Geode Capital Management LLC Reduces Position in Etsy, Inc. (NASDAQ:ETSY)

Geode Capital Management LLC trimmed its stake in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 2.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,909,454 shares of the specialty retailer's stock after selling 48,380 shares during the period. Geode Capital Management LLC owned about 1.70% of Etsy worth $101,023,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of ETSY. O Shaughnessy Asset Management LLC increased its holdings in shares of Etsy by 83.3% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 8,455 shares of the specialty retailer's stock valued at $447,000 after purchasing an additional 3,843 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in Etsy by 2,298.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 52,444 shares of the specialty retailer's stock valued at $2,802,000 after buying an additional 50,257 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Etsy during the 4th quarter worth about $37,000. New Age Alpha Advisors LLC acquired a new position in Etsy in the 4th quarter worth about $6,117,000. Finally, Norges Bank purchased a new position in Etsy during the fourth quarter worth approximately $74,235,000. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Etsy Price Performance

Shares of NASDAQ:ETSY traded down $0.22 during mid-day trading on Tuesday, reaching $43.43. 513,702 shares of the company were exchanged, compared to its average volume of 3,797,763. Etsy, Inc. has a 1 year low of $40.05 and a 1 year high of $71.72. The firm's 50-day simple moving average is $48.55 and its 200 day simple moving average is $51.77. The firm has a market cap of $4.65 billion, a price-to-earnings ratio of 18.33, a P/E/G ratio of 2.57 and a beta of 2.15.

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Etsy (NASDAQ:ETSY - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.95 by $0.08. The business had revenue of $852.16 million during the quarter, compared to analyst estimates of $861.37 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The company's quarterly revenue was up 1.2% on a year-over-year basis. During the same period last year, the business posted $0.62 earnings per share. On average, research analysts forecast that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ETSY shares. Deutsche Bank Aktiengesellschaft downgraded Etsy to a "hold" rating and reduced their target price for the stock from $45.00 to $43.00 in a research note on Wednesday, February 12th. Morgan Stanley decreased their price objective on shares of Etsy from $45.00 to $44.00 and set an "underweight" rating on the stock in a report on Thursday, February 20th. JPMorgan Chase & Co. cut their target price on shares of Etsy from $50.00 to $42.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Stifel Nicolaus decreased their price target on shares of Etsy from $56.00 to $51.00 and set a "hold" rating on the stock in a research note on Thursday, February 20th. Finally, UBS Group cut their price objective on Etsy from $54.00 to $46.00 and set a "neutral" rating for the company in a research note on Friday. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Etsy currently has an average rating of "Hold" and a consensus target price of $56.71.

Insiders Place Their Bets

In related news, CEO Josh Silverman sold 21,666 shares of the company's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $52.05, for a total transaction of $1,127,715.30. Following the sale, the chief executive officer now directly owns 5,004 shares of the company's stock, valued at $260,458.20. This represents a 81.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Merilee Buckley sold 1,676 shares of the firm's stock in a transaction that occurred on Thursday, April 3rd. The shares were sold at an average price of $48.40, for a total transaction of $81,118.40. The disclosure for this sale can be found here. Insiders have sold 50,952 shares of company stock worth $2,554,620 over the last three months. Company insiders own 2.60% of the company's stock.

Etsy Company Profile

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.