Commonwealth Equity Services LLC Reduces Position in Etsy, Inc. (NASDAQ:ETSY)

Commonwealth Equity Services LLC decreased its position in Etsy, Inc. (NASDAQ:ETSY) by 61.8% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 20,975 shares of the specialty retailer’s stock after selling 33,865 shares during the period. Commonwealth Equity Services LLC’s holdings in Etsy were worth $2,335,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Bank of Nova Scotia lifted its holdings in Etsy by 42,025.5% in the 4th quarter. Bank of Nova Scotia now owns 1,229,642 shares of the specialty retailer’s stock worth $147,287,000 after buying an additional 1,226,723 shares during the period. Clearbridge Investments LLC lifted its stake in Etsy by 69.7% in the first quarter. Clearbridge Investments LLC now owns 2,314,633 shares of the specialty retailer’s stock worth $287,663,000 after acquiring an additional 950,415 shares during the period. Marshall Wace LLP lifted its stake in Etsy by 1,044.1% in the fourth quarter. Marshall Wace LLP now owns 886,097 shares of the specialty retailer’s stock worth $106,137,000 after acquiring an additional 808,650 shares during the period. Capital International Investors boosted its holdings in Etsy by 56.1% in the first quarter. Capital International Investors now owns 2,137,886 shares of the specialty retailer’s stock valued at $265,696,000 after acquiring an additional 768,350 shares in the last quarter. Finally, Norges Bank purchased a new position in Etsy during the 4th quarter valued at $66,556,000. 92.98% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Etsy

In other Etsy news, insider Nicholas Daniel sold 1,760 shares of the business’s stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $101.65, for a total transaction of $178,904.00. Following the completion of the sale, the insider now directly owns 8,704 shares in the company, valued at approximately $884,761.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Nicholas Daniel sold 1,760 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $101.65, for a total transaction of $178,904.00. Following the completion of the sale, the insider now directly owns 8,704 shares in the company, valued at $884,761.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Marla J. Blow sold 600 shares of the stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $73.11, for a total transaction of $43,866.00. Following the completion of the transaction, the director now owns 3,289 shares in the company, valued at $240,458.79. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 85,998 shares of company stock valued at $7,859,120. 2.60% of the stock is owned by company insiders.

Etsy Stock Performance

ETSY opened at $72.74 on Thursday. The company’s 50-day simple moving average is $83.96 and its two-hundred day simple moving average is $94.86. Etsy, Inc. has a 52-week low of $71.28 and a 52-week high of $149.91. The stock has a market capitalization of $8.95 billion, a P/E ratio of -12.39, a P/E/G ratio of 3.79 and a beta of 2.03.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, August 2nd. The specialty retailer reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.42. The business had revenue of $628.88 million during the quarter, compared to analyst estimates of $621.87 million. Etsy had a negative net margin of 26.84% and a negative return on equity of 69.10%. Research analysts forecast that Etsy, Inc. will post 2.73 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on ETSY shares. Wells Fargo & Company assumed coverage on shares of Etsy in a research note on Wednesday, June 7th. They set an “underweight” rating and a $70.00 target price on the stock. Truist Financial increased their target price on Etsy from $120.00 to $126.00 and gave the stock a “buy” rating in a research report on Thursday, August 3rd. UBS Group reduced their price target on Etsy from $120.00 to $105.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 19th. DA Davidson lowered their price objective on Etsy from $166.00 to $157.00 and set a “buy” rating for the company in a research report on Thursday, August 3rd. Finally, BTIG Research reduced their target price on shares of Etsy from $130.00 to $108.00 and set a “buy” rating on the stock in a research report on Friday, June 30th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $118.43.

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, France, and India. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers.