Insider Selling: Etsy (NYSE:ETSY) Insider Sells $957,317.60 in 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 sale, the insider owned 249,559 shares of the company’s stock, valued at $20,426,404.15. This trade represents a 4.48% decrease in their position. The transaction 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 shares were 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 stock was sold at an average price of $83.11, for a total value of $3,416,485.88.
• On Friday, July 10th, Josh Silverman sold 39,161 shares of Etsy stock. The shares were sold at an average price of $79.00, for a total value of $3,093,719.00.
• On Wednesday, July 1st, Josh Silverman sold 92,404 shares of Etsy stock. The shares were sold at an average price of $74.93, for a total value 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 value of $7,693,731.00.
• On Monday, June 15th, Josh Silverman sold 50,000 shares of Etsy stock. The stock was 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 shares were sold at an average price of $74.00, for a total transaction of $3,883,446.00.

Etsy Stock Down 6.9%

Shares of NYSE ETSY opened at $76.39 on Friday. Etsy Inc has a 52 week low of $44.00 and a 52 week high of $87.97. The firm has a 50-day moving average price of $81.28 and a 200 day moving average price of $67.31. The stock has a market capitalization of $7.25 billion, a price-to-earnings ratio of 42.68, a price-to-earnings-growth ratio of 1.91 and a beta of 1.81.

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

Key Etsy News

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ETSY. California State Teachers Retirement System grew its position in shares of Etsy by 7,217.3% in the second quarter. California State Teachers Retirement System now owns 7,561,851 shares of the company’s stock valued at $569,634,000 after purchasing an additional 7,458,509 shares during the period. William Blair Investment Management LLC purchased a new position in Etsy during the second quarter worth about $120,417,000. SG Americas Securities LLC lifted its position in Etsy by 717.7% during the first quarter. SG Americas Securities LLC now owns 1,497,174 shares of the company’s stock worth $74,829,000 after buying an additional 1,314,071 shares during the period. AQR Capital Management LLC boosted its stake in Etsy by 40.1% in the 4th quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company’s stock worth $227,785,000 after buying an additional 1,177,301 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Etsy by 51.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company’s stock worth $163,841,000 after buying an additional 1,112,520 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ETSY shares. Roth Capital initiated coverage on Etsy in a report on Thursday, May 21st. They set a “buy” rating for the company. Cantor Fitzgerald raised their price target on Etsy from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Rosenblatt Securities started coverage on Etsy in a research note on Thursday, August 20th. They set a “buy” rating and a $95.00 price target for the company. Arete Research set a $76.00 price objective on shares of Etsy and gave the company a “buy” rating in a research note on Wednesday, May 20th. Finally, B. Riley Financial raised their target price on shares of Etsy from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Three investment 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.