Insider Selling: Etsy (NASDAQ:ETSY) CEO Sells 70,000 Shares of Stock

Key Points

• Etsy CEO Josh Silverman sold 70,000 shares of the company's stock for a total of $4.55 million, representing a 52.76% reduction in his ownership.
• Despite Silverman's recent sales, Etsy reported a 3.8% increase in quarterly revenue year-over-year, totaling $672.66 million, though it missed EPS estimates by $0.29.
• Analysts have issued varied price targets for Etsy, with the consensus rating being "Hold" and a consensus price target of $57.80.

Etsy, Inc. (NASDAQ:ETSY - Get Free Report) CEO Josh Silverman sold 70,000 shares of the firm's stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $65.00, for a total transaction of $4,550,000.00. Following the completion of the transaction, the chief executive officer directly owned 62,674 shares of the company's stock, valued at $4,073,810. This represents a 52.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Monday, September 8th, Josh Silverman sold 65,000 shares of Etsy stock. The shares were sold at an average price of $57.50, for a total value of $3,737,500.00.
• On Tuesday, September 2nd, Josh Silverman sold 21,666 shares of Etsy stock. The shares were sold at an average price of $51.61, for a total value of $1,118,182.26.
• On Friday, August 1st, Josh Silverman sold 21,666 shares of Etsy stock. The stock was sold at an average price of $58.76, for a total value of $1,273,094.16.
• 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 value of $9,100,000.00.
• On Tuesday, July 1st, Josh Silverman sold 21,666 shares of Etsy stock. The stock was sold at an average price of $51.37, for a total value of $1,112,982.42.

Etsy Trading Down 5.1%

ETSY stock traded down $3.32 during trading on Monday, hitting $61.67. 5,881,487 shares of the company's stock were exchanged, compared to its average volume of 5,926,927. The stock has a market capitalization of $6.11 billion, a price-to-earnings ratio of 49.73, a PEG ratio of 4.14 and a beta of 1.77. Etsy, Inc. has a 52-week low of $40.05 and a 52-week high of $70.57. The business has a 50-day moving average price of $59.71 and a two-hundred day moving average price of $53.05.

Etsy (NASDAQ:ETSY - Get Free Report) last issued its earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.29). The company had revenue of $672.66 million during 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 quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.41 EPS. On average, equities research analysts anticipate that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ETSY. Holocene Advisors LP increased its stake in Etsy by 697.4% in the second quarter. Holocene Advisors LP now owns 5,343,797 shares of the specialty retailer's stock valued at $268,045,000 after purchasing an additional 4,673,615 shares during the last quarter. AQR Capital Management LLC grew its holdings in Etsy by 423.7% in the 1st quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer's stock valued at $218,890,000 after buying an additional 3,768,787 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Etsy by 62.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the specialty retailer's stock valued at $185,197,000 after acquiring an additional 1,416,772 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Etsy by 112.8% during the 1st quarter. Acadian Asset Management LLC now owns 2,803,956 shares of the specialty retailer's stock worth $132,273,000 after acquiring an additional 1,486,142 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Etsy by 36.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer's stock worth $95,599,000 after acquiring an additional 535,864 shares during the period. Institutional investors and hedge funds own 99.53% of the company's stock.

Analyst Ratings Changes

ETSY has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their price objective on shares of Etsy from $41.00 to $57.00 and gave the stock an "underweight" rating in a report on Thursday, July 31st. Barclays reiterated a "positive" rating and set a $60.00 price target (up from $52.00) on shares of Etsy in a research report on Thursday, July 31st. Guggenheim restated a "buy" rating and issued a $70.00 price target on shares of Etsy in a report on Thursday. Morgan Stanley raised their price objective on Etsy from $50.00 to $54.00 and gave the company an "equal weight" rating in a research note on Thursday, July 31st. Finally, Sanford C. Bernstein boosted their target price on Etsy from $45.00 to $50.00 and gave the stock a "market perform" rating in a research report on Thursday, July 17th. Eight research 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. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target 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.