Etsy (NASDAQ:ETSY) Sets New 12-Month High - What's Next?

Key Points

• Etsy's stock price reached a new 52-week high of $69.29, closing at $69.13 with a trading volume of over 1.57 million shares.
• Multiple analysts have raised their price targets for Etsy, with Needham & Company increasing their target to $72.00 and Barclays to $60.00, while the overall consensus rating remains a "Hold" with a target price of $57.20.
• Etsy reported $0.25 EPS for the most recent quarter, missing expectations, though revenue grew 3.8% year-over-year to $672.66 million.

Etsy, Inc. (NASDAQ:ETSY - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $69.29 and last traded at $69.13, with a volume of 1574062 shares. The stock had previously closed at $66.49.

Wall Street Analyst Weigh In

A number of research firms recently commented on ETSY. Needham & Company LLC boosted their price objective on shares of Etsy from $55.00 to $72.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Sanford C. Bernstein boosted their target price on Etsy from $45.00 to $50.00 and gave the stock a "market perform" rating in a research report on Thursday, July 17th. Barclays reiterated a "positive" rating and set a $60.00 target price (up from $52.00) on shares of Etsy in a research report on Thursday, July 31st. Cantor Fitzgerald boosted their target price on Etsy from $52.00 to $64.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Finally, Morgan Stanley boosted their target price on Etsy from $50.00 to $54.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $57.20.

Etsy Stock Up 5.4%

The firm has a market capitalization of $6.95 billion, a PE ratio of 56.52, a P/E/G ratio of 3.92 and a beta of 1.73. The firm's 50 day moving average price is $57.77 and its two-hundred day moving average price is $51.79.

Etsy (NASDAQ:ETSY - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The specialty retailer reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.54 by ($0.29). The company had revenue of $672.66 million for the quarter, compared to the consensus estimate of $645.16 million. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The company's revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.41 earnings per share. On average, sell-side analysts anticipate that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Insider Activity

In other Etsy news, CTO Richard Edward Colburn III sold 2,350 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $47.01, for a total value of $110,473.50. Following the sale, the chief technology officer directly owned 2,896 shares of the company's stock, valued at $136,140.96. This trade represents a 44.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Melissa Reiff sold 6,909 shares of Etsy stock in a transaction on Friday, August 1st. The shares were sold at an average price of $58.89, for a total value of $406,871.01. Following the sale, the director directly owned 16,424 shares in the company, valued at $967,209.36. The trade was a 29.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 366,968 shares of company stock valued at $22,076,609 over the last three months. 2.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Etsy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ETSY. Heritage Wealth Advisors boosted its position in shares of Etsy by 476.5% in the second quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer's stock valued at $25,000 after acquiring an additional 405 shares during the period. Signaturefd LLC lifted its position in shares of Etsy by 52.7% during the 2nd 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. True Wealth Design LLC lifted its position in shares of Etsy by 112.7% during the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock worth $29,000 after buying an additional 292 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in Etsy during the 4th quarter worth approximately $34,000. Finally, Allworth Financial LP grew its position 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 last quarter. Institutional investors and hedge funds 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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