Northern Trust Corp Sells 62,775 Shares of Etsy, Inc. $ETSY

Key Points

• Northern Trust Corp has reduced its stake in Etsy, Inc. by 8.1%, now owning 708,983 shares valued at approximately $33.45 million.
• Several hedge funds have increased their positions in Etsy, with Brooklyn Investment Group boosting its stake by an impressive 842.2% in the first quarter.
• Wall Street analysts are optimistic about Etsy’s future, with Guggenheim raising their price target to $70, while the current consensus rating is a "Hold" with an average price target of $57.80.

Northern Trust Corp lessened its position in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 8.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 708,983 shares of the specialty retailer's stock after selling 62,775 shares during the period. Northern Trust Corp owned approximately 0.68% of Etsy worth $33,450,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of ETSY. Dimensional Fund Advisors LP increased its holdings in Etsy by 3.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,118,697 shares of the specialty retailer's stock worth $59,172,000 after acquiring an additional 33,736 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Etsy by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 71,437 shares of the specialty retailer's stock worth $3,779,000 after acquiring an additional 8,804 shares during the period. AQR Capital Management LLC increased its holdings in Etsy by 89.1% during the 4th quarter. AQR Capital Management LLC now owns 889,438 shares of the specialty retailer's stock worth $47,042,000 after acquiring an additional 419,038 shares during the period. Rehmann Capital Advisory Group increased its holdings in Etsy by 17.9% during the 4th quarter. Rehmann Capital Advisory Group now owns 6,239 shares of the specialty retailer's stock worth $330,000 after acquiring an additional 946 shares during the period. Finally, Algert Global LLC increased its holdings in Etsy by 76.9% during the 4th quarter. Algert Global LLC now owns 173,804 shares of the specialty retailer's stock worth $9,192,000 after acquiring an additional 75,567 shares during the period. Institutional investors own 99.53% of the company's stock.

Etsy Stock Performance

Shares of ETSY stock traded down $1.31 on Tuesday, hitting $51.70. 4,918,008 shares of the company's stock traded hands, compared to its average volume of 4,893,072. The stock has a market capitalization of $5.12 billion, a price-to-earnings ratio of 41.69, a P/E/G ratio of 3.38 and a beta of 1.77. The company's fifty day simple moving average is $58.43 and its 200 day simple moving average is $52.36. Etsy, Inc. has a one year low of $40.05 and a one year high of $70.57.

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

Analysts Set New Price Targets

A number of brokerages have recently commented on ETSY. Truist Financial increased their price target on shares of Etsy from $70.00 to $75.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Citizens Jmp raised shares of Etsy to a "hold" rating in a report on Thursday, July 10th. Arete raised shares of Etsy from a "sell" rating to a "neutral" rating and set a $54.00 price target on the stock in a report on Thursday, August 7th. Arete Research raised shares of Etsy from a "strong sell" rating to a "hold" rating in a report on Thursday, August 7th. Finally, Stifel Nicolaus increased their price target on shares of Etsy from $45.00 to $66.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. Eight equities research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $57.80.

Insider Buying and Selling at Etsy

In other Etsy news, insider Goyal Kruti Patel sold 11,944 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $59.31, for a total transaction of $708,398.64. Following the completion of the sale, the insider owned 47,529 shares of the company's stock, valued at $2,818,944.99. This represents a 20.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director M Michele Burns sold 14,464 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $62.82, for a total transaction of $908,628.48. Following the completion of the sale, the director directly owned 19,964 shares of the company's stock, valued at approximately $1,254,138.48. This represents a 42.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 228,316 shares of company stock worth $14,197,579 over the last ninety days. 2.80% of the stock is owned by company insiders.

Etsy Company 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.