Canaccord Genuity Group Has Lowered Expectations for Wayfair (NYSE:W) Stock Price

Wayfair (NYSE:W) had its price objective decreased by equities researchers at Canaccord Genuity Group from $76.00 to $68.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 62.23% from the company’s current price.

Several other equities analysts also recently commented on W. StockNews.com raised Wayfair from a “sell” rating to a “hold” rating in a research report on Thursday, December 19th. Citigroup decreased their price target on Wayfair from $70.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Stifel Nicolaus cut their price objective on Wayfair from $55.00 to $47.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Mizuho dropped their target price on Wayfair from $65.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. Finally, Loop Capital increased their price target on Wayfair from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Monday, December 16th. Fourteen equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.40.

Wayfair Stock Performance

Shares of NYSE:W opened at $41.92 on Friday. The stock has a market capitalization of $5.25 billion, a price-to-earnings ratio of -10.43 and a beta of 3.43. The stock’s 50-day simple moving average is $46.22 and its two-hundred day simple moving average is $46.51. Wayfair has a 52-week low of $37.35 and a 52-week high of $76.18.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, February 20th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). The company had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.07 billion. As a group, equities analysts forecast that Wayfair will post -2.54 earnings per share for the current fiscal year.

Insider Activity at Wayfair

In other news, insider Steven Conine sold 30,000 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $53.14, for a total transaction of $1,594,200.00. Following the sale, the insider now owns 632,573 shares in the company, valued at $33,614,929.22. This trade represents a 4.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Kate Gulliver sold 5,974 shares of Wayfair stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $44.95, for a total value of $268,531.30. Following the completion of the transaction, the chief financial officer now owns 129,964 shares in the company, valued at $5,841,881.80. The trade was a 4.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 164,228 shares of company stock valued at $7,830,018 in the last ninety days. Corporate insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Tabor Asset Management LP increased its position in shares of Wayfair by 11.3% during the third quarter. Tabor Asset Management LP now owns 156,871 shares of the company’s stock worth $8,813,000 after acquiring an additional 15,932 shares during the last quarter. Groupama Asset Managment increased its holdings in Wayfair by 100.0% in the third quarter. Groupama Asset Managment now owns 1,000,000 shares of the company’s stock valued at $56,180,000 after buying an additional 500,000 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in Wayfair in the fourth quarter valued at about $6,799,000. Wellington Management Group LLP increased its holdings in Wayfair by 22.4% in the third quarter. Wellington Management Group LLP now owns 1,097,822 shares of the company’s stock valued at $61,676,000 after buying an additional 201,157 shares during the last quarter. Finally, Cerity Partners LLC bought a new stake in Wayfair in the third quarter valued at about $1,070,000. 89.67% of the stock is owned by hedge funds and other 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.