Etsy (NYSE:ETSY) Hits New 52-Week High After Analyst Upgrade

Key Points

• Etsy hit a new 52-week high after JPMorgan raised its price target from $78 to $85, though the firm kept a neutral rating. The stock traded as high as $87.14 and last changed hands at $85.78.
• Analyst sentiment has improved overall, with multiple firms recently upgrading or raising targets on Etsy, including Goldman Sachs, Citigroup, Argus, and President Capital. Still, MarketBeat data shows the stock’s consensus rating remains Hold with an average target price of $73.08.
• Insider selling remains a notable overhang, as CEO Josh Silverman sold 134,730 shares in a Rule 10b5-1 transaction, and insiders have sold 759,312 shares over the last 90 days. Institutional investors continue to hold the vast majority of shares, owning 99.53% of the company.

Etsy Inc (NYSE:ETSY - Get Free Report) reached a new 52-week high during trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $78.00 to $85.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Etsy traded as high as $87.14 and last traded at $85.7810, with a volume of 3979857 shares. The stock had previously closed at $83.06.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group raised shares of Etsy from a "sell" rating to a "neutral" rating in a research note on Thursday, May 21st. President Capital raised shares of Etsy from a "neutral" rating to a "buy" rating and increased their price target for the company from $57.00 to $91.00 in a research note on Thursday, June 25th. Wells Fargo & Company raised their price target on shares of Etsy from $47.00 to $61.00 and gave the stock an "underweight" rating in a report on Thursday, April 30th. Citigroup began coverage on shares of Etsy in a research report on Thursday, May 21st. They set an "outperform" rating on the stock. Finally, Argus upgraded Etsy from a "hold" rating to a "buy" rating and set a $67.00 price objective on the stock in a report on Thursday, May 21st. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, eighteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Etsy currently has an average rating of "Hold" and a consensus target price of $73.08.

Insider Buying and Selling

In other Etsy news, insider Josh Silverman sold 134,730 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $68.89, for a total transaction of $9,281,549.70. Following the completion of the transaction, the insider owned 130,694 shares of the company's stock, valued at $9,003,509.66. This trade represents a 50.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 759,312 shares of company stock valued at $53,799,597 over the last 90 days. Corporate insiders own 2.50% of the company's stock.

Etsy News Roundup

Here are the key news stories impacting Etsy this week:

• Positive Sentiment: Jefferies issued a positive forecast for Etsy, signaling continued confidence in the company’s outlook. Jefferies Financial Group Issues Positive Forecast for Etsy NYSE: ETSY Stock Price
• Positive Sentiment: The UK competition watchdog cleared eBay’s planned acquisition of Depop, removing a regulatory hurdle tied to Etsy’s resale-platform asset and reducing deal uncertainty around the transaction. UK watchdog clears eBay's planned acquisition of Depop from Etsy
• Neutral Sentiment: JPMorgan raised its price target on Etsy, but kept a neutral rating and the new target still implies limited upside from current levels. Etsy had its price target raised by JPMorgan Chase & Co.
• Neutral Sentiment: Industry and lifestyle coverage around Etsy’s marketplace and community initiatives adds visibility, but does not appear to be a major stock driver. Etsy's WNC craft partnership celebrated with Gov. Stein, wife
• Negative Sentiment: Insider selling by CEO Josh Silverman may weigh on sentiment, especially since he has now sold shares in multiple recent transactions. Etsy NYSE: ETSY Insider Josh Silverman Sells 39,161 Shares of Stock

Hedge Funds Weigh In On Etsy

A number of hedge funds have recently made changes to their positions in the stock. Handelsbanken Fonder AB increased its holdings in Etsy by 11.2% in the 2nd quarter. Handelsbanken Fonder AB now owns 34,700 shares of the company's stock valued at $2,614,000 after purchasing an additional 3,500 shares during the last quarter. Hennion & Walsh Asset Management Inc. acquired a new position in Etsy during the second quarter worth $492,000. Assenagon Asset Management S.A. boosted its position in shares of Etsy by 48.0% during the second quarter. Assenagon Asset Management S.A. now owns 1,613,333 shares of the company's stock worth $121,532,000 after buying an additional 523,092 shares during the period. GAMMA Investing LLC boosted its position in shares of Etsy by 24.6% during the second quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock worth $286,000 after buying an additional 750 shares during the period. Finally, CoreCap Advisors LLC grew its stake in shares of Etsy by 2,379.1% in the second quarter. CoreCap Advisors LLC now owns 1,066 shares of the company's stock valued at $80,000 after buying an additional 1,023 shares in the last quarter. Hedge funds and other institutional investors own 99.53% of the company's stock.

Etsy Price Performance

The stock has a 50 day moving average price of $69.95 and a two-hundred day moving average price of $60.84. The firm has a market capitalization of $8.14 billion, a price-to-earnings ratio of 35.74, a PEG ratio of 3.46 and a beta of 1.83.

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.

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