Zurcher Kantonalbank Zurich Cantonalbank Trims Position in Etsy Inc (NASDAQ:ETSY)

25 May 2020, 12:47 by Michael Walen

Zurcher Kantonalbank Zurich Cantonalbank cut its holdings in shares of Etsy Inc (NASDAQ:ETSY) by 98.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,201 shares of the specialty retailer’s stock after selling 847,561 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Etsy were worth $392,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Bessemer Group Inc. increased its holdings in shares of Etsy by 201.4% during the 1st quarter. Bessemer Group Inc. now owns 663 shares of the specialty retailer’s stock valued at $25,000 after purchasing an additional 443 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Etsy during the 1st quarter valued at approximately $27,000. Sowell Financial Services LLC increased its holdings in shares of Etsy by 63.5% during the 4th quarter. Sowell Financial Services LLC now owns 839 shares of the specialty retailer’s stock valued at $37,000 after purchasing an additional 326 shares in the last quarter. Citizens Financial Group Inc RI purchased a new position in shares of Etsy during the 4th quarter valued at approximately $41,000. Finally, Keebeck Wealth Management LLC purchased a new position in shares of Etsy during the 4th quarter valued at approximately $53,000. 97.94% of the stock is owned by hedge funds and other institutional investors.

In other news, CFO Rachel C. Glaser sold 5,776 shares of Etsy stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $60.00, for a total transaction of $346,560.00. Following the transaction, the chief financial officer now owns 30,965 shares in the company, valued at approximately $1,857,900. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Frederick R. Wilson sold 20,219 shares of Etsy stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $60.02, for a total value of $1,213,544.38. Following the transaction, the director now owns 779,781 shares in the company, valued at approximately $46,802,455.62. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 332,333 shares of company stock worth $21,336,028. 3.80% of the stock is currently owned by corporate insiders.

Shares of ETSY opened at $77.48 on Monday. Etsy Inc has a 52-week low of $29.95 and a 52-week high of $88.02. The company has a quick ratio of 5.71, a current ratio of 5.71 and a debt-to-equity ratio of 2.08. The firm’s fifty day moving average is $64.38 and its two-hundred day moving average is $51.02. The stock has a market cap of $9.20 billion, a PE ratio of 127.02, a price-to-earnings-growth ratio of 3.29 and a beta of 1.63.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, May 6th. The specialty retailer reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.08). Etsy had a return on equity of 18.68% and a net margin of 8.76%. The business had revenue of $228.05 million for the quarter, compared to analyst estimates of $219.34 million. During the same period last year, the firm earned $0.24 EPS. The company’s revenue for the quarter was up 34.7% compared to the same quarter last year. As a group, research analysts anticipate that Etsy Inc will post 1.05 earnings per share for the current year.

Several equities analysts have recently weighed in on the stock. Loop Capital lifted their target price on shares of Etsy from $70.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, February 27th. Royal Bank of Canada lifted their target price on shares of Etsy from $73.00 to $79.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. Stifel Nicolaus lifted their target price on shares of Etsy from $62.00 to $70.00 and gave the company a “buy” rating in a report on Friday, April 24th. Oppenheimer reissued a “buy” rating and issued a $85.00 price target on shares of Etsy in a research note on Monday, May 11th. Finally, Wedbush lifted their price target on shares of Etsy from $75.00 to $88.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. One analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $75.80.

About Etsy

Etsy, Inc operates Etsy.com, a commerce platform to make, sell, and buy goods online and offline primarily in the United States, United Kingdom, Canada, Australia, France, and Germany. It provides various seller services and tools that are designed to help entrepreneurs for starting, managing, and scaling their businesses.