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

Etsy Inc (NYSE:ETSY)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $80.66 and last traded at $81.0770, with a volume of 1530310 shares traded. The stock had previously closed at $77.72.

Analysts Set New Price Targets

A number of equities analysts have commented on ETSY shares. Canaccord Genuity Group boosted their price target on shares of Etsy from $72.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Roth Capital started coverage on shares of Etsy in a research note on Thursday, May 21st. They set a “buy” rating on the stock. Raymond James Financial lowered shares of Etsy from an “outperform” rating to an “outperform” rating in a report on Thursday, May 21st. JPMorgan Chase & Co. lifted their target price on shares of Etsy from $75.00 to $78.00 and gave the company a “neutral” rating in a research note on Friday, June 12th. Finally, BTIG Research boosted their target price on Etsy from $65.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eighteen have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $71.80.

Etsy Stock Performance

The stock has a market cap of $7.69 billion, a price-to-earnings ratio of 33.78, a PEG ratio of 3.37 and a beta of 1.83. The firm’s 50-day simple moving average is $68.80 and its two-hundred day simple moving average is $60.23.

Insider Activity at Etsy

In other Etsy news, CFO Charles Baker sold 2,030 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $63.50, for a total value of $128,905.00. Following the transaction, the chief financial officer directly owned 6,913 shares in the company, valued at approximately $438,975.50. This trade represents a 22.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Frederick R. Wilson sold 20,000 shares of Etsy stock in a transaction 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 directly owned 441,329 shares of the company’s stock, valued at $32,830,464.31. This trade represents a 4.34% 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 ninety days, insiders sold 744,447 shares of company stock worth $52,139,342. 2.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Etsy

Several hedge funds have recently added to or reduced their stakes in ETSY. Smartleaf Asset Management LLC grew its holdings in Etsy by 10.0% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,734 shares of the company’s stock valued at $88,000 after buying an additional 158 shares in the last quarter. Alamea Verwaltungs GmbH boosted its position in shares of Etsy by 2.3% in the second quarter. Alamea Verwaltungs GmbH now owns 7,380 shares of the company’s stock valued at $370,000 after acquiring an additional 169 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Etsy by 2.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 7,550 shares of the company’s stock valued at $419,000 after acquiring an additional 180 shares during the period. Blue Trust Inc. grew its stake in shares of 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 acquiring an additional 200 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Etsy by 6.6% in the 4th quarter. GAMMA Investing LLC now owns 3,333 shares of the company’s stock worth $185,000 after purchasing an additional 205 shares in the last quarter. Institutional investors own 99.53% of the company’s stock.

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.