Josh Silverman Sells 21,666 Shares of Etsy, Inc. (NASDAQ:ETSY) Stock

Etsy, Inc. (NASDAQ:ETSY) CEO Josh Silverman sold 21,666 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $52.05, for a total transaction of $1,127,715.30. Following the completion of the transaction, the chief executive officer now owns 5,004 shares of the company’s stock, valued at approximately $260,458.20. The trade was a 81.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Etsy Trading Down 2.7 %

Shares of NASDAQ ETSY traded down $1.43 during trading hours on Wednesday, hitting $51.70. 3,447,866 shares of the company traded hands, compared to its average volume of 3,426,424. The company’s 50 day moving average price is $54.10 and its 200 day moving average price is $53.76. Etsy, Inc. has a 12 month low of $47.10 and a 12 month high of $73.48. The stock has a market capitalization of $5.54 billion, a price-to-earnings ratio of 21.81, a price-to-earnings-growth ratio of 2.57 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.08. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The business had revenue of $852.16 million for the quarter, compared to analysts’ expectations of $861.37 million. During the same quarter in the previous year, the business posted $0.62 earnings per share. The business’s revenue was up 1.2% compared to the same quarter last year. Equities analysts anticipate that Etsy, Inc. will post 2.57 EPS for the current year.

Etsy declared that its Board of Directors has approved a stock repurchase plan on Wednesday, October 30th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the specialty retailer to purchase up to 17.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ETSY shares. Canaccord Genuity Group dropped their target price on shares of Etsy from $105.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Deutsche Bank Aktiengesellschaft lowered Etsy to a “hold” rating and dropped their price objective for the stock from $45.00 to $43.00 in a research note on Wednesday, February 12th. Truist Financial decreased their target price on Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. Loop Capital dropped their price target on Etsy from $45.00 to $40.00 and set a “sell” rating for the company in a research note on Thursday, February 20th. Finally, UBS Group cut their price objective on shares of Etsy from $55.00 to $54.00 and set a “neutral” rating for the company in a report on Thursday, February 20th. Four analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Etsy presently has an average rating of “Hold” and a consensus target price of $58.78.

Institutional Trading of Etsy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its stake in shares of Etsy by 106.5% during the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after buying an additional 231 shares during the last quarter. Lindbrook Capital LLC boosted its holdings in Etsy by 55.7% during the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after acquiring an additional 181 shares during the period. True Wealth Design LLC grew its position in Etsy by 112.7% in the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock valued at $29,000 after acquiring an additional 292 shares during the last quarter. Hurley Capital LLC purchased a new stake in Etsy in the fourth quarter worth $32,000. Finally, Strategic Investment Solutions Inc. IL bought a new stake in shares of Etsy during the fourth quarter worth $34,000. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Company Profile

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.