Wayfair (NYSE:W) Price Target Raised to $51.00 at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has raised the price target for Wayfair from $25.00 to $51.00, indicating a potential downside of 31% from the current price.
• Several analysts have adjusted their price targets, with Stifel Nicolaus and BMO Capital Markets both increasing their targets to $68.00, while Morgan Stanley set its target at $70.00.
• Wayfair's recent earnings report revealed an EPS of $0.87, significantly above the consensus estimate, and revenue increased by 5.0% year-over-year, reaching $3.27 billion.

Wayfair (NYSE:W - Get Free Report) had its target price upped by investment analysts at Royal Bank Of Canada from $25.00 to $51.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price target indicates a potential downside of 31.00% from the company's current price.

Other analysts have also recently issued reports about the stock. Stifel Nicolaus lifted their target price on shares of Wayfair from $56.00 to $68.00 and gave the stock a "hold" rating in a research note on Tuesday. BMO Capital Markets lifted their target price on shares of Wayfair from $38.00 to $68.00 and gave the stock a "market perform" rating in a research note on Tuesday. Morgan Stanley reissued an "overweight" rating and issued a $70.00 price target (up previously from $50.00) on shares of Wayfair in a research note on Wednesday, July 2nd. Guggenheim dropped their price target on shares of Wayfair from $60.00 to $50.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Finally, Truist Financial set a $40.00 price target on shares of Wayfair in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $58.50.

Wayfair Stock Performance

Shares of NYSE W traded up $0.44 during midday trading on Tuesday, reaching $73.92. The stock had a trading volume of 2,540,409 shares, compared to its average volume of 5,150,558. The company has a market capitalization of $9.49 billion, a price-to-earnings ratio of -25.94 and a beta of 2.92. Wayfair has a 12-month low of $20.41 and a 12-month high of $76.29. The stock has a 50-day moving average of $52.58 and a 200-day moving average of $42.25.

Wayfair (NYSE:W - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.33 by $0.54. The company had revenue of $3.27 billion during the quarter, compared to analysts' expectations of $3.11 billion. During the same period last year, the firm posted $0.47 EPS. Wayfair's quarterly revenue was up 5.0% compared to the same quarter last year. As a group, analysts forecast that Wayfair will post -2.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Steven Conine sold 60,000 shares of Wayfair stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $56.02, for a total value of $3,361,200.00. Following the completion of the transaction, the insider owned 169,073 shares in the company, valued at approximately $9,471,469.46. This trade represents a 26.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Niraj Shah sold 60,000 shares of Wayfair stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $56.03, for a total value of $3,361,800.00. Following the completion of the transaction, the chief executive officer owned 169,137 shares of the company's stock, valued at approximately $9,476,746.11. The trade was a 26.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 800,204 shares of company stock worth $40,135,236 in the last three months. 21.91% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. LPL Financial LLC raised its position in Wayfair by 218.2% during the fourth quarter. LPL Financial LLC now owns 38,486 shares of the company's stock valued at $1,706,000 after buying an additional 26,390 shares during the period. Pictet Asset Management Holding SA grew its stake in Wayfair by 5.8% in the fourth quarter. Pictet Asset Management Holding SA now owns 12,531 shares of the company's stock valued at $555,000 after purchasing an additional 690 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Wayfair by 17.1% during the 4th quarter. National Bank of Canada FI now owns 40,228 shares of the company's stock worth $1,783,000 after purchasing an additional 5,883 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Wayfair by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 1,546,932 shares of the company's stock worth $68,584,000 after purchasing an additional 22,078 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of Wayfair by 148.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 16,971 shares of the company's stock worth $752,000 after purchasing an additional 10,152 shares during the last quarter. Institutional investors and hedge funds 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.

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