PNC Financial Services Group Inc. Sells 2,260 Shares of Etsy, Inc. (NASDAQ:ETSY)

PNC Financial Services Group Inc. reduced its holdings in shares of Etsy, Inc. (NASDAQ:ETSY) by 21.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,051 shares of the specialty retailer’s stock after selling 2,260 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Etsy were worth $426,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Lindbrook Capital LLC raised its stake in Etsy by 55.7% in the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after purchasing an additional 181 shares in the last quarter. Kestra Investment Management LLC bought a new position in shares of Etsy during the fourth quarter worth approximately $38,000. Versant Capital Management Inc raised its position in shares of Etsy by 153.1% in the fourth quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer’s stock valued at $44,000 after buying an additional 499 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Etsy by 95.1% in the fourth quarter. Blue Trust Inc. now owns 874 shares of the specialty retailer’s stock valued at $46,000 after buying an additional 426 shares during the period. Finally, Denver PWM LLC grew its position in Etsy by 36.1% during the fourth quarter. Denver PWM LLC now owns 1,090 shares of the specialty retailer’s stock worth $58,000 after buying an additional 289 shares in the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

Etsy Stock Up 0.5 %

ETSY opened at $44.93 on Friday. The company has a market cap of $4.81 billion, a P/E ratio of 18.96, a price-to-earnings-growth ratio of 2.57 and a beta of 2.23. The firm’s 50-day moving average price is $51.72 and its 200-day moving average price is $52.96. Etsy, Inc. has a 52-week low of $43.43 and a 52-week high of $71.72.

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

Insider Buying and Selling

In other news, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $50.48, for a total value of $75,720.00. Following the transaction, the insider now owns 20,698 shares of the company’s stock, valued at $1,044,835.04. This represents a 6.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Josh Silverman sold 21,666 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $52.05, for a total transaction of $1,127,715.30. Following the completion of the transaction, the chief executive officer now owns 5,004 shares in the company, valued at approximately $260,458.20. This represents a 81.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,666 shares of company stock worth $1,286,445 in the last 90 days. Insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ETSY. Wells Fargo & Company increased their target price on Etsy from $44.00 to $47.00 and gave the stock an “underweight” rating in a report on Thursday, February 20th. Moffett Nathanson raised their target price on shares of Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Morgan Stanley reduced their price target on shares of Etsy from $45.00 to $44.00 and set an “underweight” rating on the stock in a research report on Thursday, February 20th. Cantor Fitzgerald decreased their price objective on shares of Etsy from $46.00 to $43.00 and set a “neutral” rating on the stock in a research note on Thursday, February 20th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Etsy to a “hold” rating and lowered their price objective for the company from $45.00 to $43.00 in a research report on Wednesday, February 12th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Etsy has an average rating of “Hold” and a consensus price target of $58.42.

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.