Royal Bank of Canada Issues Pessimistic Forecast for Wayfair (NYSE:W) Stock Price

Wayfair (NYSE:W) had its price target lowered by research analysts at Royal Bank of Canada from $50.00 to $43.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 0.56% from the stock’s previous close.

W has been the topic of several other research reports. Canaccord Genuity Group reduced their price objective on shares of Wayfair from $76.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Stifel Nicolaus reduced their price objective on shares of Wayfair from $47.00 to $46.00 and set a “hold” rating on the stock in a research note on Friday, February 21st. Loop Capital reduced their price objective on shares of Wayfair from $55.00 to $45.00 and set a “hold” rating on the stock in a research note on Friday, February 21st. BMO Capital Markets increased their price target on shares of Wayfair from $50.00 to $55.00 and gave the stock a “market perform” rating in a research note on Friday, February 21st. Finally, Robert W. Baird cut their price target on shares of Wayfair from $56.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Fourteen investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.12.

Wayfair Price Performance

Shares of NYSE W opened at $42.76 on Monday. Wayfair has a 12-month low of $37.35 and a 12-month high of $76.18. The company has a market capitalization of $5.36 billion, a PE ratio of -10.64 and a beta of 3.43. The firm’s 50-day moving average is $46.03 and its two-hundred day moving average is $46.55.

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

Insider Activity at Wayfair

In other Wayfair news, COO Thomas Netzer sold 1,039 shares of the firm’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $50.65, for a total transaction of $52,625.35. Following the completion of the transaction, the chief operating officer now directly owns 171,790 shares of the company’s stock, valued at $8,701,163.50. This trade represents a 0.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Conine sold 30,000 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $45.75, for a total transaction of $1,372,500.00. Following the transaction, the insider now directly owns 602,573 shares of the company’s stock, valued at approximately $27,567,714.75. This represents a 4.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 164,228 shares of company stock valued at $7,830,018. Corporate insiders own 23.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Capital World Investors lifted its position in Wayfair by 6.2% in the 4th quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock valued at $598,596,000 after purchasing an additional 782,757 shares during the last quarter. Vanguard Group Inc. lifted its position in Wayfair by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 9,315,337 shares of the company’s stock valued at $412,856,000 after purchasing an additional 327,603 shares during the last quarter. Baillie Gifford & Co. lifted its position in Wayfair by 13.6% in the 4th quarter. Baillie Gifford & Co. now owns 6,179,761 shares of the company’s stock valued at $273,887,000 after purchasing an additional 740,641 shares during the last quarter. Renaissance Technologies LLC lifted its position in Wayfair by 17.9% in the 4th quarter. Renaissance Technologies LLC now owns 3,834,667 shares of the company’s stock valued at $169,952,000 after purchasing an additional 581,000 shares during the last quarter. Finally, Southpoint Capital Advisors LP lifted its position in Wayfair by 100.0% in the 4th quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company’s stock valued at $124,096,000 after purchasing an additional 1,400,000 shares during the last quarter. 89.67% of the stock is currently 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.