Insider Selling: Etsy, Inc. (NASDAQ:ETSY) Insider Sells 1,500 Shares of Stock

Etsy, Inc. (NASDAQ:ETSY) insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total transaction of $83,010.00. Following the transaction, the insider now directly owns 22,198 shares in the company, valued at approximately $1,228,437.32. The trade was a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Etsy Stock Performance

Shares of ETSY stock traded down $0.85 on Tuesday, reaching $53.96. 2,105,393 shares of the company were exchanged, compared to its average volume of 2,867,414. The company has a market cap of $6.07 billion, a price-to-earnings ratio of 27.53, a P/E/G ratio of 2.69 and a beta of 2.00. The business has a 50-day moving average price of $55.19 and a 200 day moving average price of $54.38. Etsy, Inc. has a 1 year low of $47.10 and a 1 year high of $80.30.

Etsy announced that its board has approved a share repurchase program on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

ETSY has been the topic of several analyst reports. Jefferies Financial Group raised shares of Etsy from an “underperform” rating to a “hold” rating and lifted their price target for the stock from $45.00 to $55.00 in a report on Monday, January 13th. Barclays cut their price target on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. The Goldman Sachs Group lowered shares of Etsy from a “neutral” rating to a “sell” rating and cut their price target for the stock from $70.00 to $45.00 in a report on Tuesday, October 15th. Bank of America cut their price target on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 price objective on shares of Etsy in a research note on Thursday, October 31st. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Etsy has a consensus rating of “Hold” and a consensus price target of $62.42.

Institutional Trading of Etsy

Institutional investors and hedge funds have recently modified their holdings of the stock. Meritage Portfolio Management increased its stake in shares of Etsy by 152.4% during the third quarter. Meritage Portfolio Management now owns 264,689 shares of the specialty retailer’s stock worth $14,698,000 after purchasing an additional 159,820 shares in the last quarter. Everence Capital Management Inc. purchased a new stake in Etsy during the 3rd quarter valued at about $834,000. Pacer Advisors Inc. grew its stake in Etsy by 183.9% during the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after acquiring an additional 3,861,668 shares in the last quarter. Principal Financial Group Inc. grew its stake in Etsy by 313.1% during the 3rd quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock valued at $30,125,000 after acquiring an additional 411,165 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its stake in Etsy by 258.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 118,434 shares of the specialty retailer’s stock valued at $6,576,000 after acquiring an additional 85,396 shares in the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

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.