Citigroup Trims Wayfair (NYSE:W) Target Price to $70.00

Wayfair (NYSE:W) had its price target reduced by Citigroup from $85.00 to $70.00 in a research note released on Friday, Benzinga reports. They currently have a buy rating on the stock.

W has been the subject of a number of other reports. Wedbush decreased their price target on Wayfair from $70.00 to $60.00 and set an outperform rating for the company in a report on Friday. Argus upgraded Wayfair from a hold rating to a buy rating and set a $83.00 target price on the stock in a research report on Thursday, May 16th. BMO Capital Markets lifted their target price on Wayfair from $57.00 to $61.00 and gave the stock a market perform rating in a research report on Friday, May 3rd. Bank of America cut Wayfair from a buy rating to a neutral rating and cut their target price for the stock from $85.00 to $58.00 in a research report on Thursday. Finally, Evercore ISI upgraded Wayfair from an in-line rating to an outperform rating and lifted their target price for the stock from $65.00 to $80.00 in a research report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $73.83.

Wayfair Stock Down 4.5 %

NYSE W traded down $2.24 during trading on Friday, reaching $47.77. 5,973,354 shares of the company’s stock were exchanged, compared to its average volume of 4,472,972. The company has a 50 day moving average price of $53.95 and a two-hundred day moving average price of $57.18. Wayfair has a 1 year low of $38.37 and a 1 year high of $90.71.

Wayfair (NYSE:W) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($1.38) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.49) by $0.11. The business had revenue of $2.73 billion for the quarter, compared to analysts’ expectations of $2.64 billion. On average, analysts forecast that Wayfair will post -2.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Thomas Netzer sold 6,625 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $50.74, for a total value of $336,152.50. Following the sale, the chief operating officer now owns 157,239 shares in the company, valued at approximately $7,978,306.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Wayfair news, COO Thomas Netzer sold 6,625 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $50.74, for a total transaction of $336,152.50. Following the sale, the chief operating officer now owns 157,239 shares in the company, valued at approximately $7,978,306.86. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven Conine sold 10,000 shares of the stock in a transaction on Friday, June 7th. The shares were sold at an average price of $56.79, for a total value of $567,900.00. Following the sale, the insider now owns 219,073 shares in the company, valued at approximately $12,441,155.67. The disclosure for this sale can be found here. Insiders have sold a total of 59,682 shares of company stock worth $3,306,949 in the last quarter. Company insiders own 26.81% of the company’s stock.

Institutional Investors Weigh In On Wayfair

Several hedge funds have recently made changes to their positions in W. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Wayfair during the fourth quarter worth $770,000. Fifth Third Bancorp acquired a new stake in shares of Wayfair during the fourth quarter worth $316,000. Oak Thistle LLC acquired a new stake in shares of Wayfair during the fourth quarter worth $266,000. Arizona State Retirement System boosted its holdings in shares of Wayfair by 2.3% during the fourth quarter. Arizona State Retirement System now owns 22,710 shares of the company’s stock worth $1,401,000 after purchasing an additional 518 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Wayfair by 8,977.8% during the fourth quarter. International Assets Investment Management LLC now owns 67,993 shares of the company’s stock worth $4,195,000 after purchasing an additional 67,244 shares during the last quarter. 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.