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

Wayfair (NYSE:W) had its target price upped by TD Cowen from $50.00 to $55.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a hold rating on the stock.

Several other brokerages have also recently issued reports on W. Piper Sandler reaffirmed an overweight rating and set a $88.00 target price (down previously from $93.00) on shares of Wayfair in a research report on Friday, February 23rd. Canaccord Genuity Group restated a buy rating and issued a $80.00 target price on shares of Wayfair in a research note on Friday, February 23rd. BMO Capital Markets started coverage on Wayfair in a research report on Tuesday, January 9th. They set a market perform rating and a $57.00 price target on the stock. Barclays dropped their target price on Wayfair from $85.00 to $60.00 and set an equal weight rating on the stock in a research report on Thursday, January 4th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Wayfair from $63.00 to $79.00 and gave the company a buy rating in a research report on Wednesday, April 10th. Ten analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $76.21.

Wayfair Stock Performance

W opened at $52.02 on Wednesday. Wayfair has a one year low of $29.51 and a one year high of $90.71. The stock has a market cap of $6.26 billion, a price-to-earnings ratio of -7.98 and a beta of 3.29. The stock’s 50 day moving average price is $59.59 and its 200-day moving average price is $55.03.

Wayfair (NYSE:W) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($1.46) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.54) by $0.08. The firm had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $3.10 billion. As a group, analysts predict that Wayfair will post -3.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Wayfair news, insider Jon Blotner sold 4,144 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $60.52, for a total transaction of $250,794.88. Following the transaction, the insider now directly owns 37,957 shares in the company, valued at $2,297,157.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Wayfair news, insider Jon Blotner sold 4,144 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $60.52, for a total transaction of $250,794.88. Following the transaction, the insider now owns 37,957 shares of the company’s stock, valued at $2,297,157.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Niraj Shah sold 1,700 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $52.02, for a total transaction of $88,434.00. Following the transaction, the chief executive officer now directly owns 267,437 shares in the company, valued at approximately $13,912,072.74. The disclosure for this sale can be found here. Insiders sold 89,808 shares of company stock valued at $5,445,222 over the last ninety days. Corporate insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

A number of hedge funds have recently made changes to their positions in W. Capital World Investors increased its position in shares of Wayfair by 8.7% in the 4th quarter. Capital World Investors now owns 12,042,210 shares of the company’s stock worth $743,004,000 after purchasing an additional 962,307 shares during the last quarter. Vanguard Group Inc. grew its position in Wayfair by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 8,103,952 shares of the company’s stock worth $500,014,000 after purchasing an additional 273,652 shares during the last quarter. Atreides Management LP lifted its stake in shares of Wayfair by 1.8% in the 3rd quarter. Atreides Management LP now owns 971,206 shares of the company’s stock worth $58,826,000 after acquiring an additional 16,932 shares during the period. Norges Bank acquired a new stake in shares of Wayfair in the 4th quarter worth approximately $47,374,000. Finally, Wellington Management Group LLP grew its stake in Wayfair by 18.6% during the 4th quarter. Wellington Management Group LLP now owns 764,495 shares of the company’s stock valued at $47,169,000 after acquiring an additional 119,873 shares in the last quarter. Hedge funds and other institutional investors own 89.67% of the company’s stock.

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.