Etsy (NYSE:ETSY) Sets New 52-Week High – What’s Next?

Etsy Inc (NYSE:ETSY)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $80.41 and last traded at $79.6890, with a volume of 3412510 shares changing hands. The stock had previously closed at $78.04.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ETSY. UBS Group raised shares of Etsy from a “neutral” rating to a “neutral” rating in a research note on Thursday, May 21st. Sanford C. Bernstein increased their price target on Etsy from $60.00 to $65.00 and gave the stock a “market perform” rating in a report on Thursday, April 30th. Bank of America upped their target price on shares of Etsy from $72.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, May 28th. Barclays increased their target price on shares of Etsy from $72.00 to $82.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Finally, Canaccord Genuity Group upped their price objective on shares of Etsy from $72.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, nineteen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $71.80.

Etsy Stock Up 2.1%

The stock has a market capitalization of $7.56 billion, a PE ratio of 33.20, a price-to-earnings-growth ratio of 3.11 and a beta of 1.88. The stock has a fifty day moving average of $66.60 and a 200-day moving average of $58.81.

Insider Activity

In other Etsy news, CFO Charles Baker sold 2,030 shares of Etsy stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $63.50, for a total transaction of $128,905.00. Following the completion of the sale, the chief financial officer directly owned 6,913 shares of the company’s stock, valued at $438,975.50. The trade was a 22.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Josh Silverman sold 97,389 shares of the company’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $79.00, for a total value of $7,693,731.00. Following the transaction, the insider directly owned 130,694 shares of the company’s stock, valued at approximately $10,324,826. This represents a 42.70% 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 a total of 651,377 shares of company stock valued at $44,720,839 over the last quarter. Company insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC lifted its position in Etsy by 11.1% in the first quarter. Renaissance Technologies LLC now owns 5,962,210 shares of the company’s stock valued at $297,991,000 after acquiring an additional 594,768 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Etsy by 40.1% during the fourth quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company’s stock worth $227,785,000 after purchasing an additional 1,177,301 shares during the last quarter. Lone Pine Capital LLC purchased a new position in shares of Etsy during the third quarter worth about $257,614,000. Van ECK Associates Corp increased its position in shares of Etsy by 1.1% during the fourth quarter. Van ECK Associates Corp now owns 3,734,156 shares of the company’s stock worth $207,022,000 after purchasing an additional 39,067 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Etsy by 51.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company’s stock worth $163,841,000 after purchasing an additional 1,112,520 shares in the last quarter. 99.53% of the stock is owned by hedge funds and other 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.