JPMorgan Chase & Co. Issues Positive Forecast for Etsy (NYSE:ETSY) Stock Price

Etsy (NYSE:ETSY) had its target price lifted by analysts at JPMorgan Chase & Co. from $75.00 to $78.00 in a report released on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 12.81% from the company’s previous close.

Several other equities research analysts have also commented on ETSY. Guggenheim began coverage on shares of Etsy in a research note on Thursday, May 21st. They issued a “buy” rating for the company. Susquehanna lowered Etsy to a “neutral” rating in a report on Thursday, May 21st. Cantor Fitzgerald lifted their price target on Etsy from $51.00 to $59.00 and gave the stock a “neutral” rating in a report on Tuesday, April 21st. Sanford C. Bernstein boosted their price objective on Etsy from $60.00 to $65.00 and gave the stock a “market perform” rating in a research report on Thursday, April 30th. Finally, Raymond James Financial lowered Etsy from an “outperform” rating to an “outperform” 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 assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Etsy currently has an average rating of “Hold” and a consensus price target of $71.00.

Etsy Price Performance

Shares of NYSE ETSY traded down $0.30 during trading on Friday, hitting $69.14. The stock had a trading volume of 332,509 shares, compared to its average volume of 3,357,274. The firm has a fifty day moving average of $61.68 and a two-hundred day moving average of $57.05. Etsy has a 12 month low of $44.00 and a 12 month high of $76.51. The company has a market capitalization of $6.56 billion, a PE ratio of 28.78, a PEG ratio of 2.84 and a beta of 1.88.

Insiders Place Their Bets

In other news, insider Josh Silverman sold 134,730 shares of the stock in a transaction on Monday, June 1st. The stock was 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 in the company, valued at approximately $9,003,509.66. This represents a 50.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 20,000 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $61.63, for a total value of $1,232,600.00. Following the completion of the sale, the director owned 481,329 shares in the company, valued at $29,664,306.27. This represents a 3.99% decrease in their ownership of the stock. 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 a total of 451,509 shares of company stock worth $29,518,662 in the last ninety days. Insiders own 2.50% of the company’s stock.

Institutional Trading of Etsy

Institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC lifted its holdings in shares of Etsy by 11.1% in the first quarter. Renaissance Technologies LLC now owns 5,962,210 shares of the company’s stock worth $297,991,000 after buying an additional 594,768 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Etsy by 40.1% in the fourth quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company’s stock worth $227,785,000 after purchasing an additional 1,177,301 shares during the period. Lone Pine Capital LLC purchased a new stake in shares of Etsy in the third quarter worth $257,614,000. Van ECK Associates Corp boosted its stake in Etsy by 1.1% during the fourth quarter. Van ECK Associates Corp now owns 3,734,156 shares of the company’s stock valued at $207,022,000 after buying an additional 39,067 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Etsy by 51.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company’s stock valued at $163,841,000 after buying an additional 1,112,520 shares during the period. Hedge funds and other institutional investors own 99.53% of the company’s stock.

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.