Brokerages Set Wayfair Inc. (NYSE:W) Target Price at $118.04

Shares of Wayfair Inc. (NYSE:W) have been given a consensus recommendation of “Moderate Buy” by the thirty ratings firms that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation, seventeen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $118.0385.

Several brokerages have recently issued reports on W. Royal Bank Of Canada lifted their price objective on shares of Wayfair from $78.00 to $92.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 5th. Zacks Research cut shares of Wayfair from a “strong-buy” rating to a “hold” rating in a report on Monday, July 20th. Weiss Ratings upgraded shares of Wayfair from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, June 17th. The Goldman Sachs Group restated a “neutral” rating on shares of Wayfair in a research report on Wednesday, August 5th. Finally, Benchmark assumed coverage on Wayfair in a report on Tuesday, July 7th. They issued a “hold” rating on the stock.

Wayfair Stock Down 2.0%

Shares of W stock opened at $100.88 on Tuesday. The stock has a 50-day simple moving average of $89.86 and a 200 day simple moving average of $81.57. The stock has a market capitalization of $13.32 billion, a P/E ratio of -41.01, a P/E/G ratio of 4.56 and a beta of 2.99. Wayfair has a fifty-two week low of $55.60 and a fifty-two week high of $119.98.

Wayfair (NYSE:W) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.90 by $0.05. Wayfair had a negative net margin of 2.49% and a negative return on equity of 3.40%. The firm had revenue of $3.52 billion for the quarter, compared to analysts’ expectations of $3.47 billion. During the same period in the previous year, the business earned $0.87 earnings per share. Wayfair’s revenue for the quarter was up 7.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Wayfair will post 0.75 earnings per share for the current year.

Insider Activity

In other news, insider Jon Blotner sold 5,925 shares of the business’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $96.29, for a total transaction of $570,518.25. Following the sale, the insider directly owned 117,344 shares of the company’s stock, valued at $11,299,053.76. The trade was a 4.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 18.44% of the stock is owned by insiders.

Hedge Funds Weigh In On Wayfair

A number of hedge funds and other institutional investors have recently modified their holdings of W. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Wayfair by 29.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 67,023 shares of the company’s stock valued at $2,147,000 after buying an additional 15,084 shares in the last quarter. Prudential Financial Inc. boosted its holdings in shares of Wayfair by 30.4% in the second quarter. Prudential Financial Inc. now owns 7,328 shares of the company’s stock worth $375,000 after buying an additional 1,710 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in shares of Wayfair by 12.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,462 shares of the company’s stock worth $126,000 after acquiring an additional 270 shares in the last quarter. M&T Bank Corp purchased a new position in shares of Wayfair in the second quarter worth approximately $262,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Wayfair by 393.4% during the second quarter. EverSource Wealth Advisors LLC now owns 819 shares of the company’s stock valued at $42,000 after acquiring an additional 653 shares during the period. Institutional investors and hedge funds own 89.67% of the company’s stock.

About Wayfair

Wayfair Inc (NYSE: W) is an e-commerce company focused on home furnishings and décor. Through its platform, Wayfair offers a broad assortment of furniture, lighting, home textiles, kitchenware and decorative accessories. The company’s portfolio includes flagship sites such as Wayfair.com, as well as specialty retail brands like Joss & Main, AllModern, Birch Lane and Perigold, each catering to distinct design styles and price points.

Founded in 2002 by Niraj Shah and Steve Conine under the name CSN Stores, the business rebranded as Wayfair in 2011 and went public in 2014.