Wayfair (NYSE:W) Price Target Raised to $58.00

Wayfair (NYSE:W) had its target price hoisted by TD Cowen from $55.00 to $58.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have a hold rating on the stock.

W has been the subject of several other research reports. Raymond James raised shares of Wayfair from a market perform rating to a strong-buy rating and set a $65.00 price objective for the company in a research report on Friday, February 16th. StockNews.com upgraded Wayfair from a sell rating to a hold rating in a report on Friday, March 29th. Royal Bank of Canada reduced their price objective on Wayfair from $62.00 to $61.00 and set a sector perform rating for the company in a research report on Wednesday, April 24th. BMO Capital Markets lifted their target price on Wayfair from $57.00 to $61.00 and gave the company a market perform rating in a research report on Friday. Finally, Truist Financial upped their price target on Wayfair from $63.00 to $70.00 and gave the stock a buy rating in a research report on Friday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $77.14.

Wayfair Price Performance

Shares of Wayfair stock opened at $63.59 on Friday. The company has a market capitalization of $7.65 billion, a P/E ratio of -11.86 and a beta of 3.32. The business has a 50-day moving average of $59.92 and a two-hundred day moving average of $55.29. Wayfair has a 1 year low of $33.85 and a 1 year high of $90.71.

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

Insider Transactions at Wayfair

In other Wayfair news, CEO Niraj Shah sold 1,700 shares of Wayfair stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $52.02, for a total transaction of $88,434.00. Following the completion of the transaction, the chief executive officer now directly owns 267,437 shares of the company’s stock, valued at $13,912,072.74. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Steven Conine sold 8,300 shares of Wayfair stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $52.31, for a total transaction of $434,173.00. Following the completion of the sale, the insider now directly owns 259,073 shares of the company’s stock, valued at approximately $13,552,108.63. 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 company’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 267,437 shares in the company, valued at $13,912,072.74. The disclosure for this sale can be found here. In the last three months, insiders sold 86,664 shares of company stock worth $5,289,900. 26.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Wayfair

Institutional investors and hedge funds have recently modified their holdings of the business. Signaturefd LLC boosted its stake in shares of Wayfair by 1.3% in the first quarter. Signaturefd LLC now owns 206,489 shares of the company’s stock valued at $14,016,000 after buying an additional 2,714 shares during the period. BI Asset Management Fondsmaeglerselskab A S grew its holdings in shares of Wayfair by 39.1% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,676 shares of the company’s stock worth $114,000 after purchasing an additional 471 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of Wayfair by 118.1% in the first quarter. Daiwa Securities Group Inc. now owns 16,822 shares of the company’s stock worth $1,141,000 after purchasing an additional 9,108 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in Wayfair by 250.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 167,170 shares of the company’s stock worth $11,347,000 after purchasing an additional 119,415 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in 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 buying an additional 115,646 shares in the last quarter. 89.67% of the stock is currently owned by institutional investors and hedge funds.

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.