Wayfair (NYSE:W) Price Target Lowered to $63.00 at Piper Sandler

Wayfair (NYSE:W) had its price objective cut by Piper Sandler from $67.00 to $63.00 in a research report released on Monday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also issued reports on W. UBS Group decreased their price target on shares of Wayfair from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. Stifel Nicolaus decreased their target price on shares of Wayfair from $56.00 to $55.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. StockNews.com upgraded Wayfair from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Barclays reduced their price objective on Wayfair from $58.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Finally, JPMorgan Chase & Co. dropped their target price on Wayfair from $80.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Twelve equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Wayfair has a consensus rating of “Moderate Buy” and a consensus price target of $64.64.

Wayfair Stock Performance

Shares of W opened at $42.65 on Monday. Wayfair has a 52-week low of $38.02 and a 52-week high of $76.18. The firm has a market cap of $5.27 billion, a price-to-earnings ratio of -7.96 and a beta of 3.42. The business’s fifty day moving average is $48.80 and its 200-day moving average is $52.64.

Wayfair (NYSE:W) last released its earnings results on Thursday, August 1st. The company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The business had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.18 billion. The firm’s revenue was up .2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.27) EPS. As a group, research analysts forecast that Wayfair will post -2.68 EPS for the current fiscal year.

Insider Activity

In other Wayfair news, CTO Fiona Tan sold 10,040 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $53.06, for a total value of $532,722.40. Following the transaction, the chief technology officer now directly owns 84,655 shares of the company’s stock, valued at approximately $4,491,794.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO Thomas Netzer sold 1,011 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $49.42, for a total value of $49,963.62. Following the completion of the sale, the chief operating officer now directly owns 151,802 shares of the company’s stock, valued at approximately $7,502,054.84. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Fiona Tan sold 10,040 shares of Wayfair stock in a transaction 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 transaction, the chief technology officer now directly owns 84,655 shares in the company, valued at $4,491,794.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,891 shares of company stock worth $2,007,213 over the last quarter. 26.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ORG Partners LLC bought a new position in shares of Wayfair during the 1st quarter worth approximately $37,000. International Assets Investment Management LLC purchased a new stake in shares of Wayfair during the second quarter valued at approximately $58,000. Comerica Bank lifted its holdings in Wayfair by 210.9% during the first quarter. Comerica Bank now owns 1,222 shares of the company’s stock worth $83,000 after acquiring an additional 829 shares during the period. Emerald Mutual Fund Advisers Trust purchased a new position in Wayfair in the second quarter worth $109,000. Finally, BI Asset Management Fondsmaeglerselskab A S grew its stake in Wayfair by 39.1% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,676 shares of the company’s stock valued at $114,000 after purchasing an additional 471 shares during the period. 89.67% of the stock is currently owned by hedge funds and other institutional investors.

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.