Etsy (NYSE:ETSY) Hits New 1-Year High – Here’s Why

Etsy Inc (NYSE:ETSY) shares reached a new 52-week high on Wednesday . The company traded as high as $87.50 and last traded at $87.2890, with a volume of 7870 shares trading hands. The stock had previously closed at $86.43.

Analysts Set New Price Targets

ETSY has been the subject of several research analyst reports. Argus upgraded shares of Etsy from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a research note on Thursday, May 21st. Wall Street Zen lowered Etsy from a “buy” rating to a “hold” rating in a report on Sunday, May 31st. Sanford C. Bernstein raised their target price on Etsy from $60.00 to $65.00 and gave the stock a “market perform” rating in a research report on Thursday, April 30th. Cantor Fitzgerald restated a “neutral” rating and issued a $80.00 target price on shares of Etsy in a research note on Monday, July 20th. Finally, Susquehanna cut Etsy to a “neutral” rating in a research report on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Etsy has a consensus rating of “Hold” and an average price target of $75.36.

Etsy Stock Performance

The stock’s 50 day moving average is $76.35 and its 200 day moving average is $63.25. The company has a market capitalization of $8.21 billion, a PE ratio of 36.05, a PEG ratio of 3.26 and a beta of 1.84.

Insider Buying and Selling at Etsy

In related news, insider Josh Silverman sold 41,108 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $83.11, for a total transaction of $3,416,485.88. Following the sale, the insider directly owned 171,932 shares in the company, valued at approximately $14,289,268.52. The trade was a 19.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Merilee Buckley sold 881 shares of the stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $75.35, for a total value of $66,383.35. Following the sale, the chief accounting officer directly owned 405 shares in the company, valued at $30,516.75. This trade represents a 68.51% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 588,452 shares of company stock valued at $43,762,222 in the last 90 days. 2.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Etsy

A number of large investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC increased its holdings in Etsy by 19.1% during the 1st quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the company’s stock worth $282,000 after acquiring an additional 961 shares during the period. Empowered Funds LLC lifted its stake in Etsy by 55.5% in the 1st quarter. Empowered Funds LLC now owns 9,673 shares of the company’s stock worth $456,000 after purchasing an additional 3,451 shares in the last quarter. Woodline Partners LP bought a new position in Etsy in the 1st quarter valued at $2,181,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Etsy by 33.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,594 shares of the company’s stock valued at $180,000 after purchasing an additional 906 shares during the period. Finally, M&T Bank Corp purchased a new position in shares of Etsy during the 2nd quarter valued at $232,000. 99.53% of the stock is currently owned by institutional investors.

About Etsy

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.