Wayfair (NYSE:W) Price Target Raised to $55.00

Wayfair (NYSE:W) had its price objective lifted by stock analysts at BMO Capital Markets from $50.00 to $55.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “market perform” rating on the stock. BMO Capital Markets’ target price would suggest a potential upside of 28.13% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Wedbush lowered shares of Wayfair from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $45.00 to $44.00 in a research note on Monday, January 6th. Citigroup lowered their price target on shares of Wayfair from $70.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Piper Sandler decreased their price objective on shares of Wayfair from $67.00 to $63.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Royal Bank of Canada decreased their price objective on shares of Wayfair from $53.00 to $50.00 and set a “sector perform” rating for the company in a report on Monday, November 4th. Finally, Robert W. Baird decreased their price objective on shares of Wayfair from $56.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Fourteen investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Wayfair currently has a consensus rating of “Moderate Buy” and an average price target of $58.72.

Wayfair Stock Down 6.8 %

Shares of Wayfair stock traded down $3.14 during midday trading on Friday, hitting $42.93. The company’s stock had a trading volume of 2,565,455 shares, compared to its average volume of 3,655,846. The stock has a 50-day simple moving average of $46.42 and a 200-day simple moving average of $46.50. The firm has a market capitalization of $5.38 billion, a P/E ratio of -9.56 and a beta of 3.43. Wayfair has a 1-year low of $37.35 and a 1-year high of $76.18.

Wayfair (NYSE:W) last issued its earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). The firm had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.07 billion. As a group, sell-side analysts predict that Wayfair will post -2.89 earnings per share for the current year.

Insider Activity

In other Wayfair news, insider Steven Conine sold 30,000 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $48.45, for a total transaction of $1,453,500.00. Following the sale, the insider now directly owns 589,073 shares of the company’s stock, valued at approximately $28,540,586.85. This represents a 4.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kate Gulliver sold 5,974 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $44.95, for a total transaction of $268,531.30. Following the sale, the chief financial officer now directly owns 129,964 shares in the company, valued at $5,841,881.80. This trade represents a 4.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 134,228 shares of company stock valued at $6,440,118. Insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Capital World Investors lifted its position in Wayfair by 6.2% in the 4th quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock valued at $598,596,000 after acquiring an additional 782,757 shares in the last quarter. Vanguard Group Inc. grew its stake in Wayfair by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 9,315,337 shares of the company’s stock valued at $412,856,000 after buying an additional 327,603 shares during the last quarter. Baillie Gifford & Co. grew its position in shares of Wayfair by 13.6% during the 4th quarter. Baillie Gifford & Co. now owns 6,179,761 shares of the company’s stock worth $273,887,000 after purchasing an additional 740,641 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Wayfair by 17.9% during the 4th quarter. Renaissance Technologies LLC now owns 3,834,667 shares of the company’s stock worth $169,952,000 after acquiring an additional 581,000 shares during the period. Finally, Southpoint Capital Advisors LP lifted its holdings in shares of Wayfair by 100.0% during the 4th quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company’s stock worth $124,096,000 after acquiring an additional 1,400,000 shares during the period. 89.67% of the stock is owned by institutional investors.

Wayfair Company Profile

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.