OVERSEA CHINESE BANKING Corp Ltd Takes $288,000 Position in Etsy, Inc. (NASDAQ:ETSY)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd has purchased 6,110 shares of Etsy, Inc. valued at approximately $288,000 in the first quarter, as revealed in their latest Form 13F filing.
• CEO Josh Silverman sold 140,000 shares at an average price of $65.00, significantly reducing his ownership by 69.08%, while insiders have collectively sold 326,041 shares in the past three months.
• Etsy reported $0.25 earnings per share for the last quarter, falling short of analysts' expectations, with revenue increasing by 3.8% year over year, totaling $672.66 million.

OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,110 shares of the specialty retailer's stock, valued at approximately $288,000.

A number of other institutional investors have also added to or reduced their stakes in ETSY. O Shaughnessy Asset Management LLC lifted its position in Etsy by 83.3% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 8,455 shares of the specialty retailer's stock worth $447,000 after buying an additional 3,843 shares in the last quarter. Headlands Technologies LLC lifted its holdings in Etsy by 341.8% during the fourth quarter. Headlands Technologies LLC now owns 2,863 shares of the specialty retailer's stock worth $151,000 after acquiring an additional 2,215 shares in the last quarter. ExodusPoint Capital Management LP grew its position in shares of Etsy by 73.3% in the 4th quarter. ExodusPoint Capital Management LP now owns 91,837 shares of the specialty retailer's stock valued at $4,857,000 after purchasing an additional 38,855 shares during the period. Landscape Capital Management L.L.C. bought a new stake in Etsy in the 4th quarter valued at $1,075,000. Finally, Hurley Capital LLC bought a new position in shares of Etsy during the fourth quarter worth about $32,000. 99.53% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ETSY has been the topic of a number of recent analyst reports. Citigroup decreased their target price on Etsy from $53.00 to $48.00 and set a "neutral" rating on the stock in a report on Friday, April 25th. B. Riley reduced their price objective on Etsy from $62.00 to $55.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Stifel Nicolaus upped their target price on Etsy from $45.00 to $66.00 and gave the company a "hold" rating in a report on Tuesday, July 29th. Sanford C. Bernstein boosted their target price on shares of Etsy from $45.00 to $50.00 and gave the company a "market perform" rating in a research report on Thursday, July 17th. Finally, Truist Financial increased their target price on shares of Etsy from $55.00 to $60.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have issued 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 $56.76.

Insider Transactions at Etsy

In other news, insider Nicholas Daniel sold 1,500 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $58.79, for a total value of $88,185.00. Following the completion of the sale, the insider directly owned 33,183 shares of the company's stock, valued at $1,950,828.57. This trade represents a 4.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Josh Silverman sold 21,666 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $58.76, for a total transaction of $1,273,094.16. Following the transaction, the chief executive officer owned 62,674 shares in the company, valued at approximately $3,682,724.24. This trade represents a 25.69% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 355,024 shares of company stock worth $21,368,211. 2.80% of the stock is owned by insiders.

Etsy Trading Up 0.4%

Shares of NASDAQ:ETSY traded up $0.22 on Wednesday, hitting $56.20. The company had a trading volume of 4,851,037 shares, compared to its average volume of 5,462,940. Etsy, Inc. has a 1-year low of $40.05 and a 1-year high of $68.45. The stock has a 50 day moving average price of $57.21 and a 200 day moving average price of $51.49. The stock has a market cap of $5.57 billion, a price-to-earnings ratio of 45.32, a P/E/G ratio of 3.55 and a beta of 1.73.

Etsy (NASDAQ:ETSY - Get Free Report) last released its quarterly earnings results 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 company had revenue of $672.66 million during the quarter, compared to analysts' expectations of $645.16 million. During the same period in the previous year, the company posted $0.41 earnings per share. The company's quarterly revenue was up 3.8% compared to the same quarter last year. Sell-side analysts anticipate that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

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.