Etsy (NYSE:ETSY) Price Target Raised to $75.00

Etsy (NYSE:ETSY) had its price objective boosted by research analysts at Bank of America from $72.00 to $75.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s target price indicates a potential upside of 17.73% from the stock’s previous close.

A number of other brokerages have also recently issued reports on ETSY. Sanford C. Bernstein lifted their price objective on shares of Etsy from $60.00 to $65.00 and gave the company a “market perform” rating in a research note on Thursday, April 30th. B. Riley Financial cut shares of Etsy from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $70.00 to $75.00 in a research note on Thursday, April 30th. Jefferies Financial Group cut shares of Etsy from a “hold” rating to a “hold” rating in a research note on Thursday, May 21st. Barclays lifted their price objective 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. Finally, Cantor Fitzgerald lifted their price objective 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 equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Etsy presently has an average rating of “Hold” and an average target price of $70.88.

Etsy Price Performance

Shares of NYSE:ETSY opened at $63.71 on Thursday. The company’s 50 day simple moving average is $57.87 and its 200 day simple moving average is $56.20. The stock has a market capitalization of $6.05 billion, a price-to-earnings ratio of 26.54, a price-to-earnings-growth ratio of 5.82 and a beta of 1.89. Etsy has a 1 year low of $44.00 and a 1 year high of $76.51.

Insider Transactions at Etsy

In other Etsy news, CAO Merilee Buckley sold 1,993 shares of the firm’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $52.92, for a total value of $105,469.56. Following the sale, the chief accounting officer owned 809 shares in the company, valued at $42,812.28. This trade represents a 71.13% decrease in their ownership of the stock. The sale 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 firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $61.63, for a total transaction of $1,232,600.00. Following the completion of the sale, the director owned 481,329 shares in the company, valued at $29,664,306.27. This represents a 3.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 298,569 shares of company stock valued at $18,961,087. Corporate insiders own 2.50% of the company’s stock.

Institutional Trading of Etsy

Hedge funds have recently added to or reduced their stakes in the stock. EFG International AG bought a new stake in shares of Etsy in the fourth quarter worth $33,000. Abich Financial Wealth Management LLC bought a new stake in shares of Etsy in the third quarter worth $51,000. Danske Bank A S bought a new stake in shares of Etsy in the third quarter worth $66,000. Federation des caisses Desjardins du Quebec grew its stake in shares of Etsy by 22.8% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company’s stock worth $67,000 after purchasing an additional 225 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Etsy by 19.3% in the first quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock worth $62,000 after purchasing an additional 200 shares during the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.