Etsy (NYSE:ETSY) Reaches New 1-Year High – Still a Buy?

Etsy Inc (NYSE:ETSY) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $76.85 and last traded at $77.3510, with a volume of 95523 shares traded. The stock had previously closed at $74.89.

Analyst Ratings Changes

A number of research analysts have weighed in on ETSY shares. Truist Financial boosted their price objective on shares of Etsy from $83.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Evercore set a $72.00 price target on shares of Etsy in a report on Wednesday, April 29th. Cantor Fitzgerald increased their price objective on shares of Etsy from $51.00 to $59.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 21st. Needham & Company LLC raised their price objective on shares of Etsy from $65.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Finally, Citigroup initiated coverage on Etsy in a research report on Thursday, May 21st. They set an “outperform” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nineteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $71.00.

Etsy Price Performance

The stock has a market capitalization of $7.50 billion, a P/E ratio of 32.98, a PEG ratio of 2.89 and a beta of 1.88. The stock’s fifty day moving average price is $64.91 and its 200 day moving average price is $58.11.

Insider Transactions at Etsy

In related news, insider Josh Silverman sold 134,730 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $68.89, for a total value of $9,281,549.70. Following the transaction, the insider owned 130,694 shares of the company’s stock, valued at $9,003,509.66. This represents a 50.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 20,000 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $61.63, for a total value of $1,232,600.00. Following the transaction, the director owned 481,329 shares in the company, valued at $29,664,306.27. The trade was a 3.99% 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 a total of 553,988 shares of company stock worth $37,027,108 over the last 90 days. Insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. EFG International AG bought a new stake in shares of Etsy in the 4th quarter valued at about $33,000. Blue Trust Inc. increased its holdings in Etsy by 19.3% during the first quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock valued at $62,000 after buying an additional 200 shares during the period. Danske Bank A S purchased a new stake in Etsy during the third quarter worth $66,000. Federation des caisses Desjardins du Quebec lifted its holdings in Etsy by 22.8% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company’s stock worth $67,000 after buying an additional 225 shares during the period. Finally, Eurizon Capital SGR S.p.A. bought a new stake in Etsy during the 4th quarter valued at $79,000. 99.53% of the stock is currently 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.