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

Etsy, Inc. (NASDAQ:ETSY - Get Free Report)'s share price reached a new 52-week high on Thursday . The company traded as high as $66.31 and last traded at $64.40, with a volume of 1924905 shares trading hands. The stock had previously closed at $62.86.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft increased their price objective on Etsy from $40.00 to $47.00 and gave the company a "hold" rating in a report on Tuesday. B. Riley reduced their target price on shares of Etsy from $62.00 to $55.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Piper Sandler dropped their price objective on Etsy from $52.00 to $40.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Cantor Fitzgerald lifted their target price on Etsy from $42.00 to $47.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Finally, Morgan Stanley raised shares of Etsy from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $38.00 to $50.00 in a report on Monday. Five equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $51.71.

Etsy Price Performance

The stock's 50 day moving average is $54.94 and its 200-day moving average is $51.10. The company has a market capitalization of $6.67 billion, a P/E ratio of 45.67, a P/E/G ratio of 3.50 and a beta of 1.74.

Etsy (NASDAQ:ETSY - Get Free Report) last announced its earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 EPS for the quarter, missing analysts' consensus estimates of $0.50 by ($0.04). The business had revenue of $651.18 million for the quarter, compared to the consensus estimate of $642.22 million. Etsy had a net margin of 6.69% and a negative return on equity of 39.60%. The business's quarterly revenue was up .8% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 EPS. On average, equities research analysts anticipate that Etsy, Inc. will post 2.57 EPS for the current year.

Insider Activity at Etsy

In other news, CTO Richard Edward Colburn III sold 2,350 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $47.01, for a total transaction of $110,473.50. Following the sale, the chief technology officer owned 2,896 shares of the company's stock, valued at $136,140.96. This trade represents a 44.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $51.36, for a total transaction of $77,040.00. Following the transaction, the insider owned 34,683 shares in the company, valued at approximately $1,781,318.88. This trade represents a 4.15% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 202,298 shares of company stock valued at $11,156,039. 2.80% of the stock is owned by insiders.

Institutional Trading of Etsy

Several large investors have recently modified their holdings of ETSY. Blue Trust Inc. grew its stake in shares of Etsy by 18.7% during the 2nd quarter. Blue Trust Inc. now owns 1,150 shares of the specialty retailer's stock valued at $58,000 after purchasing an additional 181 shares during the period. Signaturefd LLC raised its stake in shares of Etsy by 52.7% in the second quarter. Signaturefd LLC now owns 556 shares of the specialty retailer's stock worth $28,000 after buying an additional 192 shares during the period. Allworth Financial LP raised its stake in Etsy by 47.6% during the 1st quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock worth $35,000 after acquiring an additional 248 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Etsy by 27.5% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,299 shares of the specialty retailer's stock worth $65,000 after purchasing an additional 280 shares during the period. Finally, True Wealth Design LLC increased its stake in shares of Etsy by 112.7% in the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock worth $29,000 after purchasing an additional 292 shares in the last quarter. Institutional investors own 99.53% of the company's stock.

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.

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