Wayfair (NYSE:W) Price Target Raised to $80.00

Key Points

• The Goldman Sachs Group has raised Wayfair's price target significantly from $31.00 to $80.00, indicating a potential upside of 5.88% from its previous close, while maintaining a "neutral" rating on the stock.
• Wayfair reported a 5.0% increase in quarterly revenue, reaching $3.27 billion, and surpassed earnings expectations with an EPS of $0.87, compared to the consensus estimate of $0.33.
• Out of the analysts covering Wayfair, one has issued a sell rating, while ten analysts have hold ratings and fifteen analysts have given buy ratings, leading to a consensus rating of "Moderate Buy."

Wayfair (NYSE:W - Free Report) had its price objective increased by The Goldman Sachs Group from $31.00 to $80.00 in a research report sent to investors on Wednesday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Several other equities research analysts also recently weighed in on W. Bank of America lifted their price target on shares of Wayfair from $36.00 to $43.00 and gave the company a "neutral" rating in a research note on Wednesday, May 14th. Zelman & Associates boosted their target price on Wayfair from $85.00 to $96.00 and gave the company an "outperform" rating in a research report on Tuesday. Evercore ISI increased their price target on Wayfair from $50.00 to $60.00 and gave the stock an "outperform" rating in a report on Tuesday, June 24th. UBS Group raised their price objective on Wayfair from $80.00 to $91.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Raymond James Financial restated a "strong-buy" rating on shares of Wayfair in a report on Tuesday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $65.96.

Wayfair Stock Down 1.4%

Wayfair stock traded down $1.02 during trading hours on Wednesday, reaching $72.26. 511,024 shares of the company's stock were exchanged, compared to its average volume of 5,149,859. The firm's 50 day simple moving average is $55.27 and its 200 day simple moving average is $43.10. Wayfair has a twelve month low of $20.41 and a twelve month high of $78.06. The firm has a market capitalization of $9.27 billion, a PE ratio of -30.06 and a beta of 2.92.

Wayfair (NYSE:W - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $0.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.54. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.11 billion. Wayfair's quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.47 earnings per share. Analysts anticipate that Wayfair will post -2.54 EPS for the current year.

Insider Buying and Selling

In related news, CEO Niraj Shah sold 179,707 shares of the company'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 completion of the transaction, the chief executive officer directly owned 236,850 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Conine sold 180,943 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $52.59, for a total value of $9,515,792.37. Following the transaction, the insider directly owned 236,167 shares in the company, 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. In the last three months, insiders sold 800,204 shares of company stock valued at $40,135,236. Corporate insiders own 21.91% of the company's stock.

Institutional Trading of Wayfair

Institutional investors have recently added to or reduced their stakes in the business. Capital World Investors boosted its position in Wayfair by 6.2% during the 4th 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 during the period. Alyeska Investment Group L.P. boosted its holdings 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 period. Southpoint Capital Advisors LP boosted its holdings in shares of Wayfair by 42.9% during the first quarter. Southpoint Capital Advisors LP now owns 4,000,000 shares of the company's stock worth $128,120,000 after purchasing an additional 1,200,000 shares during the period. Geode Capital Management LLC grew its stake in shares of Wayfair by 3.7% in the second quarter. Geode Capital Management LLC now owns 1,661,496 shares of the company's stock worth $84,985,000 after purchasing an additional 59,083 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Wayfair by 0.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,012,048 shares of the company's stock valued at $32,416,000 after purchasing an additional 2,736 shares during the period. 89.67% of the stock is currently owned by hedge funds and other institutional investors.

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.