Etsy (NYSE:ETSY) Reaches New 1-Year High – What’s Next?

Shares of Etsy Inc (NYSE:ETSY) hit a new 52-week high during trading on Wednesday . The stock traded as high as $76.85 and last traded at $77.3510, with a volume of 95523 shares traded. The stock had previously closed at $74.89.

Analysts Set New Price Targets

ETSY has been the subject of several research analyst reports. Barclays lifted their price objective on shares of Etsy from $72.00 to $82.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Zacks Research upgraded shares of Etsy from a “hold” rating to a “strong-buy” rating in a report on Monday, June 15th. Canaccord Genuity Group upped their price objective on shares of Etsy from $72.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, April 30th. JPMorgan Chase & Co. increased their price objective on shares of Etsy from $75.00 to $78.00 and gave the stock a “neutral” rating in a research report on Friday, June 12th. Finally, UBS Group upgraded Etsy from a “neutral” rating to a “neutral” rating in a research note on Thursday, May 21st. Two investment 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. According to MarketBeat.com, Etsy has an average rating of “Hold” and an average price target of $71.80.

Etsy Price Performance

The stock has a market cap of $7.38 billion, a price-to-earnings ratio of 32.42, a P/E/G ratio of 3.11 and a beta of 1.88. The company’s fifty day simple moving average is $65.80 and its two-hundred day simple moving average is $58.47.

Insider Buying and Selling at Etsy

In other Etsy news, insider Josh Silverman sold 97,389 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $79.00, for a total transaction of $7,693,731.00. Following the completion of the sale, the insider directly owned 130,694 shares of the company’s stock, valued at approximately $10,324,826. The trade was a 42.70% decrease in their position. The sale 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 stock in a transaction on Monday, June 1st. The shares were sold at an average price of $68.79, for a total value of $1,375,800.00. Following the completion of the sale, the director directly owned 461,329 shares of the company’s stock, valued at $31,734,821.91. The trade was a 4.16% decrease in their ownership of the stock. 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 have sold 651,377 shares of company stock worth $44,720,839. 2.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Etsy

Several institutional investors have recently modified their holdings of the business. Smartleaf Asset Management LLC raised its position in Etsy by 10.0% in the second quarter. Smartleaf Asset Management LLC now owns 1,734 shares of the company’s stock worth $88,000 after acquiring an additional 158 shares during the period. Alamea Verwaltungs GmbH grew its position in shares of Etsy by 2.3% during the 2nd 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. increased its stake in shares of Etsy by 2.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 7,550 shares of the company’s stock worth $419,000 after purchasing an additional 180 shares during the last quarter. Blue Trust Inc. increased its stake in shares of Etsy by 19.3% during the 1st quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock worth $62,000 after purchasing an additional 200 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of 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 during the period. 99.53% of the stock is owned by 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.