Wayfair (NYSE:W) Price Target Raised to $70.00 at Truist Financial

Wayfair (NYSE:W) had its price objective boosted by Truist Financial from $63.00 to $70.00 in a research report report published on Friday, Benzinga reports. Truist Financial currently has a buy rating on the stock.

W has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Wayfair from $63.00 to $79.00 and gave the company a buy rating in a research report on Wednesday, April 10th. Barclays decreased their target price on shares of Wayfair from $85.00 to $60.00 and set an equal weight rating for the company in a research note on Thursday, January 4th. BMO Capital Markets initiated coverage on shares of Wayfair in a report on Tuesday, January 9th. They set a market perform rating and a $57.00 price objective for the company. Raymond James raised shares of Wayfair from a market perform rating to a strong-buy rating and set a $65.00 price objective on the stock in a research report on Friday, February 16th. Finally, Royal Bank of Canada dropped their price objective on Wayfair from $62.00 to $61.00 and set a sector perform rating on the stock in a research report on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $77.29.

Wayfair Stock Performance

W opened at $68.49 on Friday. The company has a fifty day moving average price of $60.24 and a two-hundred day moving average price of $55.46. The firm has a market capitalization of $8.24 billion, a PE ratio of -12.78 and a beta of 3.32. Wayfair has a 52 week low of $33.85 and a 52 week high of $90.71.

Wayfair (NYSE:W) last announced its earnings results on Thursday, February 22nd. The company reported ($1.46) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.54) by $0.08. The business had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $3.10 billion. Equities analysts forecast that Wayfair will post -3.37 EPS for the current year.

Insider Buying and Selling at Wayfair

In other Wayfair news, CTO Fiona Tan sold 5,315 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $63.06, for a total transaction of $335,163.90. Following the completion of the sale, the chief technology officer now directly owns 51,095 shares in the company, valued at approximately $3,222,050.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Niraj Shah sold 1,700 shares of the 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 in the company, valued at approximately $13,912,072.74. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CTO Fiona Tan sold 5,315 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $63.06, for a total value of $335,163.90. Following the transaction, the chief technology officer now owns 51,095 shares in the company, valued at approximately $3,222,050.70. The disclosure for this sale can be found here. Insiders sold 86,664 shares of company stock valued at $5,289,900 in the last quarter. Company insiders own 23.50% of the company’s stock.

Institutional Inflows and Outflows

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

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.