Envestnet Asset Management Inc. Decreases Stock Position in Etsy, Inc. (NASDAQ:ETSY)

Envestnet Asset Management Inc. trimmed its position in Etsy, Inc. (NASDAQ:ETSY) by 8.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 64,692 shares of the specialty retailer’s stock after selling 5,606 shares during the quarter. Envestnet Asset Management Inc. owned about 0.06% of Etsy worth $3,052,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. True Wealth Design LLC boosted its position in Etsy by 112.7% during the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock worth $29,000 after acquiring an additional 292 shares during the last quarter. GAMMA Investing LLC raised its stake in Etsy by 39.4% in the first quarter. GAMMA Investing LLC now owns 1,928 shares of the specialty retailer’s stock valued at $91,000 after buying an additional 545 shares in the last quarter. Hurley Capital LLC acquired a new stake in Etsy during the 4th quarter worth $32,000. Covestor Ltd increased its position in Etsy by 38.3% during the fourth quarter. Covestor Ltd now owns 2,318 shares of the specialty retailer’s stock worth $123,000 after buying an additional 642 shares during the period. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in Etsy during the 4th quarter worth $34,000. Institutional investors and hedge funds own 99.53% of the company’s stock.

Insider Buying and Selling at Etsy

In other news, CEO Josh Silverman sold 151,666 shares of the company’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $57.68, for a total value of $8,748,094.88. Following the sale, the chief executive officer directly owned 107,809 shares of the company’s stock, valued at approximately $6,218,423.12. This represents a 58.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Richard Edward Colburn III sold 2,350 shares of the business’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $47.01, for a total transaction of $110,473.50. Following the transaction, the chief technology officer owned 2,896 shares in the company, valued at $136,140.96. The trade was a 44.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 342,298 shares of company stock valued at $20,256,039 in the last ninety days. 2.80% of the stock is currently owned by company insiders.

Etsy Stock Performance

Shares of NASDAQ ETSY opened at $62.46 on Monday. The stock has a market cap of $6.51 billion, a P/E ratio of 44.61, a P/E/G ratio of 3.41 and a beta of 1.74. The firm has a 50 day moving average price of $55.59 and a 200 day moving average price of $51.17. Etsy, Inc. has a 52-week low of $40.05 and a 52-week high of $66.31.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.04). The firm had revenue of $651.18 million for the quarter, compared to the consensus estimate of $642.22 million. Etsy had a negative return on equity of 39.60% and a net margin of 6.69%. The business’s revenue was up .8% compared to the same quarter last year. During the same period last year, the company posted $0.48 earnings per share. Analysts predict that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ETSY. Truist Financial increased their price target on shares of Etsy from $55.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, June 17th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Etsy from $40.00 to $47.00 and gave the stock a “hold” rating in a research report on Tuesday, July 22nd. The Goldman Sachs Group dropped their target price on shares of Etsy from $35.00 to $31.00 and set a “sell” rating on the stock in a report on Thursday, May 1st. Citizens Jmp upgraded shares of Etsy to a “hold” rating in a research report on Thursday, July 10th. Finally, Piper Sandler cut their price target on shares of Etsy from $52.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, April 11th. Five investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $51.71.

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.