Etsy (NYSE:ETSY) Reaches New 12-Month High – Still a Buy?

Etsy Inc (NYSE:ETSY)’s share price hit a new 52-week high during trading on Friday . The company traded as high as $80.66 and last traded at $81.0770, with a volume of 1530310 shares changing hands. The stock had previously closed at $77.72.

Analyst Ratings Changes

Several equities analysts have weighed in on ETSY shares. Cantor Fitzgerald lifted their target price on Etsy from $51.00 to $59.00 and gave the company a “neutral” rating in a research report on Tuesday, April 21st. JPMorgan Chase & Co. raised their price objective on shares of Etsy from $75.00 to $78.00 and gave the company a “neutral” rating in a research note on Friday, June 12th. Morgan Stanley set a $64.00 target price on shares of Etsy in a research note on Wednesday, April 29th. Arete Research set a $76.00 price target on shares of Etsy and gave the company a “buy” rating in a research report on Wednesday, May 20th. Finally, Argus upgraded shares of Etsy from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a research note on Thursday, May 21st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, eighteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Etsy has an average rating of “Hold” and a consensus target price of $71.80.

Etsy Price Performance

The company has a market cap of $7.69 billion, a PE ratio of 33.78, a P/E/G ratio of 3.21 and a beta of 1.83. The business’s 50 day moving average is $68.57 and its 200-day moving average is $60.08.

Insider Activity

In other news, insider Josh Silverman sold 92,404 shares of Etsy stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $74.93, for a total transaction of $6,923,831.72. Following the completion of the sale, the insider directly owned 139,884 shares of the company’s stock, valued at approximately $10,481,508.12. The trade was a 39.78% decrease in their position. The transaction was disclosed in a document filed 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Merilee Buckley sold 881 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $75.35, for a total value of $66,383.35. Following the completion of the transaction, the chief accounting officer directly owned 405 shares in the company, valued at $30,516.75. This trade represents a 68.51% 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 a total of 744,447 shares of company stock valued at $52,139,342 in the last 90 days. Company insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Etsy

Hedge funds and other institutional investors have recently made changes to their positions in the business. EFG International AG purchased a new position in Etsy in the fourth quarter valued at approximately $33,000. Blue Trust Inc. boosted its holdings in shares of Etsy by 19.3% in the 1st quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock valued at $62,000 after buying an additional 200 shares in the last quarter. Danske Bank A S acquired a new position in shares of Etsy in the 3rd quarter valued at $66,000. Federation des caisses Desjardins du Quebec grew its position in shares of Etsy by 22.8% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company’s stock valued at $67,000 after buying an additional 225 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new position in shares of Etsy in the 4th quarter valued at $79,000. Institutional investors and hedge funds own 99.53% of the company’s stock.

Etsy Company Profile

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.