New York State Teachers Retirement System Trims Holdings in Etsy, Inc. (NASDAQ:ETSY)

New York State Teachers Retirement System trimmed its position in shares of Etsy, Inc. (NASDAQ:ETSY) by 6.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 109,097 shares of the specialty retailer’s stock after selling 7,200 shares during the quarter. New York State Teachers Retirement System owned approximately 0.10% of Etsy worth $5,147,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Hunter Perkins Capital Management LLC bought a new stake in Etsy during the 1st quarter valued at approximately $649,000. Diversified Trust Co boosted its position in Etsy by 63.9% during the 1st quarter. Diversified Trust Co now owns 16,829 shares of the specialty retailer’s stock valued at $794,000 after acquiring an additional 6,564 shares in the last quarter. Praxis Investment Management Inc. bought a new stake in Etsy during the 1st quarter valued at approximately $232,000. Schaper Benz & Wise Investment Counsel Inc. WI boosted its position in Etsy by 3.5% during the 1st quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 45,111 shares of the specialty retailer’s stock valued at $2,128,000 after acquiring an additional 1,507 shares in the last quarter. Finally, Bank Pictet & Cie Europe AG bought a new stake in Etsy during the 1st quarter valued at approximately $207,000. 99.53% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on ETSY. The Goldman Sachs Group dropped their price target on Etsy from $35.00 to $31.00 and set a “sell” rating on the stock in a research report on Thursday, May 1st. Citigroup dropped their price target on Etsy from $53.00 to $48.00 and set a “neutral” rating on the stock in a research report on Friday, April 25th. JPMorgan Chase & Co. boosted their price target on Etsy from $42.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 4th. Wells Fargo & Company set a $41.00 price target on Etsy and gave the stock an “underweight” rating in a research report on Monday, June 30th. Finally, Barclays dropped their price target on Etsy from $55.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 30th. Six research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $49.91.

Etsy Price Performance

NASDAQ ETSY opened at $54.40 on Monday. The stock has a market capitalization of $5.67 billion, a price-to-earnings ratio of 38.86, a PEG ratio of 2.99 and a beta of 1.74. Etsy, Inc. has a 1-year low of $40.05 and a 1-year high of $66.81. The business’s fifty day moving average price is $51.81 and its 200-day moving average price is $50.72.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, April 30th. The specialty retailer reported $0.46 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.04). The company had revenue of $651.18 million during the quarter, compared to analysts’ expectations of $642.22 million. Etsy had a negative return on equity of 39.60% and a net margin of 6.69%. The company’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter last year, the company earned $0.48 earnings per share. Equities research analysts anticipate that Etsy, Inc. will post 2.57 EPS for the current year.

Insider Transactions at Etsy

In other news, CEO Josh Silverman sold 21,666 shares of the company’s stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $51.37, for a total value of $1,112,982.42. Following the completion of the sale, the chief executive officer directly owned 62,674 shares in the company, valued at $3,219,563.38. This represents a 25.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $51.36, for a total value of $77,040.00. Following the completion of the sale, the insider owned 34,683 shares of the company’s stock, valued at $1,781,318.88. The trade was a 4.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold 202,298 shares of company stock worth $11,156,039 in the last three months. Corporate insiders own 2.80% of the company’s stock.

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.