Rhumbline Advisers Sells 14,877 Shares of Etsy, Inc. (NASDAQ:ETSY)

Rhumbline Advisers lessened its stake in Etsy, Inc. (NASDAQ:ETSY - Free Report) by 5.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 266,066 shares of the specialty retailer's stock after selling 14,877 shares during the period. Rhumbline Advisers owned approximately 0.26% of Etsy worth $12,553,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of ETSY. Empowered Funds LLC bought a new stake in shares of Etsy during the 4th quarter valued at $329,000. Savant Capital LLC bought a new stake in shares of Etsy during the 4th quarter valued at $1,284,000. Bristlecone Advisors LLC grew its position in shares of Etsy by 164.7% during the 4th quarter. Bristlecone Advisors LLC now owns 21,489 shares of the specialty retailer's stock valued at $1,137,000 after acquiring an additional 13,370 shares during the period. Van ECK Associates Corp grew its position in shares of Etsy by 17.4% during the 4th quarter. Van ECK Associates Corp now owns 3,527,742 shares of the specialty retailer's stock valued at $186,583,000 after acquiring an additional 522,111 shares during the period. Finally, Vontobel Holding Ltd. grew its position in shares of Etsy by 2.6% during the 4th quarter. Vontobel Holding Ltd. now owns 70,083 shares of the specialty retailer's stock valued at $3,707,000 after acquiring an additional 1,777 shares during the period. Hedge funds and other institutional investors own 99.53% of the company's stock.

Insiders Place Their Bets

In other news, CEO Josh Silverman sold 151,666 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $57.68, for a total value of $8,748,094.88. Following the completion of the sale, the chief executive officer now owns 107,809 shares of the company's stock, valued at approximately $6,218,423.12. This represents a 58.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nicholas Daniel sold 1,500 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $43.07, for a total transaction of $64,605.00. Following the completion of the sale, the insider now directly owns 33,322 shares of the company's stock, valued at $1,435,178.54. The trade was a 4.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 205,418 shares of company stock worth $11,234,192 in the last three months. Corporate insiders own 2.80% of the company's stock.

Etsy Trading Up 1.7%

Shares of NASDAQ:ETSY opened at $63.81 on Monday. The company has a market capitalization of $6.65 billion, a price-to-earnings ratio of 26.92, a PEG ratio of 2.57 and a beta of 1.80. Etsy, Inc. has a 12 month low of $40.05 and a 12 month high of $66.90. The firm's 50-day moving average is $47.57 and its 200 day moving average is $51.01.

Etsy (NASDAQ:ETSY - Get Free Report) last issued its earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 EPS for the quarter, missing analysts' consensus estimates of $0.50 by ($0.04). The company had revenue of $651.18 million during the quarter, compared to the consensus estimate of $642.22 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. Etsy's revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.48 earnings per share. As a group, equities analysts forecast that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ETSY has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Etsy from $42.00 to $50.00 and gave the company a "neutral" rating in a research note on Wednesday, June 4th. Evercore ISI lowered their target price on shares of Etsy from $60.00 to $54.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Morgan Stanley lowered their target price on shares of Etsy from $40.00 to $38.00 and set an "underweight" rating on the stock in a research note on Thursday, May 1st. Canaccord Genuity Group decreased their price target on shares of Etsy from $76.00 to $72.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Finally, Piper Sandler decreased their price target on shares of Etsy from $52.00 to $40.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $50.50.

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.

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