Hsbc Holdings PLC Cuts Position in Etsy Inc $ETSY

Hsbc Holdings PLC reduced its holdings in shares of Etsy Inc (NYSE:ETSY) by 67.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 176,746 shares of the company’s stock after selling 361,646 shares during the quarter. Hsbc Holdings PLC owned 0.18% of Etsy worth $9,785,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. EFG International AG acquired a new position in Etsy in the fourth quarter worth about $33,000. Danske Bank A S acquired a new position in Etsy during the 3rd quarter valued at about $66,000. Federation des caisses Desjardins du Quebec grew its holdings in Etsy by 22.8% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company’s stock worth $67,000 after buying an additional 225 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new position in shares of Etsy in the fourth quarter worth $79,000. Finally, MAI Capital Management grew its position in Etsy by 215.0% in the 3rd quarter. MAI Capital Management now owns 1,320 shares of the company’s stock valued at $88,000 after buying an additional 901 shares in the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Josh Silverman sold 134,730 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $68.89, for a total transaction of $9,281,549.70. Following the completion of the sale, the insider directly owned 130,694 shares in the company, valued at approximately $9,003,509.66. This trade represents a 50.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 20,000 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $61.63, for a total value of $1,232,600.00. Following the completion of the transaction, the director owned 481,329 shares in the company, valued at $29,664,306.27. This trade represents a 3.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 651,377 shares of company stock worth $44,720,839 over the last ninety days. 2.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ETSY. Zacks Research raised shares of Etsy from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 15th. Weiss Ratings raised shares of Etsy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. JPMorgan Chase & Co. raised their price objective on shares of Etsy from $75.00 to $78.00 and gave the stock a “neutral” rating in a research note on Friday, June 12th. Citigroup initiated coverage on shares of Etsy in a research note on Thursday, May 21st. They set an “outperform” rating on the stock. Finally, The Goldman Sachs Group upgraded Etsy from a “sell” rating to a “neutral” rating in a report on Thursday, May 21st. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, nineteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $71.80.

Etsy Stock Up 0.4%

ETSY stock opened at $78.03 on Friday. The company has a 50 day moving average of $66.20 and a two-hundred day moving average of $58.61. The company has a market cap of $7.41 billion, a price-to-earnings ratio of 32.51, a PEG ratio of 3.10 and a beta of 1.88. Etsy Inc has a 12-month low of $44.00 and a 12-month high of $79.90.

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.