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

Etsy (NYSE:ETSY) had its target price increased by stock analysts at JPMorgan Chase & Co. from $78.00 to $85.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 2.06% from the stock’s previous close.

A number of other equities research analysts have also commented on the stock. Bank of America increased their price objective on shares of Etsy from $72.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, May 28th. Wall Street Zen lowered shares of Etsy from a “buy” rating to a “hold” rating in a research report on Sunday, May 31st. Barclays increased their price target on shares of Etsy from $72.00 to $82.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Citigroup started coverage on shares of Etsy in a report on Thursday, May 21st. They issued an “outperform” rating for the company. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Etsy from $74.00 to $75.00 and gave the stock a “hold” rating in a report on Thursday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eighteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $73.08.

Etsy Stock Performance

Etsy stock opened at $83.28 on Wednesday. The business’s fifty day moving average is $69.53 and its two-hundred day moving average is $60.63. The firm has a market cap of $7.90 billion, a P/E ratio of 34.70, a P/E/G ratio of 3.35 and a beta of 1.83. Etsy has a 52 week low of $44.00 and a 52 week high of $83.36.

Insider Transactions at Etsy

In related news, insider Josh Silverman sold 39,161 shares of the business’s stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $79.00, for a total transaction of $3,093,719.00. Following the completion of the sale, the insider directly owned 139,884 shares of the company’s stock, valued at $11,050,836. The trade was a 21.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 20,000 shares of the stock in a transaction that occurred on 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 represents a 4.34% 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 sold a total of 783,608 shares of company stock worth $55,233,061 in the last quarter. 2.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Etsy

A number of institutional investors have recently made changes to their positions in ETSY. Handelsbanken Fonder AB increased its holdings in Etsy by 11.2% in the second 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. bought a new position in Etsy during the second quarter worth about $492,000. Assenagon Asset Management S.A. grew its position in shares of Etsy by 48.0% during the 2nd 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 increased its stake in shares of Etsy by 24.6% in the 2nd quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock valued at $286,000 after acquiring an additional 750 shares during the last quarter. Finally, CoreCap Advisors LLC increased its stake in shares of Etsy by 2,379.1% in the 2nd quarter. CoreCap Advisors LLC now owns 1,066 shares of the company’s stock valued at $80,000 after acquiring an additional 1,023 shares during the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

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.