Wayfair Inc. (W) Downgraded by Maxim Group
Wayfair Inc. (NYSE:W) was downgraded by analysts at Maxim Group from a “buy” rating to a “hold” rating in a report issued on Monday, MarketBeat Ratings reports. They presently have a $76.17 target price on the stock, up from their previous target price of $27.60. Maxim Group’s target price indicates a potential upside of 2.68% from the stock’s previous close. The analysts noted that the move was a valuation call.
Several other brokerages have also recently issued reports on W. Piper Jaffray Companies restated an “overweight” rating and issued a $87.00 target price (up previously from $70.00) on shares of Wayfair in a report on Wednesday, June 14th. CIBC upgraded shares of Wayfair from a “market perform” rating to an “outperform” rating in a research note on Friday, June 2nd. Oppenheimer Holdings, Inc. upgraded shares of Wayfair from a “market perform” rating to an “outperform” rating and set a $80.00 price target for the company in a research note on Friday, June 2nd. Robert W. Baird increased their price target on shares of Wayfair to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, May 11th. Finally, Goldman Sachs Group, Inc. (The) increased their price target on shares of Wayfair from $37.00 to $55.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 10th. Nine investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $56.90.
Wayfair (NYSE:W) last issued its earnings results on Tuesday, May 9th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.80) by $0.32. Wayfair had a negative net margin of 5.84% and a negative return on equity of 215.36%. The business had revenue of $960.80 million during the quarter, compared to analysts’ expectations of $934.84 million. During the same quarter in the prior year, the business posted ($0.36) EPS. The company’s revenue for the quarter was up 28.6% on a year-over-year basis.
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In related news, CFO Michael D. Fleisher sold 4,141 shares of the stock in a transaction dated Tuesday, March 21st. The shares were sold at an average price of $39.14, for a total value of $162,078.74. Following the sale, the chief financial officer now directly owns 68,886 shares of the company’s stock, valued at approximately $2,696,198.04. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Steven Conine sold 12,000 shares of the stock in a transaction dated Wednesday, March 29th. The shares were sold at an average price of $40.04, for a total transaction of $480,480.00. Following the completion of the sale, the insider now directly owns 84,950 shares in the company, valued at $3,401,398. The disclosure for this sale can be found here. Insiders sold a total of 404,979 shares of company stock valued at $22,269,264 in the last quarter. Insiders own 63.94% of the company’s stock.
Large investors have recently modified their holdings of the stock. NJ State Employees Deferred Compensation Plan acquired a new stake in shares of Wayfair during the first quarter worth approximately $445,000. Alyeska Investment Group L.P. boosted its stake in shares of Wayfair by 199.1% in the fourth quarter. Alyeska Investment Group L.P. now owns 751,240 shares of the company’s stock worth $26,331,000 after buying an additional 500,077 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of Wayfair by 1.0% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 14,060 shares of the company’s stock worth $493,000 after buying an additional 140 shares during the last quarter. Royce & Associates LP boosted its stake in shares of Wayfair by 21.6% in the fourth quarter. Royce & Associates LP now owns 70,318 shares of the company’s stock worth $2,465,000 after buying an additional 12,500 shares during the last quarter. Finally, Force Capital Management LLC acquired a new stake in shares of Wayfair during the fourth quarter worth approximately $2,096,000.
Wayfair Inc (Wayfair) offers browsing, merchandising and product discovery for a range of products from various suppliers. The Company operates through two segments: U.S. and International. The U.S. segment consists of amounts earned through product sales through the Company’s five sites in the United States and through sites operated by third parties in the United States.
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