Wayfair (NYSE:W) Price Target Raised to $60.00

Wayfair (NYSE:W) had its price target boosted by equities researchers at Evercore ISI from $50.00 to $60.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Evercore ISI’s target price would suggest a potential upside of 19.50% from the company’s previous close.

W has been the subject of a number of other research reports. Bank of America boosted their price objective on shares of Wayfair from $36.00 to $43.00 and gave the company a “neutral” rating in a research report on Wednesday, May 14th. Stifel Nicolaus cut their price target on Wayfair from $46.00 to $29.00 and set a “hold” rating for the company in a report on Wednesday, April 23rd. Royal Bank Of Canada restated a “sector perform” rating and set a $25.00 price objective on shares of Wayfair in a report on Friday, April 25th. Mizuho dropped their target price on Wayfair from $60.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Finally, Guggenheim reduced their target price on Wayfair from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.61.

Wayfair Stock Performance

Shares of NYSE:W opened at $50.21 on Tuesday. Wayfair has a one year low of $20.41 and a one year high of $58.42. The stock has a market cap of $6.44 billion, a PE ratio of -17.62 and a beta of 2.94. The business’s fifty day moving average price is $38.37 and its two-hundred day moving average price is $40.09.

Wayfair (NYSE:W) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.24. The company had revenue of $2.73 billion for the quarter, compared to analysts’ expectations of $2.71 billion. During the same quarter in the prior year, the business posted ($0.32) EPS. The company’s revenue for the quarter was up .0% compared to the same quarter last year. As a group, equities research analysts predict that Wayfair will post -2.54 earnings per share for the current fiscal year.

Insider Activity

In other Wayfair news, insider Steven Conine sold 9,798 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $40.02, for a total value of $392,115.96. Following the completion of the transaction, the insider now directly owns 549,275 shares of the company’s stock, valued at $21,981,985.50. This represents a 1.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Niraj Shah sold 30,000 shares of Wayfair stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $49.43, for a total value of $1,482,900.00. Following the sale, the chief executive officer now directly owns 439,137 shares in the company, valued at approximately $21,706,541.91. The trade was a 6.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 309,262 shares of company stock worth $12,530,174. 21.91% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of W. Alyeska Investment Group L.P. boosted its stake in Wayfair by 681.8% during the 1st quarter. Alyeska Investment Group L.P. now owns 5,462,651 shares of the company’s stock valued at $174,969,000 after acquiring an additional 4,763,944 shares during the last quarter. Southpoint Capital Advisors LP lifted its position in shares of Wayfair by 100.0% during the fourth quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company’s stock worth $124,096,000 after purchasing an additional 1,400,000 shares during the last quarter. Capital World Investors grew its stake in Wayfair by 6.2% in the fourth quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock worth $598,596,000 after purchasing an additional 782,757 shares in the last quarter. Norges Bank bought a new stake in Wayfair in the fourth quarter valued at about $31,472,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Wayfair during the fourth quarter valued at approximately $30,735,000. Hedge funds and other 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.