JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Etsy (NASDAQ:ETSY) Stock

Etsy (NASDAQ:ETSY - Free Report) had its target price lifted by JPMorgan Chase & Co. from $42.00 to $50.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the specialty retailer's stock.

Several other research firms have also issued reports on ETSY. Bank of America reduced their price target on Etsy from $55.00 to $50.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. B. Riley decreased their target price on shares of Etsy from $62.00 to $55.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Cantor Fitzgerald lifted their target price on shares of Etsy from $42.00 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. Citigroup decreased their target price on shares of Etsy from $53.00 to $48.00 and set a "neutral" rating on the stock in a research note on Friday, April 25th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 target price on shares of Etsy in a research note on Wednesday, April 30th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $50.50.

Etsy Stock Up 1.9%

Shares of Etsy stock traded up $1.17 during trading on Wednesday, hitting $62.72. 6,407,838 shares of the stock traded hands, compared to its average volume of 4,048,148. The stock has a market cap of $6.54 billion, a price-to-earnings ratio of 26.46, a PEG ratio of 2.57 and a beta of 1.78. The firm's fifty day moving average is $46.95 and its 200-day moving average is $50.84. Etsy has a 52 week low of $40.05 and a 52 week high of $66.93.

Etsy (NASDAQ:ETSY - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The specialty retailer reported $0.46 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.04). The firm had revenue of $651.18 million for the quarter, compared to the consensus estimate of $642.22 million. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. Etsy's revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter last year, the company posted $0.48 earnings per share. On average, analysts forecast that Etsy will post 2.57 earnings per share for the current fiscal year.

Insider Activity

In other Etsy news, CEO Josh Silverman sold 151,666 shares of Etsy stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $57.68, for a total transaction of $8,748,094.88. Following the completion of the transaction, the chief executive officer now owns 107,809 shares in the company, valued at approximately $6,218,423.12. The trade was a 58.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $58.77, for a total value of $88,155.00. Following the transaction, the insider now owns 31,822 shares of the company's stock, valued at $1,870,178.94. The trade was a 4.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 205,418 shares of company stock worth $11,234,192 in the last quarter. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Lindbrook Capital LLC raised its stake in shares of Etsy by 55.7% in the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer's stock worth $27,000 after purchasing an additional 181 shares during the last quarter. True Wealth Design LLC increased its position in Etsy by 112.7% in the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock worth $29,000 after buying an additional 292 shares in the last quarter. Hurley Capital LLC purchased a new stake in Etsy in the fourth quarter worth about $32,000. Strategic Investment Solutions Inc. IL purchased a new stake in Etsy in the fourth quarter worth about $34,000. Finally, Allworth Financial LP increased its position in Etsy by 47.6% in the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock worth $35,000 after buying an additional 248 shares in the last quarter. Hedge funds and other institutional investors own 99.53% of the company's stock.

Etsy Company Profile

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.