Etsy (NYSE:ETSY) Hits New 12-Month High - Should You Buy?

Key Points

• Etsy shares reached a new 52-week high of $87.50, well above their 50-day and 200-day moving averages. The company has an $8.21 billion market capitalization and trades at a P/E ratio of 36.05.
• Analyst sentiment remains mixed: Etsy has an average rating of “Hold” and a consensus price target of $75.36, below its current price, despite several analysts raising targets and President Capital assigning a $91 objective.
• Insiders have sold 588,452 shares worth approximately $43.8 million over the past three months, while institutional investors own 99.53% of the stock.

Etsy Inc (NYSE:ETSY - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $87.50 and last traded at $87.2890, with a volume of 7870 shares traded. The stock had previously closed at $86.43.

Analysts Set New Price Targets

A number of analysts have commented on ETSY shares. Canaccord Genuity Group boosted their price target on shares of Etsy from $72.00 to $80.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Zacks Research lowered shares of Etsy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 14th. President Capital upgraded shares of Etsy from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $57.00 to $91.00 in a report on Thursday, June 25th. Wedbush began coverage on shares of Etsy in a research report on Thursday, July 16th. They set a "neutral" rating and a $80.00 target price for the company. Finally, Barclays upped their target price on shares of Etsy from $72.00 to $82.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Etsy currently has an average rating of "Hold" and a consensus price target of $75.36.

Etsy Stock Performance

The firm has a market capitalization of $8.21 billion, a P/E ratio of 36.05, a PEG ratio of 3.26 and a beta of 1.84. The firm has a 50 day simple moving average of $76.35 and a two-hundred day simple moving average of $63.25.

Insider Transactions at Etsy

In related news, Director Frederick R. Wilson sold 20,000 shares of the firm's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $83.22, for a total transaction of $1,664,400.00. Following the transaction, the director directly owned 421,329 shares of the company's stock, valued at $35,062,999.38. This trade represents a 4.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Josh Silverman sold 134,730 shares of the business's stock in a transaction dated 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 transaction, the insider 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 588,452 shares of company stock worth $43,762,222 over the last three months. 2.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Etsy

Institutional investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC boosted its position in Etsy by 19.1% in the first quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the company's stock worth $282,000 after purchasing an additional 961 shares during the last quarter. Empowered Funds LLC increased its position in shares of Etsy by 55.5% during the 1st quarter. Empowered Funds LLC now owns 9,673 shares of the company's stock valued at $456,000 after purchasing an additional 3,451 shares during the last quarter. Woodline Partners LP bought a new stake in shares of Etsy during the 1st quarter worth $2,181,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Etsy by 33.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,594 shares of the company's stock worth $180,000 after purchasing an additional 906 shares during the period. Finally, M&T Bank Corp bought a new position in Etsy during the second quarter valued at about $232,000. 99.53% of the stock is owned by institutional investors.

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.

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