Analysts Set Wayfair Inc. (NYSE:W) Target Price at $78.50

Shares of Wayfair Inc. (NYSE:W) have received an average rating of “Moderate Buy” from the twenty-seven analysts that are presently covering the company, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a hold recommendation, eighteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $78.50.

Several research firms have recently issued reports on W. Citigroup increased their target price on shares of Wayfair from $73.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. Wedbush reissued an “outperform” rating and issued a $70.00 price objective on shares of Wayfair in a report on Friday, May 3rd. Mizuho assumed coverage on Wayfair in a research note on Tuesday, March 19th. They set a “buy” rating and a $72.00 target price for the company. Argus raised shares of Wayfair from a “hold” rating to a “buy” rating and set a $83.00 price target on the stock in a research note on Thursday, May 16th. Finally, Royal Bank of Canada boosted their price target on shares of Wayfair from $61.00 to $65.00 and gave the stock a “sector perform” rating in a report on Monday, May 6th.

Insider Activity at Wayfair

In other news, insider Steven Conine sold 10,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $68.26, for a total transaction of $682,600.00. Following the completion of the transaction, the insider now directly owns 229,073 shares of the company’s stock, valued at $15,636,522.98. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Wayfair news, insider Jon Blotner sold 4,144 shares of Wayfair 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 sale, the insider now directly owns 37,957 shares of the company’s stock, valued at approximately $2,297,157.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Conine sold 10,000 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $68.26, for a total value of $682,600.00. Following the completion of the transaction, the insider now owns 229,073 shares in the company, valued at approximately $15,636,522.98. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,048 shares of company stock worth $3,178,887. Company insiders own 26.81% of the company’s stock.

Institutional Investors Weigh In On Wayfair

A number of institutional investors and hedge funds have recently bought and sold shares of W. Allspring Global Investments Holdings LLC grew its position in shares of Wayfair by 31.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 398,795 shares of the company’s stock worth $24,606,000 after acquiring an additional 94,540 shares during the last quarter. Federated Hermes Inc. purchased a new position in Wayfair during the 3rd quarter worth $1,147,000. Vanguard Group Inc. increased its stake in Wayfair by 5.2% in the third quarter. Vanguard Group Inc. now owns 7,830,300 shares of the company’s stock valued at $474,281,000 after purchasing an additional 386,717 shares during the period. International Assets Investment Management LLC raised its holdings in shares of Wayfair by 8,977.8% in the fourth quarter. International Assets Investment Management LLC now owns 67,993 shares of the company’s stock valued at $4,195,000 after buying an additional 67,244 shares during the last quarter. Finally, Honeycomb Asset Management LP acquired a new stake in shares of Wayfair during the fourth quarter worth about $6,170,000. 89.67% of the stock is owned by hedge funds and other institutional investors.

Wayfair Trading Down 4.1 %

W opened at $50.55 on Thursday. Wayfair has a 12-month low of $38.37 and a 12-month high of $90.71. The firm has a 50 day moving average of $58.81 and a two-hundred day moving average of $58.46. The firm has a market capitalization of $6.08 billion, a PE ratio of -9.43 and a beta of 3.39.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($1.38) EPS for the quarter, beating the consensus estimate of ($1.49) by $0.11. The business had revenue of $2.73 billion during the quarter, compared to analysts’ expectations of $2.64 billion. As a group, analysts predict that Wayfair will post -2.94 EPS for the current fiscal year.

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.