Etsy (NYSE:ETSY) Reaches New 12-Month High – Here’s Why

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. UBS Group raised Etsy from a “neutral” rating to a “neutral” rating in a research report on Thursday, May 21st. The Goldman Sachs Group upgraded shares of Etsy from a “sell” rating to a “neutral” rating in a report on Thursday, May 21st. BTIG Research boosted their price objective on shares of Etsy from $65.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Sanford C. Bernstein increased their target price on shares of Etsy from $60.00 to $65.00 and gave the company a “market perform” rating in a research report on Thursday, April 30th. Finally, Wall Street Zen downgraded shares of Etsy from a “buy” rating to a “hold” rating in a research note on Sunday, May 31st. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, nineteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Etsy presently has an average rating of “Hold” and an average price target of $71.00.

Etsy Stock Up 5.5%

The firm has a market cap of $7.50 billion, a PE ratio of 32.98, a price-to-earnings-growth ratio of 2.89 and a beta of 1.88. The stock has a 50 day moving average price of $64.91 and a two-hundred day moving average price of $58.11.

Insider Activity at Etsy

In other Etsy news, CFO Charles Baker sold 2,030 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $63.50, for a total transaction of $128,905.00. Following the sale, the chief financial officer owned 6,913 shares of the company’s stock, valued at approximately $438,975.50. The trade was a 22.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Richard Edward Colburn III sold 4,776 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $65.09, for a total transaction of $310,869.84. Following the transaction, the insider owned 6,503 shares in the company, valued at $423,280.27. The trade was a 42.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 553,988 shares of company stock valued at $37,027,108 over the last 90 days. Company insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Etsy

A number of large investors have recently made changes to their positions in the stock. EFG International AG acquired a new position in shares of Etsy in the 4th quarter valued at $33,000. Danske Bank A S acquired a new stake in Etsy during the 3rd quarter worth about $66,000. Federation des caisses Desjardins du Quebec grew its stake in Etsy by 22.8% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company’s stock valued at $67,000 after purchasing an additional 225 shares during the last quarter. Blue Trust Inc. grew its stake in Etsy by 19.3% during the 1st quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock valued at $62,000 after purchasing an additional 200 shares during the last quarter. Finally, MAI Capital Management increased its holdings in shares of Etsy by 215.0% in the third quarter. MAI Capital Management now owns 1,320 shares of the company’s stock valued at $88,000 after purchasing an additional 901 shares during the period. 99.53% of the stock is owned by hedge funds and other 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.