Wedbush Reaffirms Neutral Rating for Etsy (NYSE:ETSY)

Etsy (NYSE:ETSY)‘s stock had its “neutral” rating restated by equities researchers at Wedbush in a research note issued on Thursday,Benzinga reports. They currently have a $80.00 price target on the stock. Wedbush’s price target would indicate a potential downside of 6.74% from the stock’s previous close.

Several other analysts also recently issued reports on ETSY. Citigroup started coverage on Etsy in a research note on Thursday, May 21st. They set an “outperform” rating on the stock. BTIG Research lowered shares of Etsy from a “buy” rating to a “neutral” rating in a report on Thursday. Jefferies Financial Group lifted their price objective on shares of Etsy from $62.00 to $80.00 and gave the company a “hold” rating in a research report on Tuesday. Sanford C. Bernstein upped their target price on shares of Etsy from $60.00 to $65.00 and gave the stock a “market perform” rating in a research report on Thursday, April 30th. Finally, Cantor Fitzgerald raised their target price on shares of Etsy from $51.00 to $59.00 and gave the company a “neutral” rating in a research note on Tuesday, April 21st. One 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 issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $73.64.

Etsy Stock Up 3.3%

NYSE:ETSY opened at $85.78 on Thursday. The business’s 50-day simple moving average is $69.95 and its two-hundred day simple moving average is $60.84. The stock has a market cap of $8.14 billion, a PE ratio of 35.74, a P/E/G ratio of 3.46 and a beta of 1.83. Etsy has a 52 week low of $44.00 and a 52 week high of $87.14.

Insider Buying and Selling

In other Etsy news, insider Josh Silverman sold 134,730 shares of the stock in a transaction on 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 in the company, valued at $9,003,509.66. This trade represents a 50.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 worth $53,799,597 in the last three months. 2.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ETSY. Integrated Wealth Concepts LLC boosted its holdings in shares of Etsy by 19.1% in the 1st quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the company’s stock worth $282,000 after purchasing an additional 961 shares during the period. Empowered Funds LLC lifted its position in Etsy by 55.5% in the first quarter. Empowered Funds LLC now owns 9,673 shares of the company’s stock worth $456,000 after buying an additional 3,451 shares during the last quarter. Woodline Partners LP purchased a new position in shares of Etsy during the first quarter valued at approximately $2,181,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of Etsy by 33.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,594 shares of the company’s stock valued at $180,000 after buying an additional 906 shares during the last quarter. Finally, M&T Bank Corp purchased a new stake in shares of Etsy in the second quarter worth approximately $232,000. Institutional investors own 99.53% of the company’s stock.

Etsy News Summary

Here are the key news stories impacting Etsy this week:

• Positive Sentiment: JPMorgan Chase & Co. raised its price target on Etsy to $85 from $78, signaling continued confidence in the stock’s valuation even while keeping a neutral rating. Etsy (NYSE:ETSY) Price Target Raised to $85.00 at JPMorgan Chase & Co.
• Positive Sentiment: Jefferies issued a positive outlook and increased its price target to $80, suggesting analysts see room for Etsy’s business performance to hold up. Jefferies Financial Group Issues Positive Forecast for Etsy (NYSE:ETSY) Stock Price
• Positive Sentiment: Etsy shares reached a new 1-year high after the analyst upgrade, reflecting strong recent momentum in the stock. Etsy (NYSE:ETSY) Reaches New 1-Year High Following Analyst Upgrade
• Neutral Sentiment: JPMorgan’s target increase to $85 is essentially in line with the current share price, which may limit how much further near-term upside analysts are implying. Etsy price target raised by JPMorgan
• Negative Sentiment: Josh Silverman sold 39,161 Etsy shares in a pre-arranged transaction, which can weigh on sentiment because it adds to concerns about insider confidence. Josh Silverman Sells 39,161 Shares of Etsy (NYSE:ETSY) Stock
• Negative Sentiment: Zacks Research downgraded Etsy from “strong-buy” to “hold,” a negative signal that may cap enthusiasm after the stock’s strong run. Etsy downgraded by Zacks Research

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.