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

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ETSY. Arete Research set a $76.00 price objective on Etsy and gave the company a “buy” rating in a research note on Wednesday, May 20th. Bank of America increased their target price on Etsy from $72.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, May 28th. UBS Group raised Etsy from a “neutral” rating to a “neutral” rating in a research report on Thursday, May 21st. Wells Fargo & Company upped their price target on shares of Etsy from $47.00 to $61.00 and gave the stock an “underweight” rating in a research note on Thursday, April 30th. Finally, Zacks Research raised shares of Etsy from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 15th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, nineteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $71.80.

Etsy Price Performance

The business’s 50 day moving average price is $67.05 and its 200 day moving average price is $59.09. The stock has a market capitalization of $6.92 billion, a P/E ratio of 30.38, a price-to-earnings-growth ratio of 3.00 and a beta of 1.88.

Insider Activity at Etsy

In related news, Director Frederick R. Wilson sold 20,000 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $68.79, for a total transaction of $1,375,800.00. Following the completion of the sale, the director owned 461,329 shares in the company, valued at approximately $31,734,821.91. This represents a 4.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Josh Silverman sold 97,389 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $79.00, for a total value of $7,693,731.00. Following the completion of the transaction, the insider directly owned 130,694 shares in the company, valued at approximately $10,324,826. This represents a 42.70% 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 ninety days, insiders have sold 645,303 shares of company stock worth $44,422,788. Company insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Etsy

Large investors have recently made changes to their positions in the company. EFG International AG purchased a new stake in shares of Etsy during the 4th quarter valued at about $33,000. Blue Trust Inc. boosted its holdings in shares of Etsy by 19.3% in the first quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock worth $62,000 after buying an additional 200 shares during the last quarter. Danske Bank A S bought a new stake in Etsy during the third quarter valued at approximately $66,000. Federation des caisses Desjardins du Quebec grew its position 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 valued at $67,000 after buying an additional 225 shares during the period. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in Etsy during the fourth quarter valued at approximately $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.