Swiss National Bank Reduces Position in Etsy, Inc. $ETSY

Key Points

• The Swiss National Bank reduced its stake in Etsy, Inc. by 3.5%, selling 7,800 shares to hold approximately 217,900 shares valued at $10.28 million.
• Insider transactions revealed that CEO Josh Silverman sold 151,666 shares, representing a 58.45% decrease in his ownership.
• Brokerages have mixed views on Etsy, with analysts setting new price targets, including a notable downgrade from Loop Capital from $40.00 to $37.00, while Canaccord Genuity set a target at $76.00.

Swiss National Bank lowered its stake in Etsy, Inc. (NASDAQ:ETSY - Free Report) by 3.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 217,900 shares of the specialty retailer's stock after selling 7,800 shares during the period. Swiss National Bank owned approximately 0.21% of Etsy worth $10,281,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. True Wealth Design LLC grew its position in 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 acquiring an additional 292 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Etsy in the fourth quarter worth about $34,000. Allworth Financial LP grew its position in 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 acquiring an additional 248 shares in the last quarter. Johnson Financial Group Inc. grew its position in 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 acquiring an additional 1,138 shares in the last quarter. Finally, Olde Wealth Management LLC purchased a new position in Etsy in the first quarter worth about $70,000. Hedge funds and other institutional investors own 99.53% of the company's stock.

Insider Activity

In related news, CEO Josh Silverman sold 151,666 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $57.68, for a total transaction of $8,748,094.88. Following the completion of the transaction, the chief executive officer 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 Securities & Exchange Commission, which is available at the SEC website. Also, CAO Merilee Buckley sold 5,817 shares of the company's stock in a transaction dated 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. Over the last 90 days, insiders have sold 364,618 shares of company stock worth $21,975,392. Company insiders own 2.80% of the company's stock.

Etsy Stock Performance

NASDAQ ETSY traded up $1.3730 on Wednesday, reaching $64.8630. 1,559,610 shares of the company's stock traded hands, compared to its average volume of 4,830,230. The firm has a market cap of $6.43 billion, a price-to-earnings ratio of 52.31, a P/E/G ratio of 4.12 and a beta of 1.73. The stock has a 50 day moving average price of $58.15 and a 200-day moving average price of $52.19. Etsy, Inc. has a fifty-two week low of $40.05 and a fifty-two week high of $70.57.

Etsy (NASDAQ:ETSY - Get Free Report) last posted its 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 business had revenue of $672.66 million for the quarter, compared to analyst estimates of $645.16 million. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The company's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.41 earnings per share. As a group, equities research analysts anticipate that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on ETSY. Evercore ISI dropped their price target on Etsy from $60.00 to $54.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Stifel Nicolaus raised their price objective on shares of Etsy from $45.00 to $66.00 and gave the stock a "hold" rating in a research note on Tuesday, July 29th. Raymond James Financial raised their price objective on shares of Etsy from $50.00 to $70.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. B. Riley decreased their price objective on shares of Etsy from $62.00 to $55.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Finally, Needham & Company LLC raised their price objective on shares of Etsy from $55.00 to $72.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Eight analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $57.80.

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.