Swiss National Bank Sells 7,800 Shares of Etsy, Inc. (NASDAQ:ETSY)

Swiss National Bank trimmed its position in Etsy, Inc. (NASDAQ:ETSY) by 3.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 217,900 shares of the specialty retailer’s stock after selling 7,800 shares during the period. Swiss National Bank owned approximately 0.21% of Etsy worth $10,281,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of ETSY. Sterling Capital Management LLC lifted its holdings in shares of Etsy by 23.3% in the fourth quarter. Sterling Capital Management LLC now owns 3,599 shares of the specialty retailer’s stock valued at $190,000 after purchasing an additional 679 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of Etsy by 6,522.4% in the fourth quarter. Marshall Wace LLP now owns 261,716 shares of the specialty retailer’s stock valued at $13,842,000 after purchasing an additional 257,764 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in shares of Etsy in the fourth quarter valued at about $34,000. Canada Pension Plan Investment Board lifted its holdings in shares of Etsy by 72.0% in the fourth quarter. Canada Pension Plan Investment Board now owns 381,500 shares of the specialty retailer’s stock valued at $20,178,000 after purchasing an additional 159,700 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in shares of Etsy by 7.9% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 121,454 shares of the specialty retailer’s stock valued at $6,419,000 after purchasing an additional 8,927 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on ETSY. Loop Capital cut their price target on Etsy from $40.00 to $37.00 and set a “sell” rating on the stock in a report on Thursday, May 1st. Citizens Jmp upgraded Etsy to a “hold” rating in a report on Thursday, July 10th. Canaccord Genuity Group set a $76.00 target price on Etsy in a report on Wednesday, July 30th. Barclays reiterated a “positive” rating and set a $60.00 target price (up previously from $52.00) on shares of Etsy in a report on Thursday, July 31st. Finally, Truist Financial upped their target price on Etsy from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, June 17th. Three equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $57.73.

Insider Buying and Selling

In other news, CEO Josh Silverman sold 151,666 shares of the company’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 transaction, the chief executive officer owned 107,809 shares of the company’s stock, valued at approximately $6,218,423.12. This represents a 58.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Melissa Reiff sold 6,909 shares of the company’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 value of $406,871.01. Following the completion of the transaction, the director directly owned 16,424 shares in the company, valued at $967,209.36. The trade was a 29.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 364,168 shares of company stock valued at $21,945,035 in the last ninety days. 2.80% of the stock is currently owned by company insiders.

Etsy Trading Down 2.6%

Etsy stock opened at $66.43 on Friday. Etsy, Inc. has a 12 month low of $40.05 and a 12 month high of $70.57. The stock’s 50 day moving average is $58.10 and its 200-day moving average is $52.09. The company has a market capitalization of $6.58 billion, a price-to-earnings ratio of 53.57, a PEG ratio of 4.33 and a beta of 1.73.

Etsy (NASDAQ:ETSY) last posted its 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). Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The firm had revenue of $672.66 million during the quarter, compared to analyst estimates of $645.16 million. During the same period in the previous year, the company posted $0.41 EPS. Etsy’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities research analysts predict that Etsy, Inc. will post 2.57 earnings per share for the current fiscal 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.