Wayfair (NYSE:W) Price Target Cut to $61.00 by Analysts at Royal Bank of Canada

Wayfair (NYSE:W) had its price objective decreased by Royal Bank of Canada from $62.00 to $61.00 in a research note released on Wednesday morning, Marketbeat Ratings reports. Royal Bank of Canada currently has a sector perform rating on the stock.

Several other research analysts have also weighed in on W. Barclays decreased their price objective on shares of Wayfair from $85.00 to $60.00 and set an equal weight rating for the company in a report on Thursday, January 4th. Piper Sandler restated an overweight rating and issued a $88.00 price target (down from $93.00) on shares of Wayfair in a research report on Friday, February 23rd. BMO Capital Markets assumed coverage on shares of Wayfair in a research report on Tuesday, January 9th. They issued a market perform rating and a $57.00 price target on the stock. Wedbush restated an outperform rating and issued a $70.00 price target on shares of Wayfair in a research report on Monday. Finally, Truist Financial reduced their price target on shares of Wayfair from $65.00 to $63.00 and set a buy rating on the stock in a research report on Friday, February 23rd. Ten investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $76.21.

Wayfair Price Performance

Shares of W stock opened at $52.91 on Wednesday. Wayfair has a 1-year low of $29.51 and a 1-year high of $90.71. The firm has a fifty day moving average of $59.62 and a two-hundred day moving average of $55.07.

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

Insider Transactions at Wayfair

In other news, CEO Niraj Shah sold 1,700 shares of Wayfair stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $52.02, for a total value of $88,434.00. Following the transaction, the chief executive officer now owns 267,437 shares of the company’s stock, valued at approximately $13,912,072.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Niraj Shah sold 1,700 shares of Wayfair stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $52.02, for a total value of $88,434.00. Following the transaction, the chief executive officer now owns 267,437 shares of the company’s stock, valued at approximately $13,912,072.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Fiona Tan sold 5,315 shares of Wayfair stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $63.06, for a total transaction of $335,163.90. Following the completion of the transaction, the chief technology officer now directly owns 51,095 shares in the company, valued at approximately $3,222,050.70. The disclosure for this sale can be found here. Insiders have sold 89,808 shares of company stock valued at $5,445,222 in the last quarter. Insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. purchased a new position in shares of Wayfair in the first quarter worth approximately $10,664,000. Fifth Third Bancorp increased its position in shares of Wayfair by 34.4% in the first quarter. Fifth Third Bancorp now owns 6,891 shares of the company’s stock worth $468,000 after acquiring an additional 1,763 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of Wayfair by 180.2% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 34,947 shares of the company’s stock worth $2,372,000 after acquiring an additional 22,473 shares in the last quarter. Check Capital Management Inc. CA boosted its holdings in shares of Wayfair by 9.7% during the first quarter. Check Capital Management Inc. CA now owns 162,721 shares of the company’s stock worth $11,045,000 after purchasing an additional 14,417 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Wayfair by 29.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 514,441 shares of the company’s stock worth $34,920,000 after purchasing an additional 115,646 shares during the period. 89.67% of the stock is owned by hedge funds and other 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.