Harris Associates L P Reduces Position in Etsy, Inc. $ETSY

Key Points

• Harris Associates L P significantly reduced its stake in Etsy by 98.6%, now holding only 24,571 shares after selling over 1.75 million shares in the first quarter.
• Despite the drop in some holdings, several institutional investors, including True Wealth Design LLC and Brooklyn Investment Group, increased their stakes in Etsy during the same period.
• Wall Street analysts have mixed opinions on Etsy's stock, with price targets ranging from $53.00 (neutral rating by JPMorgan) to $70.00 (buy rating from Guggenheim), indicating potential for growth despite recent earnings misses.

Harris Associates L P reduced its position in Etsy, Inc. (NASDAQ:ETSY - Free Report) by 98.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,571 shares of the specialty retailer's stock after selling 1,753,720 shares during the period. Harris Associates L P's holdings in Etsy were worth $1,159,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ETSY. True Wealth Design LLC increased its position in Etsy by 112.7% during the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock worth $29,000 after buying an additional 292 shares in the last quarter. SVB Wealth LLC purchased a new position in Etsy during the first quarter worth $36,000. Allworth Financial LP increased its position in Etsy by 47.6% during the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock worth $35,000 after buying an additional 248 shares in the last quarter. Brooklyn Investment Group increased its position in Etsy by 842.2% during the first quarter. Brooklyn Investment Group now owns 782 shares of the specialty retailer's stock worth $37,000 after buying an additional 699 shares in the last quarter. Finally, Olde Wealth Management LLC purchased a new position in Etsy during the first quarter worth $70,000. Hedge funds and other institutional investors own 99.53% of the company's stock.

Insider Buying and Selling

In other news, Director M Michele Burns sold 14,464 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $62.82, for a total value of $908,628.48. Following the completion of the sale, the director owned 19,964 shares of the company's stock, valued at $1,254,138.48. This represents a 42.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Goyal Kruti Patel sold 11,944 shares of the company's stock in a transaction dated 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 sale, the insider directly owned 47,529 shares of the company's stock, valued at $2,818,944.99. The trade was a 20.08% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 251,482 shares of company stock valued at $15,393,191 over the last ninety days. Insiders own 2.80% of the company's stock.

Etsy Stock Performance

ETSY traded up $0.24 on Thursday, reaching $52.21. 5,270,387 shares of the company's stock were exchanged, compared to its average volume of 4,892,464. Etsy, Inc. has a twelve month low of $40.05 and a twelve month high of $70.57. The company's 50 day moving average is $58.38 and its 200-day moving average is $52.35. The company has a market cap of $5.17 billion, a price-to-earnings ratio of 42.10, a PEG ratio of 3.38 and a beta of 1.77.

Etsy (NASDAQ:ETSY - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share (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 business had revenue of $672.66 million for the quarter, compared to analysts' expectations of $645.16 million. During the same quarter in the prior year, the firm earned $0.41 earnings per share. Etsy's quarterly revenue was up 3.8% compared to the same quarter last year. Sell-side analysts forecast that Etsy, Inc. will post 2.57 EPS for the current year.

Wall Street Analyst Weigh In

ETSY has been the subject of several recent research reports. Needham & Company LLC raised their price target on Etsy from $55.00 to $72.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Truist Financial raised their price objective on Etsy from $70.00 to $75.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Citizens Jmp upgraded Etsy to a "hold" rating in a report on Thursday, July 10th. Stifel Nicolaus raised their price objective on Etsy from $45.00 to $66.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. Finally, Bank of America raised their price objective on Etsy from $67.00 to $71.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Eight analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $57.80.

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.