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

Wayfair (NYSE:W - Get Free Report)'s stock had its "overweight" rating reaffirmed by investment analysts at Piper Sandler in a report released on Friday, MarketBeat.com reports. They presently have a $61.00 target price on the stock, up from their prior target price of $46.00. Piper Sandler's price target would indicate a potential upside of 26.06% from the company's current price.

A number of other equities research analysts also recently commented on the company. Stifel Nicolaus reduced their target price on Wayfair from $46.00 to $29.00 and set a "hold" rating on the stock in a research report on Wednesday, April 23rd. Zelman & Associates started coverage on Wayfair in a research report on Thursday, May 15th. They set an "outperform" rating for the company. Guggenheim decreased their target price on shares of Wayfair from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Jefferies Financial Group upgraded shares of Wayfair from a "hold" rating to a "buy" rating and lifted their price target for the company from $45.00 to $47.00 in a research report on Friday, March 7th. Finally, UBS Group reduced their price target on shares of Wayfair from $60.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $43.96.

Wayfair Trading Up 5.0%

Wayfair stock traded up $2.29 during midday trading on Friday, hitting $48.39. 4,326,775 shares of the stock were exchanged, compared to its average volume of 4,782,189. The stock's 50-day simple moving average is $35.28 and its 200 day simple moving average is $40.03. Wayfair has a fifty-two week low of $20.41 and a fifty-two week high of $58.42. The stock has a market capitalization of $6.21 billion, a price-to-earnings ratio of -12.04 and a beta of 2.94.

Wayfair (NYSE:W - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.14) by $0.24. The firm had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.71 billion. During the same quarter in the prior year, the business earned ($0.32) EPS. The firm's quarterly revenue was up .0% on a year-over-year basis. Equities analysts anticipate that Wayfair will post -2.54 EPS for the current fiscal year.

Insider Activity

In related news, CEO Niraj Shah sold 9,527 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $40.04, for a total transaction of $381,461.08. Following the completion of the transaction, the chief executive officer now owns 549,610 shares in the company, valued at approximately $22,006,384.40. The trade was a 1.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Fiona Tan sold 23,835 shares of Wayfair stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $31.92, for a total value of $760,813.20. Following the sale, the chief technology officer now directly owns 111,128 shares of the company's stock, valued at $3,547,205.76. This trade represents a 17.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 242,915 shares of company stock worth $9,258,415. 21.91% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Wayfair

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Wayfair by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 9,315,337 shares of the company's stock worth $412,856,000 after purchasing an additional 327,603 shares in the last quarter. Sterling Capital Management LLC grew its position in shares of Wayfair by 60.1% in the 4th quarter. Sterling Capital Management LLC now owns 5,636 shares of the company's stock valued at $250,000 after buying an additional 2,116 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Wayfair by 3.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,009,312 shares of the company's stock worth $44,733,000 after acquiring an additional 35,057 shares in the last quarter. LPL Financial LLC lifted its position in Wayfair by 218.2% in the fourth quarter. LPL Financial LLC now owns 38,486 shares of the company's stock valued at $1,706,000 after acquiring an additional 26,390 shares during the last quarter. Finally, Norges Bank acquired a new position in Wayfair in the fourth quarter valued at $31,472,000. Hedge funds and other institutional investors 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.