Etsy (NYSE:ETSY) Price Target Raised to $85.00 at JPMorgan Chase & Co.

Etsy (NYSE:ETSY) had its price objective increased by JPMorgan Chase & Co. from $78.00 to $85.00 in a research note published on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other analysts have also weighed in on ETSY. Barclays raised their price objective on Etsy from $72.00 to $82.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. B. Riley Financial downgraded Etsy from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $70.00 to $75.00 in a research note on Thursday, April 30th. Evercore set a $72.00 target price on shares of Etsy in a report on Wednesday, April 29th. Sanford C. Bernstein boosted their target price on shares of Etsy from $60.00 to $65.00 and gave the stock a “market perform” rating in a research note on Thursday, April 30th. Finally, Citigroup initiated coverage on Etsy in a research note on Thursday, May 21st. They issued an “outperform” rating for the company. Two investment 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 assigned a Sell rating to the company. According to data from MarketBeat, Etsy currently has a consensus rating of “Hold” and an average price target of $73.08.

Etsy Stock Performance

Shares of ETSY opened at $85.78 on Wednesday. Etsy has a 52-week low of $44.00 and a 52-week high of $87.14. The business’s fifty day moving average is $69.95 and its 200-day moving average is $60.84. The firm has a market cap of $8.14 billion, a price-to-earnings ratio of 35.74, a PEG ratio of 3.46 and a beta of 1.83.

Insider Transactions at Etsy

In other Etsy news, insider Josh Silverman sold 134,730 shares of the firm’s stock in a transaction that occurred 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 approximately $9,003,509.66. This trade represents a 50.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 759,312 shares of company stock worth $53,799,597. 2.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ETSY. Renaissance Technologies LLC increased its stake in Etsy by 11.1% in the first quarter. Renaissance Technologies LLC now owns 5,962,210 shares of the company’s stock valued at $297,991,000 after purchasing an additional 594,768 shares in the last quarter. AQR Capital Management LLC increased its position in Etsy by 40.1% in the 4th quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company’s stock valued at $227,785,000 after buying an additional 1,177,301 shares in the last quarter. Van ECK Associates Corp raised its stake in Etsy by 1.1% during the 4th quarter. Van ECK Associates Corp now owns 3,734,156 shares of the company’s stock worth $207,022,000 after buying an additional 39,067 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in Etsy by 51.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company’s stock worth $163,841,000 after buying an additional 1,112,520 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in Etsy by 48.0% in the second quarter. Assenagon Asset Management S.A. now owns 1,613,333 shares of the company’s stock worth $121,532,000 after acquiring an additional 523,092 shares in the last quarter. 99.53% of the stock is owned by institutional investors.

Trending Headlines about Etsy

Here are the key news stories impacting Etsy this week:

• Positive Sentiment: Jefferies issued a positive forecast for Etsy, signaling continued confidence in the company’s outlook. Jefferies Financial Group Issues Positive Forecast for Etsy (NYSE:ETSY) Stock Price
• Positive Sentiment: The UK competition watchdog cleared eBay’s planned acquisition of Depop, removing a regulatory hurdle tied to Etsy’s resale-platform asset and reducing deal uncertainty around the transaction. UK watchdog clears eBay’s planned acquisition of Depop from Etsy
• Neutral Sentiment: JPMorgan raised its price target on Etsy, but kept a neutral rating and the new target still implies limited upside from current levels. Etsy had its price target raised by JPMorgan Chase & Co.
• Neutral Sentiment: Industry and lifestyle coverage around Etsy’s marketplace and community initiatives adds visibility, but does not appear to be a major stock driver. Etsy’s WNC craft partnership celebrated with Gov. Stein, wife
• Negative Sentiment: Insider selling by CEO Josh Silverman may weigh on sentiment, especially since he has now sold shares in multiple recent transactions. Etsy (NYSE:ETSY) Insider Josh Silverman Sells 39,161 Shares of 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.