Etsy (NYSE:ETSY) Reaches New 1-Year High - Should You Buy?

Key Points

• Etsy shares reached a new 52-week high of $87.26, although the consensus analyst rating remains “Hold” with an average price target of $75.36—below the current price.
• Analyst views are mixed: Raymond James raised its target to $92 and maintained an “outperform” rating, while Susquehanna and Wedbush rated the stock “neutral.”
• Insiders sold approximately 622,500 shares worth $44.8 million during the last quarter, while institutional investors own 99.53% of Etsy’s outstanding shares.

Shares of Etsy Inc (NYSE:ETSY - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $87.26 and last traded at $86.2410, with a volume of 1143778 shares. The stock had previously closed at $86.47.

Analyst Ratings Changes

Several equities analysts have commented on the company. Susquehanna downgraded Etsy to a "neutral" rating in a research report on Thursday, May 21st. Barclays lifted their target price on Etsy from $72.00 to $82.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Etsy from $74.00 to $75.00 and gave the stock a "hold" rating in a report on Thursday, April 30th. Wedbush initiated coverage on shares of Etsy in a research note on Thursday, July 16th. They issued a "neutral" rating and a $80.00 price target on the stock. Finally, Raymond James Financial lifted their price objective on shares of Etsy from $75.00 to $92.00 and gave the company an "outperform" rating in a report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $75.36.

Etsy Stock Down 1.0%

The firm has a 50 day moving average price of $74.17 and a 200 day moving average price of $62.45. The stock has a market cap of $8.12 billion, a PE ratio of 35.72, a price-to-earnings-growth ratio of 3.28 and a beta of 1.83.

Insider Activity

In other news, insider Josh Silverman sold 39,161 shares of the company's stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $79.00, for a total value of $3,093,719.00. Following the completion of the sale, the insider owned 139,884 shares of the company's stock, valued at approximately $11,050,836. This represents a 21.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Merilee Buckley sold 881 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $75.35, for a total transaction of $66,383.35. Following the transaction, the chief accounting officer owned 405 shares in the company, valued at approximately $30,516.75. This represents a 68.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 622,500 shares of company stock worth $44,791,414. 2.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ETSY. EFG International AG bought a new stake in Etsy during the fourth quarter valued at about $33,000. Blue Trust Inc. grew its stake in Etsy by 19.3% in the first quarter. Blue Trust Inc. now owns 1,238 shares of the company's stock valued at $62,000 after purchasing an additional 200 shares during the last quarter. Danske Bank A S bought a new position in Etsy in the third quarter worth about $66,000. Federation des caisses Desjardins du Quebec raised its holdings in Etsy by 22.8% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company's stock worth $67,000 after purchasing an additional 225 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in shares of Etsy during the fourth quarter valued at about $79,000. 99.53% of the stock is owned by institutional investors.

About Etsy

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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