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

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ETSY. Cantor Fitzgerald reiterated a “neutral” rating and issued a $80.00 price target on shares of Etsy in a report on Monday, July 20th. Argus raised Etsy from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a research note on Thursday, May 21st. B. Riley Financial lowered Etsy from a “buy” rating to a “neutral” rating and boosted their price target for the company from $70.00 to $75.00 in a report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft upped their price objective on Etsy from $74.00 to $75.00 and gave the stock a “hold” rating in a research report on Thursday, April 30th. Finally, Weiss Ratings upgraded Etsy from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Etsy has an average rating of “Hold” and an average target price of $75.36.

Etsy Stock Performance

The company has a market cap of $7.87 billion, a P/E ratio of 34.55, a P/E/G ratio of 3.35 and a beta of 1.83. The business’s 50-day moving average price is $75.11 and its 200 day moving average price is $62.77.

Insider Buying and Selling

In related news, insider Josh Silverman sold 134,730 shares of Etsy 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 completion of 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $74.39, for a total value of $1,487,800.00. Following the completion of the sale, the director owned 441,329 shares in the company, valued at $32,830,464.31. This represents a 4.34% decrease in their position. 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. Over the last 90 days, insiders sold 534,150 shares of company stock worth $39,121,111. Company insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC increased its stake in shares of Etsy by 717.7% during the first quarter. SG Americas Securities LLC now owns 1,497,174 shares of the company’s stock worth $74,829,000 after purchasing an additional 1,314,071 shares during the period. AQR Capital Management LLC grew its holdings in Etsy by 40.1% in the 4th quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company’s stock valued at $227,785,000 after buying an additional 1,177,301 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Etsy by 51.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company’s stock valued at $163,841,000 after buying an additional 1,112,520 shares in the last quarter. Norges Bank bought a new position in Etsy during the 4th quarter worth $33,903,000. Finally, Renaissance Technologies LLC increased its position in Etsy by 11.1% during the 1st quarter. Renaissance Technologies LLC now owns 5,962,210 shares of the company’s stock worth $297,991,000 after buying an additional 594,768 shares during the period. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.