Etsy (NYSE:ETSY) Reaches New 52-Week High – Still a Buy?

Etsy Inc (NYSE:ETSY)’s stock price reached a new 52-week high during trading on Wednesday. The company traded as high as $96.45 and last traded at $96.3560, with a volume of 113,824 shares. The stock had previously closed at $89.86.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. BTIG Research raised their target price on shares of Etsy from $90.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, October 28th. Evercore set a $83.00 price target on Etsy in a research note on Thursday, August 6th. Oppenheimer raised Etsy from a “market perform” rating to an “outperform” rating and set a $90.00 price target on the stock in a research report on Tuesday, September 15th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $100.00 price target on shares of Etsy in a research report on Wednesday, October 28th. Finally, Barclays raised their target price on shares of Etsy from $94.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, sixteen have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Etsy has an average rating of “Hold” and an average target price of $94.07.

Etsy Trading Up 8.0%

The firm has a market capitalization of $8.36 billion, a P/E ratio of 11.46, a P/E/G ratio of 1.96 and a beta of 1.75. The firm has a 50-day moving average of $79.04 and a two-hundred day moving average of $68.51.

Etsy (NYSE:ETSY) last released its earnings results on Wednesday, October 28th. The company reported $7.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $6.55. The firm had revenue of $692.47 million for the quarter, compared to analysts’ expectations of $669.04 million. Etsy had a negative return on equity of 43.65% and a net margin of 34.36%. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.63 earnings per share. On average, sell-side analysts anticipate that Etsy Inc will post 4.31 EPS for the current fiscal year.

Insider Activity at Etsy

In related news, CAO Merilee Buckley sold 5,076 shares of the company’s stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $90.00, for a total transaction of $456,840.00. Following the completion of the transaction, the chief accounting officer directly owned 5,076 shares in the company, valued at $456,840. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick Wilson sold 28,527 shares of the stock in a transaction that occurred on Thursday, October 29th. The shares were sold at an average price of $91.39, for a total transaction of $2,607,082.53. Following the completion of the transaction, the director directly owned 400,000 shares of the company’s stock, valued at approximately $36,556,000. The trade was a 6.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 141,501 shares of company stock worth $12,314,562 in the last ninety days. Insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. William Blair Investment Management LLC bought a new stake in shares of Etsy during the 2nd quarter valued at about $120,417,000. Arrowstreet Capital Limited Partnership grew its stake in Etsy by 51.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company’s stock worth $163,841,000 after purchasing an additional 1,112,520 shares during the period. Findlay Park Partners LLP acquired a new stake in Etsy during the second quarter worth approximately $66,170,000. Renaissance Technologies LLC increased its holdings in Etsy by 11.1% in the first quarter. Renaissance Technologies LLC now owns 5,962,210 shares of the company’s stock worth $297,991,000 after purchasing an additional 594,768 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Etsy in the second quarter worth approximately $42,781,000. 99.53% of the stock is currently owned by institutional investors.

Etsy Company Profile

Etsy, Inc operates an online marketplace that connects independent sellers with consumers seeking unique and creative goods. Its marketplace features products such as handmade items, personalized gifts, vintage merchandise, home décor, jewelry, clothing, craft supplies and other goods made, designed, selected or sourced by individual sellers and small businesses.

The company provides tools and services that support marketplace activity, including seller storefronts, search and discovery features, payment processing, advertising, shipping assistance and customer support.