Piper Sandler Reiterates Overweight Rating for Wayfair (NYSE:W)

Wayfair (NYSE:W)‘s stock had its “overweight” rating restated by Piper Sandler in a research report issued on Friday, MarketBeat Ratings reports. They currently have a $61.00 price target on the stock, up from their prior price target of $46.00. Piper Sandler’s price objective suggests a potential upside of 26.04% from the company’s previous close.

A number of other research firms have also commented on W. JPMorgan Chase & Co. decreased their price objective on shares of Wayfair from $63.00 to $50.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Jefferies Financial Group raised Wayfair from a “hold” rating to a “buy” rating and lifted their target price for the company from $45.00 to $47.00 in a research note on Friday, March 7th. Deutsche Bank Aktiengesellschaft cut Wayfair from a “buy” rating to a “hold” rating and set a $25.00 price objective for the company. in a research report on Monday, April 14th. Canaccord Genuity Group lowered their price target on shares of Wayfair from $68.00 to $58.00 and set a “buy” rating on the stock in a report on Monday, April 28th. Finally, Citigroup boosted their target price on shares of Wayfair from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, May 2nd. One analyst has rated the stock with a sell rating, twelve have given a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Wayfair currently has an average rating of “Moderate Buy” and an average price target of $43.96.

Wayfair Price Performance

NYSE W traded up $2.30 during trading hours on Friday, reaching $48.40. The company’s stock had a trading volume of 1,484,352 shares, compared to its average volume of 4,770,890. The firm has a market capitalization of $6.21 billion, a price-to-earnings ratio of -12.04 and a beta of 2.94. The company’s 50-day moving average is $35.28 and its two-hundred day moving average is $40.03. Wayfair has a 1-year low of $20.41 and a 1-year high of $58.42.

Wayfair (NYSE:W) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.24. The business had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.71 billion. The company’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.32) earnings per share. Equities analysts forecast that Wayfair will post -2.54 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Fiona Tan sold 23,835 shares of the company’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $31.92, for a total value of $760,813.20. Following the completion of the transaction, the chief technology officer now directly owns 111,128 shares in the company, valued at approximately $3,547,205.76. The trade was a 17.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Conine sold 9,798 shares of the company’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $40.02, for a total transaction of $392,115.96. Following the completion of the transaction, the insider now owns 549,275 shares of the company’s stock, valued at $21,981,985.50. This trade represents a 1.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 242,915 shares of company stock worth $9,258,415. Company insiders own 21.91% of the company’s stock.

Institutional Trading of Wayfair

A number of hedge funds have recently added to or reduced their stakes in the business. Alyeska Investment Group L.P. increased its stake in Wayfair by 681.8% in the 1st quarter. Alyeska Investment Group L.P. now owns 5,462,651 shares of the company’s stock valued at $174,969,000 after buying an additional 4,763,944 shares during the period. Southpoint Capital Advisors LP boosted its position in Wayfair by 100.0% in the 4th quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company’s stock valued at $124,096,000 after buying an additional 1,400,000 shares during the last quarter. Capital World Investors lifted its position in shares of Wayfair by 6.2% during the fourth quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock worth $598,596,000 after purchasing an additional 782,757 shares during the last quarter. Baillie Gifford & Co. grew its position in shares of Wayfair by 13.6% during the 4th quarter. Baillie Gifford & Co. now owns 6,179,761 shares of the company’s stock valued at $273,887,000 after buying an additional 740,641 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Wayfair in the fourth quarter valued at approximately $31,472,000. 89.67% of the stock is 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.