Insider Selling: Etsy (NYSE:ETSY) Insider Sells $7,693,731.00 in Stock

Key Points

• Etsy insider Josh Silverman sold 97,389 shares on June 24 at an average price of $79.00, totaling about $7.69 million. The sale reduced his ownership by 42.7% and was executed under a pre-arranged Rule 10b5-1 plan.
• Silverman has been selling repeatedly in recent months, including multiple large transactions in April and June, with total sales running into tens of millions of dollars. The article lists several prior sales ranging from about $298,000 to $9.28 million each.
• Etsy shares were trading near their 52-week high at $77.80, just below the $79.90 high, while analysts currently have a consensus rating of “Hold” and an average target price of $71.80.

Etsy Inc (NYSE:ETSY - Get Free Report) insider Josh Silverman sold 97,389 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $79.00, for a total value of $7,693,731.00. Following the sale, the insider owned 130,694 shares in the company, valued at approximately $10,324,826. This trade represents a 42.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, June 15th, Josh Silverman sold 50,000 shares of Etsy stock. The shares were sold at an average price of $72.50, for a total value of $3,625,000.00.
• On Tuesday, June 16th, Josh Silverman sold 52,479 shares of Etsy stock. The stock was sold at an average price of $74.00, for a total value of $3,883,446.00.
• On Monday, June 1st, Josh Silverman sold 134,730 shares of Etsy stock. The stock was sold at an average price of $68.89, for a total value of $9,281,549.70.
• On Friday, May 1st, Josh Silverman sold 88,350 shares of Etsy stock. The stock was sold at an average price of $64.18, for a total value of $5,670,303.00.
• On Wednesday, April 29th, Josh Silverman sold 36,443 shares of Etsy stock. The shares were sold at an average price of $69.00, for a total value of $2,514,567.00.
• On Tuesday, April 21st, Josh Silverman sold 70,000 shares of Etsy stock. The shares were sold at an average price of $65.00, for a total value of $4,550,000.00.
• On Monday, April 20th, Josh Silverman sold 30,369 shares of Etsy stock. The stock was sold at an average price of $64.00, for a total transaction of $1,943,616.00.
• On Thursday, April 16th, Josh Silverman sold 24,296 shares of Etsy stock. The stock was sold at an average price of $59.00, for a total transaction of $1,433,464.00.
• On Monday, April 6th, Josh Silverman sold 12,148 shares of Etsy stock. The shares were sold at an average price of $54.00, for a total transaction of $655,992.00.
• On Wednesday, April 1st, Josh Silverman sold 6,074 shares of Etsy stock. The stock was sold at an average price of $49.07, for a total transaction of $298,051.18.

Etsy Price Performance

Shares of ETSY stock traded down $0.22 during trading hours on Thursday, reaching $77.80. 2,203,968 shares of the company were exchanged, compared to its average volume of 3,370,912. Etsy Inc has a fifty-two week low of $44.00 and a fifty-two week high of $79.90. The stock's fifty day moving average is $65.36 and its two-hundred day moving average is $58.30. The company has a market cap of $7.38 billion, a price-to-earnings ratio of 32.42, a P/E/G ratio of 2.98 and a beta of 1.88.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. EFG International AG acquired a new position in shares of Etsy in the 4th quarter valued at approximately $33,000. Danske Bank A S bought a new position in Etsy in the third quarter valued at approximately $66,000. Federation des caisses Desjardins du Quebec lifted its stake in Etsy by 22.8% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company's stock valued at $67,000 after buying an additional 225 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Etsy by 19.3% in the first quarter. Blue Trust Inc. now owns 1,238 shares of the company's stock valued at $62,000 after buying an additional 200 shares during the period. Finally, MAI Capital Management increased its position in shares of Etsy by 215.0% during the third quarter. MAI Capital Management now owns 1,320 shares of the company's stock worth $88,000 after acquiring an additional 901 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Citigroup started coverage on Etsy in a research report on Thursday, May 21st. They set an "outperform" rating for the company. Jefferies Financial Group lowered Etsy from a "hold" rating to a "hold" rating in a research report on Thursday, May 21st. Wells Fargo & Company boosted their price objective on Etsy from $47.00 to $61.00 and gave the stock an "underweight" rating in a report on Thursday, April 30th. Barclays upped their target price on shares of Etsy from $72.00 to $82.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. Finally, Canaccord Genuity Group raised their target price on shares of Etsy from $72.00 to $80.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, nineteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Etsy presently has an average rating of "Hold" and an average target price of $71.80.

Etsy Company Profile

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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