Insider Selling: Etsy (NASDAQ:ETSY) Insider Sells $1,153,931.16 in Stock

Etsy, Inc. (NASDAQ:ETSY) insider Josh Silverman sold 21,666 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $53.26, for a total value of $1,153,931.16. Following the transaction, the insider owned 90,661 shares of the company’s stock, valued at approximately $4,828,604.86. This trade represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Josh Silverman also recently made the following trade(s):

• On Friday, January 2nd, Josh Silverman sold 86,666 shares of Etsy stock. The stock was sold at an average price of $57.46, for a total transaction of $4,979,828.36.
• On Monday, December 1st, Josh Silverman sold 21,666 shares of Etsy stock. The shares were sold at an average price of $54.67, for a total transaction of $1,184,480.22.

Etsy Price Performance

Shares of ETSY stock opened at $54.40 on Friday. The firm has a fifty day moving average of $56.69 and a two-hundred day moving average of $60.37. The firm has a market cap of $5.37 billion, a P/E ratio of 43.87, a P/E/G ratio of 10.65 and a beta of 1.77. Etsy, Inc. has a 1-year low of $40.05 and a 1-year high of $76.51.

Etsy announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 18th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the specialty retailer to repurchase up to 14.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Holocene Advisors LP raised its position in Etsy by 697.4% in the 2nd quarter. Holocene Advisors LP now owns 5,343,797 shares of the specialty retailer’s stock valued at $268,045,000 after purchasing an additional 4,673,615 shares during the last quarter. Lone Pine Capital LLC acquired a new stake in shares of Etsy in the third quarter valued at $257,614,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Etsy by 62.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the specialty retailer’s stock valued at $185,197,000 after buying an additional 1,416,772 shares in the last quarter. Norges Bank acquired a new position in Etsy during the 2nd quarter worth about $65,207,000. Finally, Artisan Partners Limited Partnership acquired a new position in Etsy during the 2nd quarter worth about $50,033,000. 99.53% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ETSY shares. Raymond James Financial reiterated an “outperform” rating and issued a $78.00 target price (down previously from $80.00) on shares of Etsy in a research report on Thursday, October 30th. Stifel Nicolaus decreased their price objective on shares of Etsy from $65.00 to $62.00 and set a “hold” rating for the company in a report on Tuesday, January 27th. Jefferies Financial Group decreased their price objective on shares of Etsy from $70.00 to $60.00 and set a “hold” rating for the company in a report on Thursday, December 11th. Canaccord Genuity Group increased their target price on shares of Etsy from $76.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Finally, Morgan Stanley raised their price target on shares of Etsy from $61.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eighteen have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $63.72.

About Etsy

Etsy, Inc (NASDAQ: ETSY) operates a global e-commerce marketplace focused on handmade, vintage and unique goods. The platform connects individual artisans, small businesses and collectors with buyers seeking one-of-a-kind items, ranging from handcrafted jewelry and clothing to home décor and art supplies. Etsy’s revenue is primarily generated through listing fees, transaction fees on sales and optional seller services such as advertising and shipping labels.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy has cultivated a community-driven ethos, encouraging sustainable practices and personal entrepreneurship.