Insider Selling: Etsy, Inc. (NASDAQ:ETSY) CEO Sells 21,666 Shares of Stock

Key Points

• Etsy CEO Josh Silverman sold 21,666 shares at an average price of $58.76, totaling approximately $1.27 million, and now holds 62,674 shares.
• The company's latest earnings report revealed earnings per share of $0.25, missing estimates by $0.29, while revenue of $672.66 million exceeded forecasts.
• Recent analyst ratings have been mixed, with target price reductions from Citigroup and B. Riley, while Canaccord Genuity set a target of $76.00 for the stock.

Etsy, Inc. (NASDAQ:ETSY - Get Free Report) CEO Josh Silverman sold 21,666 shares of Etsy stock in a transaction on Friday, August 1st. The stock was sold at an average price of $58.76, for a total transaction of $1,273,094.16. Following the sale, the chief executive officer owned 62,674 shares in the company, valued at $3,682,724.24. This represents a 25.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Josh Silverman also recently made the following trade(s):

• On Thursday, July 24th, Josh Silverman sold 140,000 shares of Etsy stock. The shares were sold at an average price of $65.00, for a total transaction of $9,100,000.00.
• On Tuesday, July 1st, Josh Silverman sold 21,666 shares of Etsy stock. The shares were sold at an average price of $51.37, for a total transaction of $1,112,982.42.
• On Monday, June 2nd, Josh Silverman sold 151,666 shares of Etsy stock. The shares were sold at an average price of $57.68, for a total transaction of $8,748,094.88.

Etsy Stock Performance

Shares of Etsy stock traded down $1.33 during trading on Tuesday, hitting $55.98. 4,204,632 shares of the stock were exchanged, compared to its average volume of 4,822,138. The stock's fifty day moving average is $57.10 and its 200 day moving average is $51.46. The stock has a market cap of $5.55 billion, a PE ratio of 45.15, a P/E/G ratio of 3.62 and a beta of 1.73. Etsy, Inc. has a 12 month low of $40.05 and a 12 month high of $68.45.

Etsy (NASDAQ:ETSY - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.29). Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The business had revenue of $672.66 million for the quarter, compared to the consensus estimate of $645.16 million. During the same quarter last year, the business posted $0.41 EPS. The business's revenue for the quarter was up 3.8% on a year-over-year basis. Sell-side analysts anticipate that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ETSY. Citigroup reduced their price objective on shares of Etsy from $53.00 to $48.00 and set a "neutral" rating for the company in a research note on Friday, April 25th. B. Riley cut their target price on shares of Etsy from $62.00 to $55.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Canaccord Genuity Group set a $76.00 target price on shares of Etsy in a research report on Wednesday, July 30th. UBS Group restated a "neutral" rating and set a $67.00 target price on shares of Etsy in a research report on Thursday, July 31st. Finally, Raymond James Financial lifted their target price on shares of Etsy from $50.00 to $70.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 22nd. Five investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $56.76.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ETSY. AQR Capital Management LLC boosted its holdings in shares of Etsy by 423.7% in the first quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer's stock worth $218,890,000 after buying an additional 3,768,787 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of Etsy by 112.8% in the first quarter. Acadian Asset Management LLC now owns 2,803,956 shares of the specialty retailer's stock worth $132,273,000 after buying an additional 1,486,142 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Etsy by 36.0% in the first quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer's stock worth $95,599,000 after buying an additional 535,864 shares during the period. Victory Capital Management Inc. lifted its position in shares of Etsy by 53.7% in the first quarter. Victory Capital Management Inc. now owns 1,248,902 shares of the specialty retailer's stock worth $58,923,000 after purchasing an additional 436,231 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Etsy by 140.8% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 711,454 shares of the specialty retailer's stock worth $33,566,000 after purchasing an additional 415,942 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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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