Wayfair (NYSE:W) Price Target Raised to $105.00

Wayfair (NYSE:W) had its price objective lifted by JPMorgan Chase & Co. from $82.00 to $105.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also commented on W. Truist Financial upped their price target on shares of Wayfair from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, September 25th. Gordon Haskett raised shares of Wayfair from a “hold” rating to a “moderate buy” rating in a research report on Monday, August 4th. BMO Capital Markets reaffirmed a “market perform” rating and set a $68.00 price target (up previously from $38.00) on shares of Wayfair in a research report on Tuesday, August 5th. Evercore ISI upped their price target on shares of Wayfair from $85.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday, September 16th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wayfair in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $100.25.

Wayfair Stock Performance

Shares of NYSE:W opened at $103.54 on Monday. Wayfair has a fifty-two week low of $20.41 and a fifty-two week high of $108.72. The business has a 50-day simple moving average of $83.66 and a two-hundred day simple moving average of $61.33. The firm has a market cap of $13.42 billion, a price-to-earnings ratio of -40.44 and a beta of 3.03.

Wayfair (NYSE:W) last released its quarterly earnings results on Tuesday, October 28th. The company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.44 by $0.26. The business had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $3.01 billion. During the same period in the previous year, the company earned $0.22 EPS. Wayfair’s revenue for the quarter was up 8.1% compared to the same quarter last year. As a group, research analysts predict that Wayfair will post -2.54 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Niraj Shah sold 199,422 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $78.40, for a total transaction of $15,634,684.80. Following the completion of the transaction, the chief executive officer directly owned 544,137 shares in the company, valued at approximately $42,660,340.80. The trade was a 26.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven Conine sold 199,473 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $78.40, for a total value of $15,638,683.20. Following the transaction, the insider owned 544,073 shares of the company’s stock, valued at approximately $42,655,323.20. This trade represents a 26.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 1,260,000 shares of company stock valued at $103,696,337. 21.91% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wayfair

A number of institutional investors have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. grew its holdings in Wayfair by 681.8% during the 1st quarter. Alyeska Investment Group L.P. now owns 5,462,651 shares of the company’s stock valued at $174,969,000 after buying an additional 4,763,944 shares in the last quarter. Southpoint Capital Advisors LP grew its holdings in Wayfair by 42.9% during the 1st quarter. Southpoint Capital Advisors LP now owns 4,000,000 shares of the company’s stock valued at $128,120,000 after buying an additional 1,200,000 shares in the last quarter. Spruce House Investment Management LLC grew its holdings in Wayfair by 37.6% during the 2nd quarter. Spruce House Investment Management LLC now owns 3,000,000 shares of the company’s stock valued at $153,420,000 after buying an additional 819,615 shares in the last quarter. Geode Capital Management LLC grew its holdings in Wayfair by 3.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,661,496 shares of the company’s stock valued at $84,985,000 after buying an additional 59,083 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in Wayfair by 197.3% during the 2nd quarter. AQR Capital Management LLC now owns 1,557,937 shares of the company’s stock valued at $79,673,000 after buying an additional 1,033,865 shares in the last quarter. 89.67% of the stock is owned by hedge funds and other 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.