Etsy (NYSE:ETSY) Hits New 52-Week High - Time to Buy?

Key Points

• Etsy shares reached a new 52-week high of $90.53 and last traded near $90.71, well above their 50-day and 200-day moving averages.
• Analyst sentiment has improved, with several firms upgrading the stock or raising price targets, including Needham’s $100 target. However, the overall consensus remains “Hold,” with a target price of $86.21.
• Etsy exceeded quarterly revenue expectations but missed significantly on earnings per share, while revenue declined 0.7% year over year. Insiders sold approximately $11.0 million in shares during the last quarter, primarily through pre-arranged trading plans.

Etsy Inc (NYSE:ETSY - Get Free Report) reached a new 52-week high during mid-day trading on Thursday. The stock traded as high as $90.53 and last traded at $90.7050, with a volume of 2,042,136 shares. The stock had previously closed at $87.23.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Seaport Research Partners upgraded Etsy to a "buy" rating in a report on Thursday, August 20th. Truist Financial boosted their target price on Etsy from $85.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Needham & Company LLC upped their target price on Etsy from $85.00 to $100.00 and gave the company a "buy" rating in a research report on Friday, August 7th. Morgan Stanley upgraded Etsy from an "underweight" rating to an "outperform" rating in a research note on Thursday, August 20th. Finally, Sanford C. Bernstein raised Etsy from a "hold" rating to a "strong-buy" rating in a report on Friday, September 11th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eighteen have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Etsy currently has a consensus rating of "Hold" and a consensus target price of $86.21.

Etsy Price Performance

The stock's fifty day simple moving average is $77.61 and its 200-day simple moving average is $73.16. The firm has a market cap of $8.61 billion, a PE ratio of 50.67, a PEG ratio of 2.18 and a beta of 1.86.

Etsy (NYSE:ETSY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.49) earnings per share for the quarter, missing analysts' consensus estimates of $0.75 by ($1.24). The company had revenue of $668.31 million for the quarter, compared to analysts' expectations of $646.10 million. Etsy had a net margin of 7.32% and a negative return on equity of 34.18%. Etsy's quarterly revenue was down .7% compared to the same quarter last year. During the same period last year, the firm earned $0.25 earnings per share. Analysts expect that Etsy Inc will post 3.94 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Josh Silverman sold 417 shares of the stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $84.47, for a total value of $35,223.99. Following the transaction, the insider owned 262,617 shares in the company, valued at approximately $22,183,257.99. This represents a 0.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Merilee Buckley sold 5,076 shares of the firm's stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $90.00, for a total transaction of $456,840.00. Following the transaction, the chief accounting officer directly owned 5,076 shares of the company's stock, valued at $456,840. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 133,251 shares of company stock valued at $10,966,499 over the last quarter. 2.50% of the stock is currently owned by company insiders.

Institutional Trading of Etsy

Large investors have recently made changes to their positions in the business. Blue Trust Inc. boosted its holdings 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. Lmcg Investments LLC raised its stake in shares of Etsy by 0.3% during the 1st quarter. Lmcg Investments LLC now owns 71,569 shares of the company's stock valued at $3,577,000 after buying an additional 249 shares during the last quarter. NorthCrest Asset Manangement LLC lifted its holdings in shares of Etsy by 9.3% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 3,166 shares of the company's stock valued at $238,000 after buying an additional 269 shares during the period. Modera Wealth Management LLC lifted its holdings in shares of Etsy by 1.3% in the 1st quarter. Modera Wealth Management LLC now owns 23,889 shares of the company's stock valued at $1,194,000 after buying an additional 302 shares during the period. Finally, Compound Planning Inc. lifted its holdings in shares of Etsy by 8.6% in the 1st quarter. Compound Planning Inc. now owns 4,346 shares of the company's stock valued at $217,000 after buying an additional 346 shares during the period. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Company Profile

Etsy, Inc operates an online marketplace that connects independent sellers with consumers seeking unique and creative goods. Its marketplace features products such as handmade items, personalized gifts, vintage merchandise, home décor, jewelry, clothing, craft supplies and other goods made, designed, selected or sourced by individual sellers and small businesses.

The company provides tools and services that support marketplace activity, including seller storefronts, search and discovery features, payment processing, advertising, shipping assistance and customer support.

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