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

Etsy, Inc. (NASDAQ:ETSY) reached a new 52-week high on Tuesday . The stock traded as high as $75.77 and last traded at $74.34, with a volume of 25716935 shares. The stock had previously closed at $64.18.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Citizens Jmp upgraded Etsy to a “hold” rating in a research note on Thursday, July 10th. Needham & Company LLC increased their price target on Etsy from $55.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. Raymond James Financial increased their price objective on Etsy from $50.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, July 22nd. Barclays restated a “positive” rating and issued a $60.00 price objective (up from $52.00) on shares of Etsy in a report on Thursday, July 31st. Finally, UBS Group restated a “neutral” rating and issued a $67.00 price objective on shares of Etsy in a report on Thursday, July 31st. Eight investment analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Etsy presently has an average rating of “Hold” and an average target price of $57.80.

Etsy Stock Performance

The stock has a fifty day simple moving average of $60.49 and a two-hundred day simple moving average of $53.74. The stock has a market capitalization of $7.37 billion, a price-to-earnings ratio of 59.95, a P/E/G ratio of 4.09 and a beta of 1.77.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.29). The company had revenue of $672.66 million for the quarter, compared to the consensus estimate of $645.16 million. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%.Etsy’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period last year, the company earned $0.41 EPS. Research analysts forecast that Etsy, Inc. will post 2.57 earnings per share for the current year.

Insider Activity at Etsy

In other news, insider Goyal Kruti Patel sold 11,944 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $59.31, for a total transaction of $708,398.64. Following the transaction, the insider owned 47,529 shares of the company’s stock, valued at $2,818,944.99. This represents a 20.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Merilee Buckley sold 5,817 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $58.83, for a total transaction of $342,214.11. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 363,316 shares of company stock worth $22,490,669. 2.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Etsy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Holocene Advisors LP lifted its holdings in shares of Etsy by 697.4% in the second quarter. Holocene Advisors LP now owns 5,343,797 shares of the specialty retailer’s stock valued at $268,045,000 after purchasing an additional 4,673,615 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Etsy by 423.7% during the 1st quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer’s stock worth $218,890,000 after buying an additional 3,768,787 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Etsy by 112.8% during the 1st quarter. Acadian Asset Management LLC now owns 2,803,956 shares of the specialty retailer’s stock worth $132,273,000 after buying an additional 1,486,142 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Etsy by 62.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the specialty retailer’s stock worth $185,197,000 after buying an additional 1,416,772 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Etsy during the 2nd quarter worth approximately $65,207,000. Institutional investors own 99.53% of the company’s stock.

About Etsy

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. 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.