Wayfair (NYSE:W) Receives “Overweight” Rating from Piper Sandler

Piper Sandler reissued their overweight rating on shares of Wayfair (NYSE:W) in a research report sent to investors on Friday, Benzinga reports. Piper Sandler currently has a $91.00 price target on the stock, up from their prior price target of $88.00.

A number of other research analysts have also commented on W. Wedbush reiterated an outperform rating and issued a $70.00 price objective on shares of Wayfair in a research report on Monday, April 22nd. Truist Financial decreased their price target on Wayfair from $65.00 to $63.00 and set a buy rating on the stock in a report on Friday, February 23rd. Mizuho began coverage on Wayfair in a report on Tuesday, March 19th. They set a buy rating and a $72.00 price objective for the company. TD Cowen upped their target price on shares of Wayfair from $50.00 to $55.00 and gave the company a hold rating in a research report on Wednesday, April 24th. Finally, Citigroup lifted their price target on shares of Wayfair from $73.00 to $85.00 and gave the stock a buy rating in a research report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $77.14.

Wayfair Stock Up 8.4 %

Shares of NYSE W opened at $63.59 on Friday. Wayfair has a 12-month low of $33.85 and a 12-month high of $90.71. The firm’s 50-day simple moving average is $59.92 and its 200 day simple moving average is $55.29. The company has a market cap of $7.65 billion, a price-to-earnings ratio of -11.86 and a beta of 3.32.

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

Insider Activity

In other Wayfair news, insider Jon Blotner sold 4,144 shares of the stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $60.52, for a total transaction of $250,794.88. Following the completion of the transaction, the insider now owns 37,957 shares in the company, valued at approximately $2,297,157.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, COO Thomas Netzer sold 984 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $60.58, for a total value of $59,610.72. Following the completion of the transaction, the chief operating officer now owns 117,841 shares of the company’s stock, valued at $7,138,807.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jon Blotner sold 4,144 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $60.52, for a total transaction of $250,794.88. Following the sale, the insider now directly owns 37,957 shares in the company, valued at $2,297,157.64. The disclosure for this sale can be found here. Insiders sold 86,664 shares of company stock worth $5,289,900 over the last quarter. 26.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Wayfair

Several hedge funds have recently modified their holdings of the stock. Commonwealth Equity Services LLC raised its position in 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 acquiring an additional 537 shares in the last quarter. Raymond James & Associates lifted its stake in Wayfair by 9.3% in the 3rd 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 last quarter. Bank of New York Mellon Corp grew its holdings in Wayfair by 2.9% during the third quarter. Bank of New York Mellon Corp now owns 273,523 shares of the company’s stock worth $16,567,000 after purchasing an additional 7,719 shares during the period. BluePath Capital Management LLC acquired a new position in Wayfair during the third quarter worth approximately $34,000. Finally, ING Groep NV bought a new stake in Wayfair in the third quarter valued at approximately $4,016,000. Institutional investors 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.