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

Key Points

• JPMorgan raised its price target on Etsy from $78 to $85 while keeping a neutral rating, implying about 2.06% upside from the current share price.
• Other analysts were mixed on the stock: several recently adjusted targets upward, but the overall consensus remains Hold with an average price target of $73.08.
• Etsy’s shares were trading near their 12-month high at $83.28, and recent insider sales included transactions by a director and the CAO under pre-arranged trading plans.

Etsy (NYSE:ETSY - Get Free Report) had its price target increased by investment analysts at JPMorgan Chase & Co. from $78.00 to $85.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 2.06% from the company's current price.

Several other equities research analysts also recently issued reports on the stock. B. Riley Financial downgraded shares of Etsy from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $70.00 to $75.00 in a research note on Thursday, April 30th. The Goldman Sachs Group raised shares of Etsy from a "sell" rating to a "neutral" rating in a report on Thursday, May 21st. Barclays raised their price target on shares of Etsy from $72.00 to $82.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Morgan Stanley set a $64.00 price objective on shares of Etsy in a research report on Wednesday, April 29th. Finally, BTIG Research lifted their target price on Etsy from $65.00 to $78.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eighteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $73.08.

Etsy Stock Performance

NYSE ETSY opened at $83.28 on Wednesday. The stock has a 50-day simple moving average of $69.53 and a 200 day simple moving average of $60.63. Etsy has a twelve month low of $44.00 and a twelve month high of $83.36. The stock has a market capitalization of $7.90 billion, a PE ratio of 34.70, a P/E/G ratio of 3.35 and a beta of 1.83.

Insider Activity

In other Etsy news, Director Frederick R. Wilson sold 20,000 shares of the firm's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $74.39, for a total transaction of $1,487,800.00. Following the completion of the transaction, the director owned 441,329 shares in the company, valued at $32,830,464.31. This trade represents a 4.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Merilee Buckley sold 881 shares of Etsy stock in a transaction that occurred on Monday, July 6th. The shares were 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. The trade was a 68.51% 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. In the last three months, insiders have sold 783,608 shares of company stock worth $55,233,061. Corporate insiders own 2.50% of the company's stock.

Hedge Funds Weigh In On Etsy

A number of hedge funds have recently modified their holdings of ETSY. Integrated Wealth Concepts LLC raised its stake in Etsy by 19.1% during the first quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the company's stock worth $282,000 after acquiring an additional 961 shares in the last quarter. Empowered Funds LLC grew its holdings 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 purchasing an additional 3,451 shares during the last quarter. Woodline Partners LP bought a new stake in shares of Etsy in the 1st quarter worth about $2,181,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Etsy by 33.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,594 shares of the company's stock worth $180,000 after purchasing an additional 906 shares in the last quarter. Finally, M&T Bank Corp bought a new position in Etsy during the 2nd quarter valued at about $232,000. 99.53% of the stock is 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.

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