Etsy (NYSE:ETSY) Price Target Raised to $78.00 at JPMorgan Chase & Co.

Etsy (NYSE:ETSY) had its price target lifted by JPMorgan Chase & Co. from $75.00 to $78.00 in a research report sent to investors on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

A number of other brokerages also recently weighed in on ETSY. Zacks Research downgraded Etsy from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Stifel Nicolaus lowered their price target on Etsy from $62.00 to $55.00 and set a “hold” rating on the stock in a report on Friday, February 20th. Evercore set a $72.00 price target on Etsy in a report on Wednesday, April 29th. Argus upgraded Etsy from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research note on Thursday, May 21st. Finally, Wall Street Zen downgraded Etsy from a “buy” rating to a “hold” rating in a research note on Sunday, May 31st. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $71.00.

Etsy Price Performance

NYSE:ETSY opened at $69.47 on Friday. Etsy has a 12-month low of $44.00 and a 12-month high of $76.51. The firm has a market capitalization of $6.59 billion, a P/E ratio of 28.95, a P/E/G ratio of 2.87 and a beta of 1.88. The business has a 50 day simple moving average of $62.07 and a 200 day simple moving average of $57.14.

Insider Buying and Selling

In other Etsy news, insider Richard Edward Colburn III sold 4,776 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $65.09, for a total transaction of $310,869.84. Following the transaction, the insider owned 6,503 shares of the company’s stock, valued at approximately $423,280.27. This represents a 42.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frederick R. Wilson sold 20,000 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $68.79, for a total value of $1,375,800.00. Following the transaction, the director directly owned 461,329 shares in the company, valued at approximately $31,734,821.91. This represents a 4.16% decrease in their position. 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 90 days, insiders have sold 451,509 shares of company stock valued at $29,518,662. 2.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Janus Henderson Group PLC raised its stake in shares of Etsy by 627.2% in the 1st quarter. Janus Henderson Group PLC now owns 279,407 shares of the company’s stock valued at $13,962,000 after purchasing an additional 240,986 shares during the period. Smith Group Asset Management LLC acquired a new stake in shares of Etsy in the 1st quarter valued at about $532,000. California State Teachers Retirement System raised its stake in shares of Etsy by 16.4% in the 1st quarter. California State Teachers Retirement System now owns 103,342 shares of the company’s stock valued at $5,165,000 after purchasing an additional 14,567 shares during the period. Readystate Asset Management LP acquired a new stake in shares of Etsy in the 1st quarter valued at about $3,169,000. Finally, Quantinno Capital Management LP raised its stake in shares of Etsy by 4.9% in the 1st quarter. Quantinno Capital Management LP now owns 533,497 shares of the company’s stock valued at $26,664,000 after purchasing an additional 25,026 shares during the period. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.