Canaccord Genuity Group Cuts Wayfair (NYSE:W) Price Target to $68.00

Wayfair (NYSE:W) had its price objective lowered by Canaccord Genuity Group from $76.00 to $68.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts also recently commented on the company. Wedbush downgraded Wayfair from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $45.00 to $44.00 in a research report on Monday, January 6th. Citigroup reduced their price target on Wayfair from $70.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Loop Capital upped their price objective on shares of Wayfair from $50.00 to $55.00 and gave the company a “hold” rating in a report on Monday, December 16th. Mizuho reduced their target price on shares of Wayfair from $65.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Finally, Stifel Nicolaus decreased their target price on shares of Wayfair from $55.00 to $47.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Fourteen equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $58.40.

Wayfair Stock Performance

NYSE W opened at $41.92 on Friday. The business has a fifty day moving average price of $46.22 and a 200 day moving average price of $46.55. The company has a market cap of $5.25 billion, a P/E ratio of -10.43 and a beta of 3.43. Wayfair has a one year low of $37.35 and a one year high of $76.18.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($1.01). The firm had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $3.07 billion. As a group, sell-side analysts predict that Wayfair will post -2.54 EPS for the current fiscal year.

Insider Transactions at Wayfair

In related news, COO Thomas Netzer sold 1,039 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $50.65, for a total transaction of $52,625.35. Following the completion of the sale, the chief operating officer now directly owns 171,790 shares of the company’s stock, valued at $8,701,163.50. This trade represents a 0.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jon Blotner sold 5,669 shares of the company’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $42.83, for a total transaction of $242,803.27. Following the transaction, the insider now owns 57,899 shares of the company’s stock, valued at approximately $2,479,814.17. The trade was a 8.92 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 164,228 shares of company stock worth $7,830,018. Insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. J.Safra Asset Management Corp increased its position in Wayfair by 71.3% during the 4th quarter. J.Safra Asset Management Corp now owns 586 shares of the company’s stock worth $26,000 after purchasing an additional 244 shares during the period. Creative Planning boosted its stake in shares of Wayfair by 2.1% in the third quarter. Creative Planning now owns 13,261 shares of the company’s stock valued at $745,000 after buying an additional 272 shares in the last quarter. GAMMA Investing LLC grew its holdings in Wayfair by 65.5% during the fourth quarter. GAMMA Investing LLC now owns 710 shares of the company’s stock worth $31,000 after acquiring an additional 281 shares during the period. True Wealth Design LLC grew its holdings in Wayfair by 207.1% during the fourth quarter. True Wealth Design LLC now owns 565 shares of the company’s stock worth $25,000 after acquiring an additional 381 shares during the period. Finally, Jones Financial Companies Lllp raised its position in Wayfair by 577.0% in the fourth quarter. Jones Financial Companies Lllp now owns 589 shares of the company’s stock worth $26,000 after acquiring an additional 502 shares in the last quarter. 89.67% of the stock is currently owned by institutional investors and hedge funds.

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.