Wayfair (NYSE:W) Price Target Raised to $90.00

Key Points

• Raymond James Financial has increased its price target for Wayfair (NYSE:W) from $55.00 to $90.00, indicating a potential upside of 22.19% based on the stock's current price and maintaining a "strong-buy" rating.
• Wayfair recently reported earnings of $0.87 per share for the quarter, exceeding expectations, along with a year-over-year revenue increase of 5% to $3.27 billion.
• Insider transactions show significant stock sales by CEO Niraj Shah and another executive, reducing their holdings by approximately 43%, signaling potential caution from insiders at the company.

Wayfair (NYSE:W - Get Free Report) had its target price lifted by equities researchers at Raymond James Financial from $55.00 to $90.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "strong-buy" rating on the stock. Raymond James Financial's target price would suggest a potential upside of 24.55% from the stock's previous close.

W has been the subject of several other reports. Wells Fargo & Company set a $84.00 target price on shares of Wayfair and gave the stock an "overweight" rating in a research note on Tuesday. TD Cowen raised Wayfair from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 5th. JPMorgan Chase & Co. upped their target price on Wayfair from $75.00 to $82.00 and gave the company an "overweight" rating in a research note on Tuesday. Guggenheim lowered their price target on Wayfair from $60.00 to $50.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Finally, Argus raised shares of Wayfair from a "hold" rating to a "buy" rating and set a $40.00 price objective for the company in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Wayfair currently has a consensus rating of "Moderate Buy" and a consensus price target of $65.96.

Wayfair Price Performance

NYSE:W traded down $1.02 on Tuesday, reaching $72.26. The stock had a trading volume of 511,024 shares, compared to its average volume of 5,149,859. Wayfair has a 12-month low of $20.41 and a 12-month high of $78.06. The company has a market cap of $9.27 billion, a price-to-earnings ratio of -30.06 and a beta of 2.92. The firm's fifty day moving average is $55.27 and its two-hundred day moving average is $43.10.

Wayfair (NYSE:W - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $0.87 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.54. The firm had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.11 billion. The business's quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.47 EPS. As a group, research analysts forecast that Wayfair will post -2.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Wayfair

In other Wayfair news, CEO Niraj Shah sold 179,707 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $52.58, for a total value of $9,448,994.06. Following the transaction, the chief executive officer owned 236,850 shares in the company, valued at $12,453,573. The trade was a 43.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steven Conine sold 180,943 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $52.59, for a total transaction of $9,515,792.37. Following the completion of the transaction, the insider directly owned 236,167 shares of the company's stock, valued at approximately $12,420,022.53. The trade was a 43.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 800,204 shares of company stock valued at $40,135,236 over the last 90 days. Insiders own 21.91% of the company's stock.

Hedge Funds Weigh In On Wayfair

A number of institutional investors have recently made changes to their positions in the business. Alyeska Investment Group L.P. lifted its position in shares of Wayfair by 681.8% during the first quarter. Alyeska Investment Group L.P. now owns 5,462,651 shares of the company's stock worth $174,969,000 after purchasing an additional 4,763,944 shares during the last quarter. Southpoint Capital Advisors LP raised its stake in Wayfair by 100.0% during the fourth 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 in the last quarter. Capital World Investors lifted its holdings in Wayfair by 6.2% during the 4th quarter. Capital World Investors now owns 13,506,200 shares of the company's stock worth $598,596,000 after buying an additional 782,757 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Wayfair by 17.9% during the 4th quarter. Renaissance Technologies LLC now owns 3,834,667 shares of the company's stock worth $169,952,000 after buying an additional 581,000 shares during the last quarter. Finally, Beck Bode LLC acquired a new position in shares of Wayfair in the 1st quarter worth approximately $13,322,000. 89.67% of the stock is owned by institutional investors and hedge funds.

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.