HighTower Advisors LLC Reduces Position in Etsy, Inc. (NASDAQ:ETSY)

HighTower Advisors LLC lessened its holdings in shares of Etsy, Inc. (NASDAQ:ETSYGet Rating) by 21.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,345 shares of the specialty retailer’s stock after selling 4,084 shares during the quarter. HighTower Advisors LLC’s holdings in Etsy were worth $1,887,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Covestor Ltd bought a new position in Etsy in the fourth quarter worth $29,000. Rinkey Investments purchased a new stake in shares of Etsy during the fourth quarter valued at $26,000. Mogy Joel R Investment Counsel Inc. purchased a new stake in shares of Etsy during the fourth quarter valued at $35,000. American National Bank boosted its position in Etsy by 71.3% in the first quarter. American National Bank now owns 209 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 87 shares during the last quarter. Finally, Byrne Asset Management LLC purchased a new position in Etsy in the fourth quarter worth about $48,000. Institutional investors own 98.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Evercore ISI decreased their target price on Etsy from $130.00 to $95.00 and set an “outperform” rating on the stock in a research note on Friday, July 1st. Piper Sandler began coverage on Etsy in a report on Wednesday, August 3rd. They set a “neutral” rating and a $95.00 price objective for the company. BTIG Research lifted their target price on Etsy from $105.00 to $122.00 in a research report on Thursday, July 28th. JMP Securities reissued a “mkt outperform” rating and issued a $125.00 price target on shares of Etsy in a research report on Wednesday, June 1st. Finally, KeyCorp began coverage on Etsy in a research report on Wednesday, July 20th. They issued a “sector weight” rating for the company. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Etsy has a consensus rating of “Moderate Buy” and an average price target of $129.35.

Insider Buying and Selling

In related news, CEO Josh Silverman sold 20,850 shares of the firm’s stock in a transaction that occurred on Wednesday, June 22nd. The shares were sold at an average price of $74.14, for a total value of $1,545,819.00. Following the completion of the transaction, the chief executive officer now owns 102,707 shares of the company’s stock, valued at approximately $7,614,696.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Etsy news, CEO Josh Silverman sold 20,850 shares of the stock in a transaction that occurred on Wednesday, June 22nd. The shares were sold at an average price of $74.14, for a total value of $1,545,819.00. Following the completion of the sale, the chief executive officer now owns 102,707 shares in the company, valued at approximately $7,614,696.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CMO Ryan M. Scott sold 712 shares of the firm’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $100.00, for a total transaction of $71,200.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 114,320 shares of company stock worth $10,959,493. Corporate insiders own 3.10% of the company’s stock.

Etsy Stock Performance

NASDAQ:ETSY opened at $107.36 on Thursday. The company has a debt-to-equity ratio of 4.10, a current ratio of 2.93 and a quick ratio of 2.93. The firm has a 50-day moving average of $100.21 and a two-hundred day moving average of $104.42. The stock has a market cap of $13.59 billion, a P/E ratio of 37.80, a PEG ratio of 4.92 and a beta of 1.86. Etsy, Inc. has a 1-year low of $67.01 and a 1-year high of $307.75.

Etsy (NASDAQ:ETSYGet Rating) last released its quarterly earnings data on Wednesday, July 27th. The specialty retailer reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.13. Etsy had a net margin of 17.01% and a return on equity of 67.88%. The firm had revenue of $585.20 million for the quarter, compared to analyst estimates of $556.85 million. During the same quarter in the prior year, the business earned $0.68 earnings per share. Etsy’s quarterly revenue was up 10.6% on a year-over-year basis. On average, research analysts expect that Etsy, Inc. will post 2.18 earnings per share for the current fiscal year.

About Etsy

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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.

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Institutional Ownership by Quarter for Etsy (NASDAQ:ETSY)

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