Sumitomo Mitsui Trust Group Inc. Sells 53,075 Shares of Etsy, Inc. (NASDAQ:ETSY)

Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 90.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,740 shares of the specialty retailer's stock after selling 53,075 shares during the quarter. Sumitomo Mitsui Trust Group Inc.'s holdings in Etsy were worth $271,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Etsy by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 12,309,622 shares of the specialty retailer's stock worth $651,056,000 after acquiring an additional 56,772 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Etsy by 4.5% during the 4th quarter. Renaissance Technologies LLC now owns 5,421,641 shares of the specialty retailer's stock valued at $286,751,000 after purchasing an additional 235,550 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Etsy by 36.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer's stock worth $95,599,000 after purchasing an additional 535,864 shares in the last quarter. Norges Bank purchased a new stake in shares of Etsy in the fourth quarter worth approximately $74,235,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Etsy by 12.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,131,020 shares of the specialty retailer's stock worth $59,820,000 after purchasing an additional 122,126 shares during the last quarter. Institutional investors own 99.53% of the company's stock.

Etsy Trading Up 2.7%

ETSY opened at $54.40 on Friday. Etsy, Inc. has a 12 month low of $40.05 and a 12 month high of $66.81. The company has a market cap of $5.67 billion, a PE ratio of 38.86, a price-to-earnings-growth ratio of 2.99 and a beta of 1.74. The company has a 50 day moving average of $51.81 and a 200 day moving average of $50.77.

Etsy (NASDAQ:ETSY - Get Free Report) last posted its earnings results 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). The company had revenue of $651.18 million for the quarter, compared to analysts' expectations of $642.22 million. Etsy had a negative return on equity of 39.60% and a net margin of 6.69%. The company's revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.48 EPS. Research analysts forecast that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Insider Buying and Selling at Etsy

In other Etsy news, CEO Josh Silverman sold 151,666 shares of the 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 sale, the chief executive officer directly owned 107,809 shares in the company, valued at $6,218,423.12. This represents a 58.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Richard Edward Colburn III sold 2,350 shares of the firm's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $47.01, for a total transaction of $110,473.50. Following the completion of the transaction, the chief technology officer directly owned 2,896 shares of the company's stock, valued at approximately $136,140.96. The trade was a 44.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 202,298 shares of company stock valued at $11,156,039 in the last quarter. 2.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on ETSY. Deutsche Bank Aktiengesellschaft set a $40.00 price target on Etsy and gave the stock a "hold" rating in a report on Monday, April 14th. Piper Sandler reduced their target price on shares of Etsy from $52.00 to $40.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Citigroup lowered their target price on shares of Etsy from $53.00 to $48.00 and set a "neutral" rating for the company in a report on Friday, April 25th. UBS Group cut their price target on shares of Etsy from $46.00 to $45.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Finally, Cantor Fitzgerald increased their price objective on shares of Etsy from $42.00 to $47.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Six analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, Etsy presently has a consensus rating of "Hold" and a consensus target price of $49.91.

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.

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