Josh Silverman Sells 11,696 Shares of Etsy (NYSE:ETSY) Stock

Etsy Inc (NYSE:ETSY) insider Josh Silverman sold 11,696 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $81.85, for a total value of $957,317.60. Following the transaction, the insider owned 249,559 shares of the company’s stock, valued at approximately $20,426,404.15. This trade represents a 4.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Thursday, September 3rd, Josh Silverman sold 1,671 shares of Etsy stock. The stock was sold at an average price of $84.00, for a total transaction of $140,364.00.
• On Tuesday, August 4th, Josh Silverman sold 6,294 shares of Etsy stock. The shares were sold at an average price of $84.00, for a total transaction of $528,696.00.
• On Monday, August 3rd, Josh Silverman sold 41,108 shares of Etsy stock. The shares were sold at an average price of $83.11, for a total transaction of $3,416,485.88.
• On Friday, July 10th, Josh Silverman sold 39,161 shares of Etsy stock. The stock was sold at an average price of $79.00, for a total transaction of $3,093,719.00.
• On Wednesday, July 1st, Josh Silverman sold 92,404 shares of Etsy stock. The stock was sold at an average price of $74.93, for a total transaction of $6,923,831.72.
• On Wednesday, June 24th, Josh Silverman sold 97,389 shares of Etsy stock. The shares were sold at an average price of $79.00, for a total transaction of $7,693,731.00.
• On Monday, June 15th, Josh Silverman sold 50,000 shares of Etsy stock. The shares were sold at an average price of $72.50, for a total transaction of $3,625,000.00.
• On Tuesday, June 16th, Josh Silverman sold 52,479 shares of Etsy stock. The stock was sold at an average price of $74.00, for a total value of $3,883,446.00.

Etsy Stock Down 6.9%

Shares of ETSY opened at $76.39 on Friday. The stock’s 50-day moving average price is $81.28 and its 200 day moving average price is $67.31. The firm has a market capitalization of $7.25 billion, a price-to-earnings ratio of 42.68, a P/E/G ratio of 2.05 and a beta of 1.81. Etsy Inc has a 12-month low of $44.00 and a 12-month high of $87.97.

Etsy (NYSE:ETSY) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($1.24). The firm had revenue of $668.31 million during the quarter, compared to the consensus estimate of $646.10 million. Etsy had a negative return on equity of 34.18% and a net margin of 7.32%.Etsy’s revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.25 EPS. Equities research analysts expect that Etsy Inc will post 3.94 EPS for the current year.

Key Stories Impacting Etsy

Here are the key news stories impacting Etsy this week:

• Positive Sentiment: Analyst support and upcoming conference: Etsy has a “Moderate Buy” consensus rating and an average price target of $84.68, while Morgan Stanley recently upgraded the stock to “outperform.” Management will also participate in the Goldman Sachs Communacopia and Technology Conference on September 9, giving investors an opportunity to hear updates on marketplace trends, growth initiatives and the outlook. Etsy to Participate in Upcoming Investor Conference
• Neutral Sentiment: Post-earnings estimates are the next focus: About 30 days after its latest report, investors are watching whether earnings estimates can improve enough to support a rebound. Etsy exceeded revenue expectations with $668.31 million, compared with the $646.10 million consensus, but revenue declined 0.7% year over year and reported EPS of negative $0.49 missed the $0.75 estimate by a wide margin. Analysts currently expect approximately $3.94 in full-year EPS. Etsy Down Since Last Earnings Report
• Negative Sentiment: Insider selling may weigh on sentiment: Executives and directors disclosed sales totaling roughly 36,280 shares, including CEO Josh Silverman’s sales, director Frederick Wilson’s 20,000-share sale and Richard Colburn’s sale to cover tax withholding. Most transactions were made under pre-arranged Rule 10b5-1 plans, and the insiders retained sizable positions, reducing their value as a direct bearish signal; nevertheless, the cluster of sales creates near-term selling pressure and may raise investor concerns. Etsy Insider Selling Report

Hedge Funds Weigh In On Etsy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Corient Private Wealth LP increased its holdings in shares of Etsy by 226.0% during the second quarter. Corient Private Wealth LP now owns 73,639 shares of the company’s stock worth $5,547,000 after buying an additional 51,050 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Etsy in the 2nd quarter worth approximately $1,612,000. California State Teachers Retirement System grew its position in Etsy by 7,217.3% during the 2nd quarter. California State Teachers Retirement System now owns 7,561,851 shares of the company’s stock worth $569,634,000 after acquiring an additional 7,458,509 shares during the last quarter. Ameritas Advisory Services LLC bought a new stake in Etsy during the 2nd quarter worth approximately $675,000. Finally, Wedmont Private Capital acquired a new stake in Etsy during the 2nd quarter valued at $243,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on ETSY shares. JPMorgan Chase & Co. upgraded shares of Etsy from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $85.00 to $100.00 in a research note on Friday, August 7th. Wells Fargo & Company upped their target price on shares of Etsy from $61.00 to $76.00 and gave the company an “underweight” rating in a research note on Friday, August 7th. BTIG Research lowered shares of Etsy from a “buy” rating to a “neutral” rating in a research report on Thursday, July 16th. Sanford C. Bernstein upgraded shares of Etsy from a “hold” rating to an “outperform” rating in a research note on Thursday, August 20th. Finally, Wall Street Zen downgraded Etsy from a “buy” rating to a “hold” rating in a report on Sunday, May 31st. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, seventeen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $84.68.

Etsy Company Profile

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.