Wells Fargo & Company Forecasts Strong Price Appreciation for Wayfair (NYSE:W) Stock

Wayfair (NYSE:W) had its target price increased by equities researchers at Wells Fargo & Company from $130.00 to $140.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 13.99% from the company’s current price.

A number of other research analysts have also commented on W. Truist Financial set a $160.00 price target on shares of Wayfair in a research report on Wednesday. UBS Group increased their price objective on Wayfair from $118.00 to $156.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Gordon Haskett raised Wayfair from a “hold” rating to a “buy” rating and set a $160.00 price objective for the company in a research note on Wednesday. Evercore restated an “outperform” rating and set a $130.00 target price on shares of Wayfair in a research report on Wednesday, August 5th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $120.00 target price on shares of Wayfair in a research note on Wednesday, August 5th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.46.

Wayfair Trading Up 10.3%

Shares of NYSE:W opened at $122.82 on Thursday. The company has a 50 day moving average of $105.55 and a 200 day moving average of $89.17. The stock has a market cap of $16.21 billion, a P/E ratio of -49.93, a P/E/G ratio of 3.84 and a beta of 3.10. Wayfair has a 12 month low of $55.60 and a 12 month high of $127.99.

Wayfair (NYSE:W) last posted its earnings results on Wednesday, November 4th. The company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. Wayfair had a negative net margin of 2.49% and a negative return on equity of 3.40%. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the prior year, the firm posted $0.70 EPS. Wayfair’s revenue was up 9.7% on a year-over-year basis. On average, equities analysts forecast that Wayfair will post 0.97 earnings per share for the current fiscal year.

Insider Transactions at Wayfair

In other news, CTO Fiona Tan sold 8,000 shares of the firm’s stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $115.00, for a total transaction of $920,000.00. Following the sale, the chief technology officer owned 196,698 shares in the company, valued at approximately $22,620,270. This trade represents a 3.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Niraj Shah sold 117,000 shares of Wayfair stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $111.25, for a total transaction of $13,016,250.00. Following the sale, the chief executive officer directly owned 105,137 shares of the company’s stock, valued at $11,696,491.25. This represents a 52.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 677,070 shares of company stock valued at $72,236,934 in the last quarter. Insiders own 18.44% of the company’s stock.

Institutional Investors Weigh In On Wayfair

Large investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its holdings in Wayfair by 8.3% during the 1st quarter. Janus Henderson Group PLC now owns 3,866,708 shares of the company’s stock valued at $290,813,000 after acquiring an additional 296,233 shares during the period. Atreides Management LP grew its position in Wayfair by 64.3% during the 1st quarter. Atreides Management LP now owns 1,430,997 shares of the company’s stock worth $107,625,000 after acquiring an additional 560,133 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Wayfair by 46.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,036,531 shares of the company’s stock worth $77,923,000 after purchasing an additional 328,358 shares during the period. Assenagon Asset Management S.A. increased its stake in Wayfair by 42.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 818,591 shares of the company’s stock worth $75,654,000 after purchasing an additional 242,791 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Wayfair by 1.8% in the 1st quarter. Bank of New York Mellon Corp now owns 310,825 shares of the company’s stock worth $23,377,000 after purchasing an additional 5,586 shares during the period. Hedge funds and other institutional investors own 89.67% of the company’s stock.

Wayfair News Roundup

Here are the key news stories impacting Wayfair this week:

• Positive Sentiment: Q3 results topped estimates. Wayfair reported earnings of $0.93 per share versus the consensus estimate of $0.80, while revenue of $3.42 billion rose 9.7% year over year and also exceeded expectations. Wayfair Q3 results
• Positive Sentiment: U.S. growth and share gains support the outlook. U.S. revenue increased 11.4%, and the company said it is gaining share in a sluggish furniture market. Wayfair forecast high-single-digit Q4 growth and an adjusted EBITDA margin of 6%–7%, supporting expectations for continued growth and improved profitability. Wayfair Q4 outlook
• Positive Sentiment: Analysts turned more bullish. Needham raised its price target to $145 and kept a Buy rating; Gordon Haskett upgraded the shares to Buy with a $160 target, while Zacks Research raised its rating to Strong Buy. Needham analyst ratings Gordon Haskett upgrade
• Neutral Sentiment: Some commentary sees further upside from Wayfair’s growth and market-share gains, but the stock has already had a substantial run, which may make expectations harder to exceed. Wayfair valuation commentary
• Negative Sentiment: International sales remained weak. International revenue fell 2.3% year over year, contrasting with double-digit U.S. growth and leaving the company reliant on its domestic business for expansion. Wayfair Q3 revenue breakdown

Wayfair Company Profile

Wayfair Inc is an e-commerce company that sells furniture, home furnishings and related products through digital platforms. Its selection includes furniture, décor, lighting, rugs, mattresses, kitchen and dining products, housewares, home improvement items, outdoor furnishings and other goods for residential and commercial spaces.

The company operates a portfolio of online brands and retail websites, including Wayfair, Joss & Main, AllModern, Birch Lane and Perigold. These brands are designed to serve different customer preferences, price points and areas of the home-furnishings market.