Citigroup Cuts Wayfair (NYSE:W) Price Target to $54.00

Wayfair (NYSE:W) had its price objective decreased by Citigroup from $70.00 to $54.00 in a research note issued to investors on Monday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other analysts also recently commented on W. JPMorgan Chase & Co. reduced their target price on shares of Wayfair from $80.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Bank of America downgraded shares of Wayfair from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $85.00 to $58.00 in a report on Thursday, August 1st. The Goldman Sachs Group reduced their target price on shares of Wayfair from $67.00 to $54.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Raymond James reduced their target price on shares of Wayfair from $70.00 to $65.00 and set a “strong-buy” rating for the company in a report on Friday, August 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of Wayfair in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $60.28.

Wayfair Price Performance

Shares of W opened at $39.78 on Monday. The firm has a 50-day moving average of $48.57 and a 200-day moving average of $52.03. Wayfair has a one year low of $37.60 and a one year high of $76.18.

Wayfair (NYSE:W) last announced its quarterly earnings data on Friday, November 1st. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.09. The firm had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.87 billion. During the same period last year, the business earned ($1.38) EPS. The business’s revenue was down 2.0% on a year-over-year basis. As a group, analysts expect that Wayfair will post -2.68 EPS for the current year.

Insider Activity at Wayfair

In related news, CTO Fiona Tan sold 10,040 shares of Wayfair stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $53.06, for a total transaction of $532,722.40. Following the sale, the chief technology officer now directly owns 84,655 shares of the company’s stock, valued at approximately $4,491,794.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Wayfair news, insider Jon Blotner sold 6,055 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $53.07, for a total transaction of $321,338.85. Following the sale, the insider now directly owns 62,817 shares of the company’s stock, valued at $3,333,698.19. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Fiona Tan sold 10,040 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $53.06, for a total transaction of $532,722.40. Following the sale, the chief technology officer now directly owns 84,655 shares in the company, valued at $4,491,794.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,868 shares of company stock valued at $2,003,248. 26.81% of the stock is owned by insiders.

Institutional Trading of Wayfair

Several institutional investors have recently added to or reduced their stakes in W. Swiss National Bank raised its holdings in Wayfair by 0.7% during the 3rd quarter. Swiss National Bank now owns 178,500 shares of the company’s stock worth $10,028,000 after purchasing an additional 1,200 shares during the last quarter. Oppenheimer & Co. Inc. raised its stake in Wayfair by 18.3% during the third quarter. Oppenheimer & Co. Inc. now owns 9,541 shares of the company’s stock worth $536,000 after buying an additional 1,479 shares during the last quarter. Entropy Technologies LP boosted its position in Wayfair by 33.4% during the third quarter. Entropy Technologies LP now owns 31,460 shares of the company’s stock valued at $1,767,000 after acquiring an additional 7,884 shares during the last quarter. State of New Jersey Common Pension Fund D grew its holdings in Wayfair by 24.2% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 44,595 shares of the company’s stock worth $2,505,000 after acquiring an additional 8,675 shares during the period. Finally, River Global Investors LLP raised its position in shares of Wayfair by 3.9% in the 3rd quarter. River Global Investors LLP now owns 27,296 shares of the company’s stock worth $1,534,000 after acquiring an additional 1,017 shares in the last quarter. 89.67% of the stock is currently owned by institutional investors.

About Wayfair

Wayfair Inc provides e-commerce business in the United States and internationally. The company offers approximately thirty million products for the home sector. It offers online selections of furniture, décor, housewares, and home improvement products through its sites consisting of Wayfair, Joss & Main, AllModern, Birch Lane, Perigold, and Wayfair Professional.