Wells Fargo & Company Forecasts Strong Price Appreciation for Wayfair (NYSE:W) Stock

Wayfair (NYSE:W - Get Free Report) had its target price upped by equities research analysts at Wells Fargo & Company from $50.00 to $65.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's target price would suggest a potential upside of 2.98% from the company's current price.

Several other research firms have also commented on W. Canaccord Genuity Group cut their price objective on Wayfair from $68.00 to $58.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Jefferies Financial Group reissued a "buy" rating on shares of Wayfair in a research report on Tuesday, July 1st. Argus raised Wayfair from a "hold" rating to a "buy" rating and set a $40.00 price objective on the stock in a research report on Monday, May 12th. Evercore ISI raised their price objective on Wayfair from $50.00 to $60.00 and gave the company an "outperform" rating in a research report on Tuesday, June 24th. Finally, BMO Capital Markets set a $38.00 price objective on Wayfair in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Wayfair presently has a consensus rating of "Moderate Buy" and an average price target of $47.42.

Wayfair Price Performance

Wayfair stock traded up $0.29 during mid-day trading on Wednesday, hitting $63.12. 3,735,517 shares of the company were exchanged, compared to its average volume of 4,331,288. Wayfair has a 12-month low of $20.41 and a 12-month high of $63.81. The business's 50 day simple moving average is $49.16 and its two-hundred day simple moving average is $41.38. The company has a market capitalization of $8.10 billion, a P/E ratio of -22.15 and a beta of 2.97.

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

Insider Buying and Selling

In other Wayfair news, CEO Niraj Shah sold 179,707 shares of Wayfair stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $52.58, for a total value of $9,448,994.06. Following the completion of the transaction, the chief executive officer directly owned 236,850 shares in the company, valued at $12,453,573. The trade was a 43.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Steven Conine sold 180,943 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $52.59, for a total value of $9,515,792.37. Following the transaction, the insider owned 236,167 shares of the company's stock, valued at approximately $12,420,022.53. This represents a 43.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 800,731 shares of company stock valued at $40,152,384. 21.91% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Wayfair

A number of institutional investors have recently added to or reduced their stakes in W. Alyeska Investment Group L.P. increased its holdings in shares of Wayfair by 681.8% in the first 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 in the last quarter. Southpoint Capital Advisors LP increased its holdings in shares of Wayfair by 100.0% in 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 increased its holdings in shares of Wayfair by 6.2% in the fourth quarter. Capital World Investors now owns 13,506,200 shares of the company's stock valued at $598,596,000 after buying an additional 782,757 shares in the last quarter. Norges Bank bought a new position in shares of Wayfair in the fourth quarter valued at $31,472,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Wayfair in the fourth quarter valued at $30,735,000. 89.67% of the stock is currently 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.