Josh Silverman Sells 6,074 Shares of Etsy (NYSE:ETSY) Stock

Key Points

• Insider Josh Silverman sold 6,074 shares of Etsy on April 1 at an average price of $49.07 for about $298,051, executing the transaction under a Rule 10b5-1 plan and reducing his direct stake by 4.44% to 130,694 shares.
• Etsy beat quarterly EPS estimates ($0.92 vs. $0.88) and its board has authorized a $750 million share repurchase program (about 14.2% of outstanding shares), signaling a management-backed buyback strategy.

Etsy Inc (NYSE:ETSY - Get Free Report) insider Josh Silverman sold 6,074 shares of the company's stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $49.07, for a total value of $298,051.18. Following the transaction, the insider directly owned 130,694 shares in the company, valued at $6,413,154.58. This trade represents a 4.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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, February 2nd, Josh Silverman sold 21,666 shares of Etsy stock. The stock was sold at an average price of $53.26, for a total value of $1,153,931.16.

Etsy Stock Down 0.1%

NYSE:ETSY traded down $0.04 on Friday, hitting $51.60. 2,597,604 shares of the stock were exchanged, compared to its average volume of 2,739,893. Etsy Inc has a 52 week low of $40.05 and a 52 week high of $76.51. The firm has a market capitalization of $4.97 billion, a PE ratio of 39.39, a price-to-earnings-growth ratio of 3.19 and a beta of 1.77. The business has a 50-day moving average of $52.52.

Etsy (NYSE:ETSY - Get Free Report) last issued its earnings results on Thursday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.04. Etsy had a net margin of 5.65% and a negative return on equity of 24.94%. The company had revenue of $881.64 million for the quarter.

Etsy declared that its Board of Directors has initiated a share repurchase plan on Thursday, December 18th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 14.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Institutional Trading of Etsy

A number of large investors have recently made changes to their positions in the company. EFG International AG bought a new position in Etsy during the fourth quarter worth about $33,000. Elevation Point Wealth Partners LLC bought a new stake in shares of Etsy in the second quarter worth about $35,000. SJS Investment Consulting Inc. raised its position in shares of Etsy by 12,600.0% during the third quarter. SJS Investment Consulting Inc. now owns 762 shares of the company's stock worth $51,000 after purchasing an additional 756 shares during the period. Abich Financial Wealth Management LLC acquired a new stake in shares of Etsy during the third quarter worth about $51,000. Finally, Salomon & Ludwin LLC bought a new position in shares of Etsy during the 3rd quarter valued at about $55,000. Institutional investors own 99.53% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ETSY. Citigroup reiterated a "buy" rating on shares of Etsy in a research report on Tuesday, December 30th. Truist Financial lifted their price objective on Etsy from $80.00 to $83.00 and gave the stock a "buy" rating in a research note on Friday, February 20th. Stifel Nicolaus dropped their price objective on Etsy from $62.00 to $55.00 and set a "hold" rating for the company in a report on Friday, February 20th. UBS Group cut their target price on Etsy from $74.00 to $53.00 and set a "neutral" rating on the stock in a research note on Friday, February 20th. Finally, Canaccord Genuity Group reduced their target price on Etsy from $80.00 to $72.00 and set a "buy" rating on the stock in a report on Friday, February 20th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, seventeen have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Etsy presently has a consensus rating of "Hold" and a consensus target price of $60.80.

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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