Wayfair (NYSE:W) Given a $84.00 Price Target by Wells Fargo & Company Analysts

Key Points

• Wayfair's price target has been raised by Wells Fargo & Company from $65.00 to $84.00, indicating a potential upside of 13.64% from the stock's previous close.
• The company reported earnings per share of $0.87 for the last quarter, significantly outperforming analysts' expectations of $0.33.
• Institutional investors own 89.67% of Wayfair's stock, with several having increased their stakes recently, highlighting strong institutional confidence in the company.

Wayfair (NYSE:W - Get Free Report) has been given a $84.00 price target by equities research analysts at Wells Fargo & Company in a research note issued on Tuesday, MarketBeat reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 14.02% from the stock's current price.

Several other research firms also recently commented on W. UBS Group increased their target price on Wayfair from $80.00 to $91.00 and gave the company a "buy" rating in a research report on Tuesday. Mizuho dropped their target price on Wayfair from $60.00 to $50.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. The Goldman Sachs Group dropped their target price on Wayfair from $50.00 to $31.00 and set a "neutral" rating for the company in a research report on Tuesday, April 22nd. Canaccord Genuity Group increased their target price on Wayfair from $58.00 to $70.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Finally, Citigroup raised Wayfair from a "neutral" rating to a "buy" rating and raised their target price for the stock from $32.00 to $93.00 in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $62.77.

Wayfair Stock Performance

Shares of W opened at $73.67 on Tuesday. Wayfair has a 52 week low of $20.41 and a 52 week high of $76.29. The stock has a market capitalization of $9.45 billion, a price-to-earnings ratio of -30.70 and a beta of 2.92. The stock has a fifty day moving average of $53.98 and a 200-day moving average of $42.67.

Wayfair (NYSE:W - Get Free Report) last issued its 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 firm had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.11 billion. Wayfair's revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.47 EPS. As a group, equities analysts forecast that Wayfair will post -2.54 EPS for the current year.

Insider Activity

In related news, insider Jon Blotner sold 13,857 shares of the firm's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $56.45, for a total value of $782,227.65. Following the transaction, the insider owned 91,263 shares of the company's stock, valued at approximately $5,151,796.35. This trade represents a 13.18% 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, insider Steven Conine sold 60,000 shares of the firm's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $56.02, for a total transaction of $3,361,200.00. Following the completion of the transaction, the insider directly owned 169,073 shares in the company, valued at approximately $9,471,469.46. The trade was a 26.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 800,204 shares of company stock worth $40,135,236 in the last three months. Company insiders own 21.91% of the company's stock.

Hedge Funds Weigh In On Wayfair

Several large investors have recently added to or reduced their stakes in W. True Wealth Design LLC lifted its position in shares of Wayfair by 207.1% during the 4th quarter. True Wealth Design LLC now owns 565 shares of the company's stock worth $25,000 after buying an additional 381 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Wayfair during the 4th quarter worth approximately $41,000. GAMMA Investing LLC raised its holdings in shares of Wayfair by 85.8% in the 1st quarter. GAMMA Investing LLC now owns 1,319 shares of the company's stock worth $42,000 after purchasing an additional 609 shares during the period. Parallel Advisors LLC raised its holdings in shares of Wayfair by 229.0% in the 2nd quarter. Parallel Advisors LLC now owns 1,576 shares of the company's stock worth $81,000 after purchasing an additional 1,097 shares during the period. Finally, IFP Advisors Inc raised its holdings in shares of Wayfair by 49.3% in the 2nd quarter. IFP Advisors Inc now owns 1,869 shares of the company's stock worth $96,000 after purchasing an additional 617 shares during the period. 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.