Etsy (NYSE:ETSY) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Etsy (NYSE:ETSY) had its price target raised by equities researchers at JPMorgan Chase & Co. from $75.00 to $78.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 12.81% from the company’s previous close.

Several other brokerages also recently issued reports on ETSY. Canaccord Genuity Group upped their price target on shares of Etsy from $72.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Bank of America boosted their price objective on Etsy from $72.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, May 28th. Cantor Fitzgerald increased their target price on Etsy from $51.00 to $59.00 and gave the company a “neutral” rating in a research report on Tuesday, April 21st. Weiss Ratings raised Etsy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Etsy from $74.00 to $75.00 and gave the stock a “hold” rating in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $71.00.

Etsy Stock Performance

Shares of Etsy stock traded down $0.30 during midday trading on Friday, hitting $69.14. 332,509 shares of the company traded hands, compared to its average volume of 3,357,274. The firm’s fifty day moving average price is $61.68 and its 200-day moving average price is $57.05. The stock has a market cap of $6.56 billion, a price-to-earnings ratio of 28.78, a PEG ratio of 2.84 and a beta of 1.88. Etsy has a 12 month low of $44.00 and a 12 month high of $76.51.

Insider Activity

In other Etsy news, insider Josh Silverman sold 134,730 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $68.89, for a total value of $9,281,549.70. Following the sale, the insider owned 130,694 shares in the company, valued at approximately $9,003,509.66. The trade was a 50.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 20,000 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $61.63, for a total value of $1,232,600.00. Following the transaction, the director owned 481,329 shares of the company’s stock, valued at $29,664,306.27. This trade represents a 3.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 451,509 shares of company stock worth $29,518,662 over the last ninety days. Company insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Etsy

Several large investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC lifted its holdings in Etsy by 19.1% in the first quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the company’s stock valued at $282,000 after buying an additional 961 shares during the period. Empowered Funds LLC raised its position in shares of 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 acquiring an additional 3,451 shares in the last quarter. Woodline Partners LP bought a new position in shares of Etsy in the 1st quarter worth about $2,181,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of 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 bought a new stake in shares of Etsy during the 2nd quarter valued at about $232,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.