Wayfair (NYSE:W) Rating Reiterated by Needham & Company LLC

Wayfair (NYSE:W)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a note issued to investors on Wednesday, Benzinga reports. They presently have a $60.00 price objective on the stock. Needham & Company LLC’s target price points to a potential upside of 25.29% from the company’s current price.

Several other equities analysts have also weighed in on W. Royal Bank of Canada reduced their price objective on Wayfair from $65.00 to $53.00 and set a “sector perform” rating for the company in a report on Friday, August 2nd. Bank of America downgraded shares of Wayfair from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $85.00 to $58.00 in a report on Thursday, August 1st. Piper Sandler lowered their price target on shares of Wayfair from $91.00 to $67.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Gordon Haskett downgraded shares of Wayfair from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Barclays lowered their target price on shares of Wayfair from $58.00 to $51.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Twelve investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.20.

Wayfair Price Performance

Shares of NYSE:W opened at $47.89 on Wednesday. Wayfair has a 1 year low of $38.02 and a 1 year high of $76.18. The company has a market capitalization of $5.76 billion, a PE ratio of -8.93 and a beta of 3.42. The business has a fifty day moving average price of $48.62 and a two-hundred day moving average price of $53.29.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.03). The company had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.18 billion. The business’s revenue for the quarter was up .2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.27) EPS. Sell-side analysts anticipate that Wayfair will post -2.68 earnings per share for the current year.

Insider Buying and Selling

In other Wayfair news, insider Jon Blotner sold 4,600 shares of Wayfair stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $53.60, for a total transaction of $246,560.00. Following the transaction, the insider now directly owns 52,078 shares of the company’s stock, valued at approximately $2,791,380.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Jon Blotner sold 4,600 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $53.60, for a total transaction of $246,560.00. Following the completion of the sale, the insider now directly owns 52,078 shares in the company, valued at $2,791,380.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Fiona Tan sold 10,040 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $53.06, for a total transaction of $532,722.40. Following the completion of the transaction, the chief technology officer now owns 84,655 shares in the company, valued at $4,491,794.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,891 shares of company stock worth $2,007,213 in the last quarter. 26.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of W. Renaissance Technologies LLC grew its stake in Wayfair by 28.0% in the second quarter. Renaissance Technologies LLC now owns 3,086,569 shares of the company’s stock worth $162,755,000 after purchasing an additional 675,271 shares during the period. Wolf Hill Capital Management LP boosted its position in shares of Wayfair by 22.9% during the second quarter. Wolf Hill Capital Management LP now owns 2,322,906 shares of the company’s stock valued at $122,487,000 after buying an additional 432,404 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Wayfair by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 8,467,900 shares of the company’s stock valued at $574,801,000 after acquiring an additional 363,948 shares during the last quarter. Maverick Capital Ltd. grew its position in Wayfair by 46.2% in the 2nd quarter. Maverick Capital Ltd. now owns 721,618 shares of the company’s stock worth $38,051,000 after purchasing an additional 227,908 shares during the period. Finally, Mesirow Institutional Investment Management Inc. bought a new stake in shares of Wayfair in the first quarter worth $13,690,000. Institutional investors own 89.67% of the company’s stock.

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.