Zurcher Kantonalbank Zurich Cantonalbank Sells 921,723 Shares of Etsy Inc $ETSY

Key Points

• Zurcher Kantonalbank sold 921,723 shares of Etsy in Q4, cutting its stake by 96.2% and leaving 36,720 shares valued at about $2.04 million.
• Insiders have sold a total of 168,636 shares (~$10.25 million) in the past 90 days, including Josh Silverman’s 70,000‑share sale for $4.55 million and Merilee Buckley’s 1,993‑share sale; insiders now own 2.80% of the company.
• Etsy shares trade around $65 (market cap $6.18B), and analysts hold a consensus 'Hold' rating with an average price target of $61.88, below the current price.

Zurcher Kantonalbank Zurich Cantonalbank lowered its stake in shares of Etsy Inc (NYSE:ETSY - Free Report) by 96.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,720 shares of the company's stock after selling 921,723 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Etsy were worth $2,036,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of ETSY. Integrated Wealth Concepts LLC grew its holdings in Etsy by 19.1% during the first quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the company's stock worth $282,000 after buying an additional 961 shares in the last quarter. Empowered Funds LLC grew its holdings in Etsy by 55.5% during the first quarter. Empowered Funds LLC now owns 9,673 shares of the company's stock worth $456,000 after buying an additional 3,451 shares in the last quarter. Woodline Partners LP bought a new stake in Etsy during the first quarter worth $2,181,000. Northwestern Mutual Wealth Management Co. grew its holdings in Etsy by 33.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,594 shares of the company's stock worth $180,000 after buying an additional 906 shares in the last quarter. Finally, M&T Bank Corp bought a new stake in Etsy during the second quarter worth $232,000. Institutional investors own 99.53% of the company's stock.

Insider Activity

In other news, CAO Merilee Buckley sold 1,993 shares of the company's stock in a transaction on Monday, April 6th. The stock was sold at an average price of $52.92, for a total transaction of $105,469.56. Following the transaction, the chief accounting officer owned 809 shares of the company's stock, valued at $42,812.28. This represents a 71.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Josh Silverman sold 70,000 shares of the company's stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $65.00, for a total value of $4,550,000.00. Following the transaction, the insider directly owned 130,694 shares in the company, valued at $8,495,110. This represents a 34.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 168,636 shares of company stock valued at $10,253,703 in the last 90 days. Insiders own 2.80% of the company's stock.

Etsy Price Performance

Shares of NYSE:ETSY opened at $65.15 on Tuesday. The company has a market cap of $6.18 billion, a P/E ratio of 49.73, a PEG ratio of 9.55 and a beta of 1.77. The company has a fifty day simple moving average of $54.28. Etsy Inc has a 1 year low of $41.51 and a 1 year high of $76.51.

Etsy (NYSE:ETSY - Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.04. The firm had revenue of $881.64 million during the quarter. Etsy had a negative return on equity of 24.94% and a net margin of 5.65%. On average, sell-side analysts forecast that Etsy Inc will post 3.12 EPS for the current year.

Wall Street Analyst Weigh In

ETSY has been the subject of several recent research reports. Zacks Research downgraded Etsy from a "strong-buy" rating to a "hold" rating in a report on Monday, April 20th. Morgan Stanley reduced their price objective on Etsy from $65.00 to $60.00 and set an "equal weight" rating for the company in a research note on Friday, February 20th. Citigroup restated a "buy" rating on shares of Etsy in a research note on Tuesday, December 30th. BTIG Research reduced their price objective on Etsy from $74.00 to $65.00 and set a "buy" rating for the company in a research note on Thursday, February 19th. Finally, Barclays upgraded Etsy from an "equal weight" rating to an "overweight" rating and set a $72.00 price objective for the company in a research note on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eighteen have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $61.88.

About Etsy

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.

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