Ontario Teachers Pension Plan Board Sells 13,304 Shares of Etsy, Inc. (NASDAQ:ETSY)

Key Points

• Ontario Teachers Pension Plan Board reduced its stake in Etsy, Inc. by 43.9% in Q1, holding 16,993 shares worth $802,000 after selling 13,304 shares.
• Multiple institutional investors, including Chicago Partners Investment Group and Charles Schwab Investment Management, have recently adjusted their positions in Etsy, resulting in high institutional ownership at 99.53%.
• Analysts have set new price targets for Etsy, with estimates ranging from $47.00 to $70.00, reflecting a general consensus rating of "hold" for the stock.

Ontario Teachers Pension Plan Board decreased its position in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 43.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,993 shares of the specialty retailer's stock after selling 13,304 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in Etsy were worth $802,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. True Wealth Design LLC raised its stake 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 worth $29,000 after purchasing an additional 292 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of Etsy in the fourth quarter worth $34,000. Allworth Financial LP raised 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 worth $35,000 after purchasing an additional 248 shares during the last quarter. Johnson Financial Group Inc. raised its stake in shares of Etsy by 862.1% in the fourth quarter. Johnson Financial Group Inc. now owns 1,270 shares of the specialty retailer's stock worth $70,000 after purchasing an additional 1,138 shares during the last quarter. Finally, Olde Wealth Management LLC purchased a new position in shares of Etsy in the first quarter worth $70,000. Hedge funds and other institutional investors own 99.53% of the company's stock.

Etsy Stock Performance

Shares of Etsy stock traded up $4.72 during trading hours on Tuesday, hitting $66.49. The company's stock had a trading volume of 8,134,667 shares, compared to its average volume of 4,852,740. The business has a 50 day moving average price of $57.64 and a two-hundred day moving average price of $51.69. Etsy, Inc. has a 12-month low of $40.05 and a 12-month high of $68.45. The company has a market cap of $6.59 billion, a PE ratio of 53.62, a PEG ratio of 3.87 and a beta of 1.73.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.54 by ($0.29). The company had revenue of $672.66 million during 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 business's revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.41 earnings per share. As a group, research analysts anticipate that Etsy, Inc. will post 2.57 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Josh Silverman sold 21,666 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $58.76, for a total value of $1,273,094.16. Following the sale, the chief executive officer owned 62,674 shares in the company, valued at approximately $3,682,724.24. The trade was a 25.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Merilee Buckley sold 5,817 shares of Etsy stock in a transaction on Monday, August 4th. The stock was sold at an average price of $58.83, for a total transaction of $342,214.11. The disclosure for this sale can be found here. Insiders sold 366,968 shares of company stock valued at $22,076,609 in the last ninety days. Company insiders own 2.80% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Stifel Nicolaus raised their target price on shares of Etsy from $45.00 to $66.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Etsy from $40.00 to $47.00 and gave the stock a "hold" rating in a report on Tuesday, July 22nd. Cantor Fitzgerald raised their target price on shares of Etsy from $52.00 to $64.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Needham & Company LLC raised their target price on shares of Etsy from $55.00 to $72.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Finally, Citigroup dropped their target price on shares of Etsy from $53.00 to $48.00 and set a "neutral" rating on the stock in a report on Friday, April 25th. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $57.20.

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.