Josh Silverman, the CEO of Etsy Inc (NASDAQ:ETSY) has boosted his stake in the company following his purchase of a whopping 64,000 shares of the firm.
Silverman who is the former CEO of Evite and Skype joined Etsy in November last year. He purchased the 64,000 shares in the open market earlier this week at $15.67 per share. A filing with the U.S Securities and Exchange Commission revealed that the stock purchase was valued at around $1 million. This also comes after the company announced positive results in its Q2 earnings report which was released on August 3. The report revealed that Etsy’s revenue hit $101.7 million, marking a year over year increase of 19.1 percent.
“The firm had revenue of $101.70 million for the quarter, compared to analyst estimates of $101.14 million,” stated a report from The Market Daily.
Analysts are optimistic about Etsy
The report is obviously great news for investors and it also comes after the restructuring that the company carried out that affected the whole firm. Earlier in June, Etsy announced that it had plans to slash 140 jobs, which is equivalent to 15 percent of its workforce. Fortunately, the company has continued to demonstrate positive growth ever since its IPO in 2014 and thus Analysts are still optimistic about its performance in the future.
Zacks Investment Research raised its estimate for the firm from a “hold” rating to a “buy” rating on July 4. The analyst firm also raised the company’s expected target price at the announcement of the second quarter results to $17. BidaskClub also raised its rating for Etsy from a “buy” to a “strong buy” in a report released on June 27.
Roth Capital gave its target price for Etsy at $14 with a “hold” rating on June 22. Various institutional investors and hedge funds have also changed their “hold” ratings on Etsy’s stock. Meanwhile, the company has been quite busy making moves that were aimed at securing a stronger financial future. Etsy made its first acquisition since its IPO when it acquired an AI startup known as Blackbird Technologies in September last year.
Etsy stock closed the latest trading session on Thursday at $15.90 after a 0.32 percent surge from the previous closing price.