Royal Bank of Canada Trims Wayfair (NYSE:W) Target Price to $61.00

Wayfair (NYSE:W) had its price target reduced by Royal Bank of Canada from $62.00 to $61.00 in a research report report published on Wednesday, MarketBeat.com reports. They currently have a sector perform rating on the stock.

A number of other research analysts have also recently issued reports on the stock. Piper Sandler reiterated an overweight rating and issued a $88.00 target price (down previously from $93.00) on shares of Wayfair in a research note on Friday, February 23rd. Wedbush reissued an outperform rating and issued a $70.00 price target on shares of Wayfair in a report on Monday. Deutsche Bank Aktiengesellschaft raised their price target on shares of Wayfair from $63.00 to $79.00 and gave the company a buy rating in a report on Wednesday, April 10th. BMO Capital Markets assumed coverage on shares of Wayfair in a report on Tuesday, January 9th. They issued a market perform rating and a $57.00 price target for the company. Finally, StockNews.com raised shares of Wayfair from a sell rating to a hold rating in a report on Friday, March 29th. Ten research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $76.21.

Wayfair Trading Down 8.4 %

NYSE:W 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 50 day moving average of $59.62 and a 200-day moving average of $55.07.

Wayfair (NYSE:W) last posted 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 firm had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $3.10 billion. On average, equities research analysts predict that Wayfair will post -3.37 earnings per share for the current year.

Insider Activity at Wayfair

In related news, COO Thomas Netzer sold 20,000 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $59.72, for a total value of $1,194,400.00. Following the sale, the chief operating officer now directly owns 116,622 shares of the company’s stock, valued at approximately $6,964,665.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Jon Blotner sold 3,492 shares of the business’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $50.34, for a total value of $175,787.28. Following the sale, the insider now directly owns 32,118 shares of the company’s stock, valued at approximately $1,616,820.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Thomas Netzer sold 20,000 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $59.72, for a total transaction of $1,194,400.00. Following the sale, the chief operating officer now directly owns 116,622 shares in the company, valued at $6,964,665.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 89,808 shares of company stock valued at $5,445,222. 26.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Wayfair

Several institutional investors and hedge funds have recently added to or reduced their stakes in W. Capital World Investors lifted its position in Wayfair by 8.7% during the 4th quarter. Capital World Investors now owns 12,042,210 shares of the company’s stock worth $743,004,000 after buying an additional 962,307 shares in the last quarter. Norges Bank bought a new stake in Wayfair during the 4th quarter worth about $47,374,000. AQR Capital Management LLC lifted its position in Wayfair by 422.6% during the 3rd quarter. AQR Capital Management LLC now owns 511,454 shares of the company’s stock worth $30,979,000 after buying an additional 413,592 shares in the last quarter. Vanguard Group Inc. lifted its position in Wayfair by 5.2% during the 3rd quarter. Vanguard Group Inc. now owns 7,830,300 shares of the company’s stock worth $474,281,000 after buying an additional 386,717 shares in the last quarter. Finally, Kodai Capital Management LP bought a new stake in Wayfair during the 4th quarter worth about $23,552,000. 89.67% of the stock is owned by 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.