Wayfair Inc. (W) Earns “Buy” Rating from Canaccord Genuity
Canaccord Genuity reaffirmed their buy rating on shares of Wayfair Inc. (NYSE:W) in a research note issued to investors on Sunday morning. Canaccord Genuity currently has a $90.00 price objective on the stock.
W has been the topic of several other reports. Gordon Haskett cut shares of Wayfair from a buy rating to an accumulate rating and upped their target price for the company from $70.00 to $85.00 in a research report on Tuesday, June 27th. Stifel Nicolaus raised Wayfair from a hold rating to a buy rating and raised their price target for the stock from $75.00 to $78.00 in a research note on Friday, August 25th. Ifs Securities assumed coverage on Wayfair in a research report on Friday, September 1st. They issued an outperform rating and a $85.00 price objective on the stock. Buckingham Research reaffirmed a buy rating and issued a $95.00 price objective on shares of Wayfair in a research report on Thursday, August 10th. Finally, Piper Jaffray Companies reiterated a buy rating and issued a $89.00 target price on shares of Wayfair in a research note on Friday, September 8th. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $74.07.
Wayfair (NYSE W) opened at 72.80 on Friday. Wayfair has a 1-year low of $27.60 and a 1-year high of $84.19. The stock’s market cap is $6.35 billion. The stock has a 50 day moving average of $72.87 and a 200 day moving average of $64.82.
Wayfair (NYSE:W) last issued its quarterly earnings results on Tuesday, August 8th. The company reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.43. Wayfair had a negative return on equity of 335.44% and a negative net margin of 5.10%. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the business posted ($0.43) earnings per share. The business’s quarterly revenue was up 42.7% on a year-over-year basis. Equities analysts anticipate that Wayfair will post ($1.45) EPS for the current fiscal year.
In other Wayfair news, insider John Champlin Mulliken sold 700 shares of the stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $75.19, for a total transaction of $52,633.00. Following the completion of the sale, the insider now directly owns 192,527 shares of the company’s stock, valued at $14,476,105.13. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Niraj Shah sold 50,000 shares of the stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $73.77, for a total transaction of $3,688,500.00. Following the sale, the chief executive officer now directly owns 86,136 shares of the company’s stock, valued at $6,354,252.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 764,451 shares of company stock worth $56,265,553. 56.93% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the stock. Lord Abbett & CO. LLC acquired a new stake in shares of Wayfair in the 2nd quarter worth $27,345,000. Dynamic Technology Lab Private Ltd purchased a new position in Wayfair during the 2nd quarter worth $277,000. Verition Fund Management LLC purchased a new position in Wayfair during the 2nd quarter worth $251,000. California State Teachers Retirement System grew its stake in Wayfair by 10.0% during the 2nd quarter. California State Teachers Retirement System now owns 68,366 shares of the company’s stock worth $5,256,000 after buying an additional 6,224 shares during the last quarter. Finally, BlueCrest Capital Management Ltd purchased a new position in Wayfair during the 2nd quarter worth $3,466,000. 66.15% of the stock is owned by institutional investors.
Wayfair Inc (Wayfair) offers browsing, merchandising and product discovery for a range of products from various suppliers. The Company operates through two segments: U.S. and International. The U.S. segment consists of amounts earned through product sales through the Company’s five sites in the United States and through sites operated by third parties in the United States.
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