PNC Financial Services Group Inc. Has $257,000 Stock Holdings in Etsy, Inc. (NASDAQ:ETSY)

PNC Financial Services Group Inc. trimmed its position in Etsy, Inc. (NASDAQ:ETSY) by 32.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,450 shares of the specialty retailer’s stock after selling 2,601 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Etsy were worth $257,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. True Wealth Design LLC grew its holdings in Etsy by 112.7% in the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock valued at $29,000 after buying an additional 292 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Etsy by 47.6% during the 1st quarter. Allworth Financial LP now owns 769 shares of the specialty retailer’s stock worth $35,000 after purchasing an additional 248 shares in the last quarter. Johnson Financial Group Inc. grew its holdings in shares of Etsy by 862.1% during the 4th quarter. Johnson Financial Group Inc. now owns 1,270 shares of the specialty retailer’s stock worth $70,000 after purchasing an additional 1,138 shares in the last quarter. Olde Wealth Management LLC acquired a new stake in shares of Etsy during the 1st quarter worth $70,000. Finally, GAMMA Investing LLC grew its holdings in shares of Etsy by 39.4% during the 1st quarter. GAMMA Investing LLC now owns 1,928 shares of the specialty retailer’s stock worth $91,000 after purchasing an additional 545 shares in the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Etsy

In related news, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $58.79, for a total transaction of $88,185.00. Following the completion of the sale, the insider owned 33,183 shares of the company’s stock, valued at $1,950,828.57. This trade represents a 4.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Josh Silverman sold 151,666 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The stock was 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 $6,218,423.12. This represents a 58.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold 364,168 shares of company stock valued at $21,945,035 over the last ninety days. Insiders own 2.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Citigroup reduced their target price on Etsy from $53.00 to $48.00 and set a “neutral” rating on the stock in a report on Friday, April 25th. Canaccord Genuity Group set a $76.00 target price on Etsy in a report on Wednesday, July 30th. Bank of America increased their target price on Etsy from $67.00 to $71.00 and gave the stock a “neutral” rating in a report on Thursday, July 31st. Citizens Jmp raised Etsy to a “hold” rating in a report on Thursday, July 10th. Finally, Loop Capital dropped their price objective on Etsy from $40.00 to $37.00 and set a “sell” rating for the company in a research report on Thursday, May 1st. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $57.20.

Etsy Price Performance

Shares of ETSY opened at $66.43 on Friday. Etsy, Inc. has a 1 year low of $40.05 and a 1 year high of $70.57. The company has a market capitalization of $6.58 billion, a price-to-earnings ratio of 53.57, a price-to-earnings-growth ratio of 4.22 and a beta of 1.73. The business has a 50-day moving average of $58.10 and a 200-day moving average of $52.07.

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