Wayfair (NYSE:W) Price Target Cut to $61.00 by Analysts at Royal Bank of Canada

Wayfair (NYSE:W) had its target price trimmed by Royal Bank of Canada from $62.00 to $61.00 in a research report sent to investors on Wednesday, MarketBeat.com reports. The brokerage currently has a sector perform rating on the stock.

A number of other research analysts have also weighed in on the company. Barclays reduced their price target on Wayfair from $85.00 to $60.00 and set an equal weight rating on the stock in a research note on Thursday, January 4th. Mizuho started coverage on Wayfair in a research note on Tuesday, March 19th. They set a buy rating and a $72.00 price target on the stock. Truist Financial reduced their price target on Wayfair from $65.00 to $63.00 and set a buy rating on the stock in a research note on Friday, February 23rd. Needham & Company LLC reissued a buy rating and set a $75.00 price target on shares of Wayfair in a research note on Thursday, February 22nd. Finally, Canaccord Genuity Group reissued a buy rating and set a $80.00 price target on shares of Wayfair in a research note on Friday, February 23rd. Ten analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $76.21.

Wayfair Stock Performance

W stock opened at $52.01 on Wednesday. Wayfair has a 1 year low of $29.51 and a 1 year high of $90.71. The stock’s 50 day moving average price is $59.59 and its 200 day moving average price is $55.03. The firm has a market cap of $6.26 billion, a P/E ratio of -7.98 and a beta of 3.29.

Wayfair (NYSE:W) last posted its earnings results on Thursday, February 22nd. The company reported ($1.46) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.54) by $0.08. The company had revenue of $3.11 billion during the quarter, compared to analysts’ expectations of $3.10 billion. On average, research analysts predict that Wayfair will post -3.37 earnings per share for the current year.

Insider Activity

In other news, insider Jon Blotner sold 3,492 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $50.34, for a total transaction of $175,787.28. Following the completion of the sale, the insider now directly owns 32,118 shares in the company, valued at $1,616,820.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Jon Blotner sold 3,492 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $50.34, for a total transaction of $175,787.28. Following the completion of the sale, the insider now directly owns 32,118 shares in the company, valued at $1,616,820.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Thomas Netzer sold 984 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $60.58, for a total transaction of $59,610.72. Following the transaction, the chief operating officer now directly owns 117,841 shares in the company, valued at approximately $7,138,807.78. The disclosure for this sale can be found here. Insiders sold 89,808 shares of company stock worth $5,445,222 over the last ninety days. Corporate insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Several large investors have recently modified their holdings of W. Capital World Investors lifted its position in shares of Wayfair by 8.7% during the fourth quarter. Capital World Investors now owns 12,042,210 shares of the company’s stock worth $743,004,000 after purchasing an additional 962,307 shares during the last quarter. Norges Bank bought a new position in Wayfair in the fourth quarter worth about $47,374,000. AQR Capital Management LLC lifted its holdings in Wayfair by 422.6% in the third quarter. AQR Capital Management LLC now owns 511,454 shares of the company’s stock worth $30,979,000 after acquiring an additional 413,592 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Wayfair by 5.2% in the third quarter. Vanguard Group Inc. now owns 7,830,300 shares of the company’s stock worth $474,281,000 after acquiring an additional 386,717 shares during the last quarter. Finally, Kodai Capital Management LP bought a new position in Wayfair in the fourth quarter worth about $23,552,000. Institutional investors 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.