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

Etsy Inc (NYSE:ETSY) hit a new 52-week high during mid-day trading on Thursday. The company traded as high as $88.43 and last traded at $89.12, with a volume of 1,128,963 shares changing hands. The stock had previously closed at $82.93.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ETSY. Cantor Fitzgerald lifted their target price on shares of Etsy from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. B. Riley Financial upped their price target on shares of Etsy from $75.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. Zacks Research cut shares of Etsy from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 5th. President Capital raised shares of Etsy from a “neutral” rating to a “buy” rating and raised their price target for the company from $57.00 to $91.00 in a research note on Thursday, June 25th. Finally, Raymond James Financial lifted their price target on shares of Etsy from $75.00 to $92.00 and gave the stock an “outperform” rating in a report on Tuesday, July 21st. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eighteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $86.21.

Etsy Trading Up 8.5%

The business has a 50-day simple moving average of $76.88 and a 200 day simple moving average of $71.56. The stock has a market cap of $8.54 billion, a P/E ratio of 50.24, a price-to-earnings-growth ratio of 1.98 and a beta of 1.86.

Etsy (NYSE:ETSY) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of $0.75 by ($1.24). Etsy had a net margin of 7.32% and a negative return on equity of 34.18%. The company had revenue of $668.31 million during the quarter, compared to analyst estimates of $646.10 million. During the same period in the previous year, the company posted $0.25 EPS. The company’s quarterly revenue was down .7% on a year-over-year basis. As a group, equities analysts expect that Etsy Inc will post 3.94 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Richard Colburn, III sold 8,252 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $82.09, for a total value of $677,406.68. Following the sale, the insider directly owned 6,503 shares in the company, valued at $533,831.27. This represents a 55.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick Wilson sold 20,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $81.86, for a total transaction of $1,637,200.00. Following the sale, the director directly owned 401,329 shares of the company’s stock, valued at $32,852,791.94. This represents a 4.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 127,044 shares of company stock valued at $10,418,029 in the last ninety days. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Etsy

Several large investors have recently modified their holdings of ETSY. William Blair Investment Management LLC acquired a new position in Etsy in the second quarter valued at $120,417,000. SG Americas Securities LLC boosted its position in Etsy by 717.7% during the first quarter. SG Americas Securities LLC now owns 1,497,174 shares of the company’s stock valued at $74,829,000 after acquiring an additional 1,314,071 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Etsy by 51.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company’s stock worth $163,841,000 after acquiring an additional 1,112,520 shares during the period. Findlay Park Partners LLP acquired a new stake in Etsy during the 2nd quarter worth about $66,170,000. Finally, Renaissance Technologies LLC grew its holdings in Etsy by 11.1% during the 1st quarter. Renaissance Technologies LLC now owns 5,962,210 shares of the company’s stock worth $297,991,000 after acquiring an additional 594,768 shares during the period. 99.53% of the stock is currently owned by institutional investors and hedge funds.

About Etsy

Etsy, Inc operates a global online marketplace focused on unique and creative goods. Its platform connects buyers with independent sellers offering handmade products, vintage items, craft supplies, personalized merchandise, home décor, jewelry, clothing, and other specialty goods.

The company generates revenue primarily through marketplace services, including seller listing and transaction fees, payment processing, advertising, and other seller-focused services. Etsy also provides tools intended to help independent merchants manage their shops, market products, process orders, and reach customers.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy serves buyers and sellers in numerous countries.