Prudential PLC Sells 42,255 Shares of Etsy, Inc. $ETSY

Prudential PLC reduced its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 52.6% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 38,015 shares of the specialty retailer’s stock after selling 42,255 shares during the period. Prudential PLC’s holdings in Etsy were worth $1,907,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cooper Financial Group boosted its stake in Etsy by 31.3% in the 1st quarter. Cooper Financial Group now owns 18,962 shares of the specialty retailer’s stock worth $895,000 after purchasing an additional 4,523 shares during the period. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Etsy in the 1st quarter valued at about $288,000. Focus Partners Advisor Solutions LLC bought a new stake in shares of Etsy in the first quarter valued at about $922,000. Charles Schwab Investment Management Inc. boosted its position in shares of Etsy by 4.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,184,851 shares of the specialty retailer’s stock worth $55,901,000 after buying an additional 53,831 shares during the period. Finally, Jump Financial LLC grew its holdings in shares of Etsy by 20.8% during the first quarter. Jump Financial LLC now owns 118,053 shares of the specialty retailer’s stock worth $5,570,000 after buying an additional 20,292 shares in the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on ETSY. Arete upgraded Etsy from a “sell” rating to a “neutral” rating and set a $54.00 target price on the stock in a research note on Thursday, August 7th. Stifel Nicolaus lifted their price target on shares of Etsy from $45.00 to $66.00 and gave the company a “hold” rating in a research note on Tuesday, July 29th. Zacks Research raised shares of Etsy from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. Truist Financial raised their price objective on Etsy from $75.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Finally, Arete Research raised Etsy from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nineteen have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Etsy presently has an average rating of “Hold” and a consensus target price of $64.24.

Etsy Stock Performance

ETSY opened at $53.12 on Friday. The stock has a fifty day moving average of $65.15 and a 200-day moving average of $59.35. The company has a market capitalization of $5.24 billion, a P/E ratio of 42.83, a P/E/G ratio of 10.65 and a beta of 1.87. Etsy, Inc. has a fifty-two week low of $40.05 and a fifty-two week high of $76.51.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, October 29th. The specialty retailer reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The business had revenue of $678.03 million for the quarter, compared to analyst estimates of $655.83 million. During the same period last year, the firm earned $0.45 earnings per share. Etsy’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, equities research analysts predict that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Richard Edward Colburn III sold 3,200 shares of the firm’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $57.80, for a total value of $184,960.00. Following the transaction, the insider owned 4,387 shares in the company, valued at approximately $253,568.60. This trade represents a 42.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Goyal Kruti Patel sold 7,685 shares of the business’s stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $75.01, for a total value of $576,451.85. Following the completion of the transaction, the insider directly owned 54,840 shares of the company’s stock, valued at approximately $4,113,548.40. This trade represents a 12.29% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 377,605 shares of company stock worth $24,893,486. 2.80% of the stock is currently owned by insiders.

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.