Wayfair (NYSE:W) Upgraded at Wall Street Zen

Wayfair (NYSE:W) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

A number of other brokerages have also weighed in on W. Piper Sandler reaffirmed an “overweight” rating on shares of Wayfair in a research report on Friday, November 21st. Wells Fargo & Company lifted their price objective on Wayfair from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. Stifel Nicolaus set a $100.00 price objective on shares of Wayfair in a research note on Wednesday, October 29th. Evercore ISI increased their target price on shares of Wayfair from $100.00 to $115.00 and gave the stock an “outperform” rating in a report on Thursday, October 30th. Finally, Canaccord Genuity Group boosted their price target on shares of Wayfair from $100.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $105.29.

Wayfair Price Performance

Wayfair stock opened at $101.61 on Friday. The stock has a market cap of $13.24 billion, a price-to-earnings ratio of -39.69 and a beta of 3.25. The firm has a 50-day moving average of $97.87 and a two-hundred day moving average of $78.75. Wayfair has a 1 year low of $20.41 and a 1 year high of $114.92.

Wayfair (NYSE:W) last issued its earnings results on Tuesday, October 28th. The company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.26. The company had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $3.01 billion. The business’s revenue was up 8.1% compared to the same quarter last year. During the same period last year, the business posted $0.22 earnings per share. Research analysts expect that Wayfair will post -2.54 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Niraj Shah sold 150,000 shares of the company’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $105.91, for a total transaction of $15,886,500.00. Following the transaction, the chief executive officer directly owned 729,137 shares of the company’s stock, valued at $77,222,899.67. This represents a 17.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Steven Conine sold 150,000 shares of the firm’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $105.92, for a total value of $15,888,000.00. Following the completion of the sale, the insider directly owned 729,073 shares of the company’s stock, valued at approximately $77,223,412.16. This represents a 17.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 955,959 shares of company stock worth $88,260,274 over the last quarter. Company insiders own 21.91% of the company’s stock.

Institutional Trading of Wayfair

Several large investors have recently bought and sold shares of W. FNY Investment Advisers LLC boosted its holdings in Wayfair by 9,324.1% in the third quarter. FNY Investment Advisers LLC now owns 12,534 shares of the company’s stock valued at $1,119,000 after purchasing an additional 12,401 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of Wayfair by 295.0% in the 3rd quarter. Allworth Financial LP now owns 877 shares of the company’s stock valued at $78,000 after buying an additional 655 shares during the period. Swiss Life Asset Management Ltd purchased a new stake in shares of Wayfair in the third quarter worth about $394,000. Advisory Services Network LLC boosted its stake in shares of Wayfair by 40.2% in the third quarter. Advisory Services Network LLC now owns 15,148 shares of the company’s stock worth $1,353,000 after buying an additional 4,341 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in Wayfair by 1,506.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 612,809 shares of the company’s stock worth $54,742,000 after acquiring an additional 574,660 shares during the period. Hedge funds and other institutional investors own 89.67% of the company’s stock.

Wayfair Company Profile

Wayfair Inc (NYSE: W) is an e-commerce company focused on home furnishings and décor. Through its platform, Wayfair offers a broad assortment of furniture, lighting, home textiles, kitchenware and decorative accessories. The company’s portfolio includes flagship sites such as Wayfair.com, as well as specialty retail brands like Joss & Main, AllModern, Birch Lane and Perigold, each catering to distinct design styles and price points.

Founded in 2002 by Niraj Shah and Steve Conine under the name CSN Stores, the business rebranded as Wayfair in 2011 and went public in 2014.