Wayfair (NYSE:W) Rating Reiterated by Piper Sandler

Wayfair (NYSE:W)‘s stock had its “overweight” rating reissued by equities research analysts at Piper Sandler in a note issued to investors on Friday, Benzinga reports. They currently have a $91.00 price objective on the stock, up from their prior price objective of $88.00. Piper Sandler’s price target would indicate a potential upside of 43.10% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the company. Barclays dropped their target price on Wayfair from $85.00 to $60.00 and set an “equal weight” rating for the company in a research report on Thursday, January 4th. Truist Financial cut their target price on shares of Wayfair from $65.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, February 23rd. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $80.00 target price on shares of Wayfair in a research note on Friday, February 23rd. BMO Capital Markets began coverage on shares of Wayfair in a research note on Tuesday, January 9th. They set a “market perform” rating and a $57.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Wayfair in a research note on Thursday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $76.45.

Wayfair Stock Up 8.4 %

Shares of NYSE:W opened at $63.59 on Friday. The firm has a market cap of $7.65 billion, a P/E ratio of -11.86 and a beta of 3.32. Wayfair has a 12 month low of $33.85 and a 12 month high of $90.71. The company’s 50-day moving average price is $59.92 and its two-hundred day moving average price is $55.21.

Wayfair (NYSE:W) last released its quarterly earnings results on Thursday, February 22nd. The company reported ($1.46) EPS for the quarter, beating the consensus estimate of ($1.54) by $0.08. The company had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $3.10 billion. As a group, equities analysts predict that Wayfair will post -3.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Jon Blotner sold 3,492 shares of the company’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 transaction, the insider now directly owns 32,118 shares of the company’s stock, valued at $1,616,820.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Jon Blotner sold 3,492 shares of the business’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $50.34, for a total value of $175,787.28. Following the sale, the insider now owns 32,118 shares of the company’s stock, valued at $1,616,820.12. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Steven Conine sold 8,300 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $52.31, for a total transaction of $434,173.00. Following the transaction, the insider now owns 259,073 shares of the company’s stock, valued at approximately $13,552,108.63. The disclosure for this sale can be found here. In the last ninety days, insiders sold 90,156 shares of company stock valued at $5,465,688. Company insiders own 26.81% of the company’s stock.

Institutional Trading of Wayfair

A number of hedge funds and other institutional investors have recently modified their holdings of W. Commonwealth Equity Services LLC grew its stake in shares of Wayfair by 5.5% in the third quarter. Commonwealth Equity Services LLC now owns 10,274 shares of the company’s stock valued at $622,000 after buying an additional 537 shares in the last quarter. Raymond James & Associates grew its position in shares of Wayfair by 9.3% in the 3rd quarter. Raymond James & Associates now owns 5,730 shares of the company’s stock valued at $347,000 after acquiring an additional 486 shares during the period. Bank of New York Mellon Corp grew its position in shares of Wayfair by 2.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 273,523 shares of the company’s stock valued at $16,567,000 after acquiring an additional 7,719 shares during the period. BluePath Capital Management LLC bought a new stake in shares of Wayfair in the 3rd quarter valued at about $34,000. Finally, ING Groep NV bought a new stake in shares of Wayfair in the 3rd quarter valued at about $4,016,000. Institutional investors and hedge funds 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.