Richard Edward Colburn III Sells 2,913 Shares of Etsy (NYSE:ETSY) Stock

Etsy Inc (NYSE:ETSY) insider Richard Edward Colburn III sold 2,913 shares of the business’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $82.11, for a total value of $239,186.43. Following the transaction, the insider owned 6,503 shares of the company’s stock, valued at approximately $533,961.33. The trade was a 30.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Richard Edward Colburn III also recently made the following trade(s):

• On Monday, August 10th, Richard Edward Colburn III sold 8,252 shares of Etsy stock. The stock was sold at an average price of $82.09, for a total value of $677,406.68.

Etsy Trading Down 6.9%

NYSE ETSY opened at $76.39 on Friday. The stock has a market cap of $7.25 billion, a PE ratio of 42.68, a PEG 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. The company’s 50-day moving average price is $81.28 and its 200-day moving average price is $67.31.

Etsy (NYSE:ETSY) last issued its earnings results on Wednesday, August 5th. The company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $646.10 million. During the same quarter in the prior year, the company earned $0.25 earnings per share. Etsy’s revenue was down .7% on a year-over-year basis. As a group, sell-side analysts forecast that Etsy Inc will post 3.94 earnings per share 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

A number of large investors have recently made changes to their positions in ETSY. Integrated Wealth Concepts LLC raised its stake in Etsy by 19.1% in the first quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the company’s stock valued at $282,000 after buying an additional 961 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Etsy by 55.5% during the first quarter. Empowered Funds LLC now owns 9,673 shares of the company’s stock valued at $456,000 after acquiring an additional 3,451 shares in the last quarter. Woodline Partners LP purchased a new position in shares of Etsy in the 1st quarter valued at approximately $2,181,000. Northwestern Mutual Wealth Management Co. boosted its stake in Etsy by 33.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,594 shares of the company’s stock worth $180,000 after purchasing an additional 906 shares in the last quarter. Finally, M&T Bank Corp purchased a new stake in Etsy during the 2nd quarter worth approximately $232,000. 99.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ETSY. Canaccord Genuity Group set a $92.00 price objective on Etsy in a report on Thursday, August 6th. Royal Bank Of Canada cut shares of Etsy to a “sector perform” rating in a research report on Thursday, August 20th. Argus upgraded shares of Etsy from a “hold” rating to a “buy” rating and set a $67.00 price objective on the stock in a research note on Thursday, May 21st. Arete Research set a $76.00 target price on Etsy and gave the stock a “buy” rating in a report on Wednesday, May 20th. Finally, Weiss Ratings cut Etsy from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, August 6th. Three 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $84.68.

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.