Josh Silverman Sells 6,074 Shares of Etsy (NYSE:ETSY) Stock

Etsy Inc (NYSE:ETSY) insider Josh Silverman sold 6,074 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $49.07, for a total value of $298,051.18. Following the transaction, the insider owned 130,694 shares in the company, valued at approximately $6,413,154.58. This trade represents a 4.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, February 2nd, Josh Silverman sold 21,666 shares of Etsy stock. The stock was sold at an average price of $53.26, for a total transaction of $1,153,931.16.

Etsy Price Performance

Shares of Etsy stock opened at $51.60 on Friday. The business has a fifty day moving average price of $52.35. The firm has a market capitalization of $4.97 billion, a PE ratio of 39.39, a price-to-earnings-growth ratio of 3.30 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 (NYSE:ETSY) last posted its earnings results on Thursday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The business had revenue of $881.64 million for the quarter. Etsy had a net margin of 5.65% and a negative return on equity of 24.94%.

Etsy announced that its Board of Directors has initiated a stock buyback plan on Thursday, December 18th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 14.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ETSY. Truist Financial boosted their price objective on Etsy from $80.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Wells Fargo & Company lowered their target price on Etsy from $52.00 to $47.00 and set an “underweight” rating on the stock in a report on Friday, February 20th. Morgan Stanley dropped their price target on Etsy from $65.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Friday, February 20th. Wedbush cut their price target on Etsy from $72.00 to $66.00 and set a “neutral” rating for the company in a report on Friday, December 19th. Finally, Barclays raised Etsy from an “equal weight” rating to an “overweight” rating and set a $72.00 price objective for the company in a research report on Thursday, February 19th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, seventeen have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $60.80.

Hedge Funds Weigh In On Etsy

Several institutional investors and hedge funds have recently added to or reduced their stakes in ETSY. Public Sector Pension Investment Board increased its position in shares of Etsy by 21.2% during the third quarter. Public Sector Pension Investment Board now owns 430,824 shares of the company’s stock valued at $28,602,000 after purchasing an additional 75,295 shares during the period. Allianz Asset Management GmbH lifted its position in Etsy by 1,648.1% in the third quarter. Allianz Asset Management GmbH now owns 706,679 shares of the company’s stock worth $46,916,000 after purchasing an additional 666,253 shares during the period. Great Lakes Advisors LLC bought a new position in Etsy in the third quarter worth $1,889,000. Lone Pine Capital LLC acquired a new stake in Etsy during the third quarter worth $257,614,000. Finally, Picton Mahoney Asset Management boosted its stake in Etsy by 30.5% during the third quarter. Picton Mahoney Asset Management now owns 95,008 shares of the company’s stock worth $6,307,000 after buying an additional 22,229 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors.

About Etsy

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.