Etsy (NASDAQ:ETSY) Hits New 12-Month High – Still a Buy?

Etsy, Inc. (NASDAQ:ETSY) reached a new 52-week high during mid-day trading 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.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ETSY. BTIG Research increased their price objective on Etsy from $72.00 to $81.00 and gave the company a “buy” rating in a report on Tuesday. Barclays reaffirmed a “positive” rating and set a $60.00 target price (up from $52.00) on shares of Etsy in a research report on Thursday, July 31st. Truist Financial boosted their price target on Etsy from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Etsy from $40.00 to $47.00 and gave the company a “hold” rating in a report on Tuesday, July 22nd. Finally, Sanford C. Bernstein boosted their target price on shares of Etsy from $45.00 to $50.00 and gave the stock a “market perform” rating in a research report on Thursday, July 17th. Nine investment analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $58.69.

Etsy Trading Up 6.2%

The firm has a market capitalization of $6.99 billion, a PE ratio of 56.85, a P/E/G ratio of 4.23 and a beta of 1.85. The firm’s fifty day moving average price is $60.70 and its 200 day moving average price is $53.94.

Etsy (NASDAQ:ETSY) last posted its earnings results 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). Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The business had revenue of $672.66 million for the quarter, compared to analyst estimates of $645.16 million. During the same quarter in the prior year, the firm earned $0.41 earnings per share. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, analysts predict that Etsy, Inc. will post 2.57 earnings per share for the current year.

Insider Buying and Selling at Etsy

In related news, Director Charles Andrew Ballard sold 2,400 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $62.42, for a total value of $149,808.00. Following the transaction, the director directly owned 5,796 shares of the company’s stock, valued at approximately $361,786.32. This trade represents a 29.28% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Marla J. Blow sold 450 shares of the business’s stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $67.46, for a total value of $30,357.00. Following the sale, the director owned 9,491 shares of the company’s stock, valued at approximately $640,262.86. This trade represents a 4.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 513,316 shares of company stock valued at $33,365,669. Corporate insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ETSY. Holocene Advisors LP boosted its stake in 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 acquiring an additional 4,673,615 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Etsy by 423.7% in the 1st quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer’s stock valued at $218,890,000 after purchasing an additional 3,768,787 shares during the period. Acadian Asset Management LLC grew its stake in 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 during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Etsy by 62.3% during the second 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 during the period. Finally, Norges Bank acquired a new stake in shares of Etsy in the second quarter valued at approximately $65,207,000. Institutional investors and hedge funds 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.