Needham & Company LLC Reiterates Buy Rating for Wayfair (NYSE:W)

Needham & Company LLC reaffirmed their buy rating on shares of Wayfair (NYSE:W) in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a $75.00 target price on the stock.

A number of other equities analysts have also recently commented on the stock. Canaccord Genuity Group reissued a buy rating and issued a $80.00 price objective on shares of Wayfair in a research note on Friday, February 23rd. Citigroup lifted their price target on Wayfair from $73.00 to $85.00 and gave the stock a buy rating in a research report on Thursday, March 28th. Truist Financial decreased their price objective on Wayfair from $65.00 to $63.00 and set a buy rating on the stock in a research report on Friday, February 23rd. Piper Sandler reiterated an overweight rating and issued a $88.00 target price (down previously from $93.00) on shares of Wayfair in a report on Friday, February 23rd. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Wayfair from $63.00 to $79.00 and gave the company a buy rating in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $77.14.

Wayfair Stock Performance

Shares of NYSE W opened at $63.59 on Thursday. The company has a market cap of $7.65 billion, a P/E ratio of -11.86 and a beta of 3.32. Wayfair has a 52-week low of $33.85 and a 52-week high of $90.71. The firm’s fifty day moving average is $59.92 and its two-hundred day moving average is $55.29.

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

Insider Activity at Wayfair

In other news, COO Thomas Netzer sold 20,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief operating officer now owns 116,622 shares of the company’s stock, valued at approximately $6,964,665.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Thomas Netzer sold 20,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $6,964,665.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Niraj Shah sold 1,700 shares of the 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 sale, the chief executive officer now owns 267,437 shares of the company’s stock, valued at approximately $13,912,072.74. The disclosure for this sale can be found here. Insiders sold 86,664 shares of company stock worth $5,289,900 over the last three months. 26.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Wayfair

Several institutional investors have recently added to or reduced their stakes in W. Commonwealth Equity Services LLC lifted its holdings in shares of Wayfair by 5.5% during the third quarter. Commonwealth Equity Services LLC now owns 10,274 shares of the company’s stock worth $622,000 after purchasing an additional 537 shares during the period. Raymond James & Associates grew its holdings in Wayfair by 9.3% in the third quarter. Raymond James & Associates now owns 5,730 shares of the company’s stock valued at $347,000 after purchasing an additional 486 shares during the period. Bank of New York Mellon Corp increased its position in shares of Wayfair by 2.9% in the third quarter. Bank of New York Mellon Corp now owns 273,523 shares of the company’s stock valued at $16,567,000 after buying an additional 7,719 shares in the last quarter. Rothschild & Co Wealth Management UK Ltd lifted its position in shares of Wayfair by 13.7% during the 3rd quarter. Rothschild & Co Wealth Management UK Ltd now owns 197,267 shares of the company’s stock valued at $11,948,000 after buying an additional 23,733 shares in the last quarter. Finally, BluePath Capital Management LLC acquired a new stake in Wayfair in the 3rd quarter valued at $34,000. Institutional investors and hedge funds own 89.67% of the company’s stock.

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.