy by 39.4% during the 1st quarter. GAMMA Investing LLC now owns 1,928 shares of the specialty retailer's stock worth $91,000 after buying an additional 545 shares during the period. Hurley Capital LLC bought a new stake in shares of Etsy during the 4th quarter worth $32,000. Finally, Covestor Ltd grew its stake in Etsy by 38.3% in the 4th quarter. Covestor Ltd now owns 2,318 shares of the specialty retailer's stock valued at $123,000 after buying an additional 642 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Etsy

In other Etsy news, CEO Josh Silverman sold 21,666 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $51.37, for a total transaction of $1,112,982.42. Following the completion of the transaction, the chief executive officer owned 62,674 shares in the company, valued at $3,219,563.38. This trade represents a 25.69% 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 Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $51.36, for a total transaction of $77,040.00. Following the completion of the transaction, the insider owned 34,683 shares of the company's stock, valued at $1,781,318.88. The trade was a 4.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 202,298 shares of company stock worth $11,156,039 in the last ninety days. Company insiders own 2.80% of the company's stock.

Etsy Stock Down 3.5%

ETSY traded down $2.02 during midday trading on Tuesday, hitting $55.69. The company had a trading volume of 4,685,348 shares, compared to its average volume of 4,337,084. The stock's 50 day moving average price is $52.91 and its 200 day moving average price is $50.73. Etsy, Inc. has a 52 week low of $40.05 and a 52 week high of $66.81. The company has a market capitalization of $5.81 billion, a price-to-earnings ratio of 39.78, a PEG ratio of 3.18 and a beta of 1.74.

Etsy (NASDAQ:ETSY - Get Free Report) last issued its earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share for the quarter, missing analysts' consensus estimates of $0.50 by ($0.04). Etsy had a negative return on equity of 39.60% and a net margin of 6.69%. The firm had revenue of $651.18 million for the quarter, compared to analyst estimates of $642.22 million. During the same period in the previous year, the company earned $0.48 earnings per share. Etsy's revenue for the quarter was up .8% compared to the same quarter last year. Research analysts predict that Etsy, Inc. will post 2.57 EPS for the current year.

Analyst Upgrades and Downgrades

ETSY has been the subject of a number of research analyst reports. Barclays cut their price objective on shares of Etsy from $55.00 to $53.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 30th. The Goldman Sachs Group decreased their price objective on Etsy from $35.00 to $31.00 and set a "sell" rating on the stock in a report on Thursday, May 1st. Piper Sandler cut their target price on Etsy from $52.00 to $40.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Citigroup decreased their price target on shares of Etsy from $53.00 to $48.00 and set a "neutral" rating on the stock in a research note on Friday, April 25th. Finally, B. Riley dropped their price objective on shares of Etsy from $62.00 to $55.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Six research analysts have rated the stock with a sell rating, sixteen have given a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $49.91.

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.