OVERSEA CHINESE BANKING Corp Ltd Makes New Investment in Etsy, Inc. (NASDAQ:ETSY)

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

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. True Wealth Design LLC raised its stake in Etsy by 112.7% in the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock worth $29,000 after acquiring an additional 292 shares during the last quarter. Hurley Capital LLC purchased a new position in shares of Etsy in the fourth quarter worth about $32,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Etsy during the fourth quarter worth about $34,000. Summit Securities Group LLC purchased a new stake in Etsy in the fourth quarter valued at approximately $37,000. Finally, Allworth Financial LP increased its holdings in Etsy by 47.6% in the 1st quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock worth $35,000 after buying an additional 248 shares during the period. Hedge funds and other institutional investors own 99.53% of the company's stock.

Insider Activity at Etsy

In related news, CEO Josh Silverman sold 21,666 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $51.37, for a total value of $1,112,982.42. Following the completion of the sale, the chief executive officer owned 62,674 shares of the company's stock, valued at approximately $3,219,563.38. This represents a 25.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Nicholas Daniel sold 1,500 shares of the firm's 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 sale, the insider owned 34,683 shares of the company's stock, valued at approximately $1,781,318.88. The trade was a 4.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 202,298 shares of company stock valued at $11,156,039. 2.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have recently commented on ETSY shares. Arete downgraded shares of Etsy from a "neutral" rating to a "sell" rating and set a $43.00 price objective on the stock. in a report on Wednesday, June 11th. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price objective on shares of Etsy in a report on Wednesday, April 30th. Stifel Nicolaus lowered their target price on Etsy from $51.00 to $45.00 and set a "hold" rating on the stock in a research note on Wednesday, April 23rd. Wells Fargo & Company set a $41.00 price target on Etsy and gave the company an "underweight" rating in a research report on Monday, June 30th. Finally, Cantor Fitzgerald upped their price objective on Etsy from $42.00 to $47.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. Six research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $49.91.

Etsy Stock Up 0.6%

Shares of Etsy stock traded up $0.35 during trading hours on Wednesday, reaching $56.04. 2,631,560 shares of the company's stock were exchanged, compared to its average volume of 4,337,237. The business has a fifty day moving average of $53.37 and a two-hundred day moving average of $50.80. The company has a market capitalization of $5.84 billion, a P/E ratio of 40.03, a price-to-earnings-growth ratio of 3.17 and a beta of 1.74. Etsy, Inc. has a 1 year low of $40.05 and a 1 year high of $66.81.

Etsy (NASDAQ:ETSY - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.04). Etsy had a net margin of 6.69% and a negative return on equity of 39.60%. The business had revenue of $651.18 million for the quarter, compared to analysts' expectations of $642.22 million. During the same period in the prior year, the company posted $0.48 EPS. The firm's revenue was up .8% on a year-over-year basis. As a group, research analysts predict that Etsy, Inc. will post 2.57 EPS for the current year.

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.