Wayfair (NYSE:W) Given “Overweight” Rating at Morgan Stanley

Wayfair (NYSE:W)‘s stock had its “overweight” rating restated by analysts at Morgan Stanley in a research note issued to investors on Wednesday, Marketbeat.com reports. They presently have a $70.00 target price on the stock, up from their prior target price of $50.00. Morgan Stanley’s price target would indicate a potential upside of 23.08% from the company’s previous close.

Several other analysts also recently weighed in on W. The Goldman Sachs Group cut their price objective on shares of Wayfair from $50.00 to $31.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 22nd. BMO Capital Markets set a $38.00 price target on Wayfair in a research note on Friday, May 2nd. Loop Capital restated a “sell” rating and set a $35.00 price objective on shares of Wayfair in a research note on Wednesday, May 14th. Citigroup upped their price objective on shares of Wayfair from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, May 2nd. Finally, TD Cowen raised shares of Wayfair from a “hold” rating to a “strong-buy” rating in a research note on Thursday, June 5th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $45.67.

Wayfair Stock Up 0.7%

W opened at $56.88 on Wednesday. The firm has a market cap of $7.30 billion, a price-to-earnings ratio of -19.96 and a beta of 2.97. Wayfair has a fifty-two week low of $20.41 and a fifty-two week high of $58.42. The company’s 50-day moving average price is $41.40 and its 200 day moving average price is $40.10.

Wayfair (NYSE:W) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.10 earnings per share 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 analyst estimates of $2.71 billion. The firm’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.32) earnings per share. Research analysts anticipate that Wayfair will post -2.54 earnings per share for the current year.

Insider Buying and Selling at Wayfair

In related news, CTO Fiona Tan sold 3,214 shares of the company’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $49.00, for a total value of $157,486.00. Following the completion of the sale, the chief technology officer directly owned 70,891 shares in the company, valued at approximately $3,473,659. This represents a 4.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Niraj Shah sold 179,707 shares of the business’s stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $52.58, for a total value of $9,448,994.06. Following the completion of the sale, the chief executive officer directly owned 236,850 shares of the company’s stock, valued at $12,453,573. This represents a 43.14% decrease in their position. The disclosure for this sale can be found here. Insiders sold 652,067 shares of company stock worth $31,829,662 over the last ninety days. 21.91% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in W. Capital World Investors grew its stake in shares of 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 acquiring an additional 782,757 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Wayfair by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 9,315,337 shares of the company’s stock valued at $412,856,000 after buying an additional 327,603 shares during the last quarter. Alyeska Investment Group L.P. lifted its stake in shares of Wayfair by 681.8% in the first quarter. Alyeska Investment Group L.P. now owns 5,462,651 shares of the company’s stock valued at $174,969,000 after buying an additional 4,763,944 shares during the period. Southpoint Capital Advisors LP grew its position in Wayfair by 42.9% during the first quarter. Southpoint Capital Advisors LP now owns 4,000,000 shares of the company’s stock worth $128,120,000 after buying an additional 1,200,000 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in Wayfair by 17.9% during the fourth quarter. Renaissance Technologies LLC now owns 3,834,667 shares of the company’s stock valued at $169,952,000 after acquiring an additional 581,000 shares during the period. 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.