Etsy, Inc. (NASDAQ:ETSY) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. trimmed its position in Etsy, Inc. (NASDAQ:ETSY) by 97.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,991 shares of the specialty retailer’s stock after selling 99,297 shares during the quarter. Federated Hermes Inc.’s holdings in Etsy were worth $141,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. True Wealth Design LLC raised its stake in Etsy by 112.7% during the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock worth $29,000 after acquiring an additional 292 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Etsy in the fourth quarter valued at about $34,000. Allworth Financial LP boosted its holdings in Etsy by 47.6% during the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer’s stock worth $35,000 after buying an additional 248 shares in the last quarter. Johnson Financial Group Inc. boosted its holdings in Etsy by 862.1% during the fourth quarter. Johnson Financial Group Inc. now owns 1,270 shares of the specialty retailer’s stock worth $70,000 after buying an additional 1,138 shares in the last quarter. Finally, Olde Wealth Management LLC acquired a new position in Etsy during the first quarter worth about $70,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Melissa Reiff sold 6,909 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $58.89, for a total transaction of $406,871.01. Following the transaction, the director owned 16,424 shares of the company’s stock, valued at approximately $967,209.36. This trade represents a 29.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Goyal Kruti Patel sold 11,944 shares of Etsy stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $59.31, for a total transaction of $708,398.64. Following the completion of the transaction, the insider directly owned 47,529 shares in the company, valued at approximately $2,818,944.99. This represents a 20.08% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 366,968 shares of company stock valued at $22,076,609. 2.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ETSY. Morgan Stanley boosted their price objective on shares of Etsy from $50.00 to $54.00 and gave the company an “equal weight” rating in a research report on Thursday, July 31st. Arete upgraded shares of Etsy from a “sell” rating to a “neutral” rating and set a $54.00 target price for the company in a research note on Thursday. Evercore ISI reduced their price objective on shares of Etsy from $60.00 to $54.00 and set an “outperform” rating on the stock in a research note on Thursday, May 1st. The Goldman Sachs Group reduced their price objective on shares of Etsy from $35.00 to $31.00 and set a “sell” rating on the stock in a research note on Thursday, May 1st. Finally, Barclays restated a “positive” rating and issued a $60.00 price target (up from $52.00) on shares of Etsy in a research report on Thursday, July 31st. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $57.20.

Etsy Price Performance

Shares of ETSY opened at $60.91 on Monday. Etsy, Inc. has a one year low of $40.05 and a one year high of $68.45. The company has a 50-day moving average of $57.58 and a two-hundred day moving average of $51.62. The stock has a market cap of $6.04 billion, a price-to-earnings ratio of 49.12, a PEG ratio of 3.87 and a beta of 1.73.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.29). The company had revenue of $672.66 million for the quarter, compared to analyst estimates of $645.16 million. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.41 earnings per share. Analysts anticipate that Etsy, Inc. will post 2.57 earnings per share for the current year.

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, 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.