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

Etsy (NYSE:ETSY) had its price target increased by equities research analysts at Bank of America from $72.00 to $75.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price target points to a potential upside of 17.73% from the company’s current price.

A number of other brokerages have also recently commented on ETSY. Barclays upped their price target on shares of Etsy from $72.00 to $82.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Citigroup initiated coverage on shares of Etsy in a research report on Thursday, May 21st. They set an “outperform” rating on the stock. Cantor Fitzgerald upped their price target on shares of Etsy from $51.00 to $59.00 and gave the company a “neutral” rating in a research report on Tuesday, April 21st. Evercore set a $72.00 price target on shares of Etsy in a research report on Wednesday, April 29th. Finally, Truist Financial upped their price target on shares of Etsy from $83.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Etsy has an average rating of “Hold” and an average price target of $70.88.

Etsy Stock Down 1.0%

Shares of Etsy stock opened at $63.71 on Thursday. Etsy has a twelve month low of $44.00 and a twelve month high of $76.51. The stock has a market cap of $6.05 billion, a price-to-earnings ratio of 26.54, a P/E/G ratio of 5.82 and a beta of 1.89. The company’s fifty day moving average is $57.87 and its 200 day moving average is $56.20.

Insider Activity at Etsy

In other news, CFO Charles Baker sold 2,030 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $63.50, for a total transaction of $128,905.00. Following the transaction, the chief financial officer owned 6,913 shares in the company, valued at approximately $438,975.50. This represents a 22.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Richard Edward Colburn III sold 4,776 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were 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 in the company, valued at $423,280.27. This represents a 42.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 298,569 shares of company stock worth $18,961,087 over the last three months. 2.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Etsy

Several institutional investors have recently made changes to their positions in ETSY. Integrated Wealth Concepts LLC raised its holdings in shares of Etsy by 19.1% during the first quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the company’s stock valued at $282,000 after purchasing an additional 961 shares during the period. Empowered Funds LLC raised its holdings in shares of Etsy by 55.5% in the 1st quarter. Empowered Funds LLC now owns 9,673 shares of the company’s stock worth $456,000 after acquiring an additional 3,451 shares during the last quarter. Woodline Partners LP acquired a new stake in shares of Etsy in the 1st quarter worth about $2,181,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Etsy by 33.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,594 shares of the company’s stock worth $180,000 after acquiring an additional 906 shares during the last quarter. Finally, M&T Bank Corp acquired a new stake in shares of Etsy in the 2nd quarter worth about $232,000. 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.