Etsy (NYSE:ETSY) Reaches New 1-Year High Following Analyst Upgrade

Etsy Inc (NYSE:ETSY)’s stock price hit a new 52-week high during mid-day trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $78.00 to $85.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Etsy traded as high as $87.14 and last traded at $85.7810, with a volume of 3979857 shares traded. The stock had previously closed at $83.06.

A number of other research analysts have also recently weighed in on the stock. Argus upgraded shares of Etsy from a “hold” rating to a “buy” rating and set a $67.00 price objective for the company in a report on Thursday, May 21st. Barclays increased their target price on shares of Etsy from $72.00 to $82.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Arete Research set a $76.00 price target on shares of Etsy and gave the company a “buy” rating in a research report on Wednesday, May 20th. Roth Capital started coverage on shares of Etsy in a research note on Thursday, May 21st. They issued a “buy” rating for the company. Finally, Needham & Company LLC increased their price objective on Etsy from $65.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Two research 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 issued a Sell rating to the company. Based on data from MarketBeat, Etsy presently has a consensus rating of “Hold” and an average price target of $73.08.

Insider Activity at Etsy

In other Etsy 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 transaction, the insider owned 139,884 shares in the company, valued at $11,050,836. The trade was a 21.87% decrease in their position. The transaction was disclosed in a legal 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 sale, the director directly owned 441,329 shares in the company, valued at approximately $32,830,464.31. This represents a 4.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 valued at $53,799,597 over the last 90 days. 2.50% of the stock is owned by corporate insiders.

Etsy News Summary

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

Hedge Funds Weigh In On Etsy

Several large investors have recently bought and sold shares of ETSY. Massachusetts Financial Services Co. MA boosted its stake in Etsy by 33.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 187,028 shares of the company’s stock valued at $10,369,000 after acquiring an additional 47,105 shares in the last quarter. Crossmark Global Holdings Inc. increased its position in shares of Etsy by 338.4% during the fourth quarter. Crossmark Global Holdings Inc. now owns 103,497 shares of the company’s stock worth $5,738,000 after purchasing an additional 79,888 shares in the last quarter. Hussman Strategic Advisors Inc. increased its position in shares of Etsy by 100.0% during the fourth quarter. Hussman Strategic Advisors Inc. now owns 84,000 shares of the company’s stock worth $4,657,000 after purchasing an additional 42,000 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Etsy by 717.7% in the 1st quarter. SG Americas Securities LLC now owns 1,497,174 shares of the company’s stock valued at $74,829,000 after purchasing an additional 1,314,071 shares during the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of Etsy by 1.1% in the 4th quarter. Van ECK Associates Corp now owns 3,734,156 shares of the company’s stock valued at $207,022,000 after purchasing an additional 39,067 shares during the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Etsy Trading Up 3.3%

The firm has a market capitalization of $8.14 billion, a PE ratio of 35.74, a P/E/G ratio of 3.46 and a beta of 1.83. The company has a fifty day moving average price of $69.95 and a two-hundred day moving average price of $60.84.

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.