Zelman & Associates Forecasts Strong Price Appreciation for Wayfair (NYSE:W) Stock

Key Points

• Wayfair has had its price target increased from $85.00 to $96.00 by Zelman & Associates, indicating a potential upside of 32.35% from its previous close.
• Despite the positive outlook from some analysts, the stock also faces mixed ratings, with one analyst recommending a "sell" and others giving it a range of buy ratings.
• Wayfair's latest earnings report showed earnings per share of $0.87, surpassing analyst expectations of $0.33, with revenue rising 5% year-over-year.

Wayfair (NYSE:W - Get Free Report) had its price objective boosted by equities researchers at Zelman & Associates from $85.00 to $96.00 in a research note issued on Tuesday, MarketBeat reports. The brokerage presently has an "outperform" rating on the stock. Zelman & Associates' target price would suggest a potential upside of 31.05% from the stock's previous close.

Several other research analysts also recently commented on W. Needham & Company LLC raised their price objective on Wayfair from $40.00 to $83.00 and gave the stock a "buy" rating in a research note on Monday. The Goldman Sachs Group decreased their price objective on Wayfair from $50.00 to $31.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. Guggenheim decreased their price objective on Wayfair from $60.00 to $50.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Argus raised Wayfair from a "hold" rating to a "buy" rating and set a $40.00 price objective on the stock in a research note on Monday, May 12th. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Wayfair in a research note on Tuesday, July 1st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $65.96.

Wayfair Price Performance

Wayfair stock opened at $73.25 on Tuesday. Wayfair has a one year low of $20.41 and a one year high of $78.06. The stock has a market capitalization of $9.40 billion, a PE ratio of -30.52 and a beta of 2.92. The business's fifty day moving average is $55.27 and its 200 day moving average is $43.10.

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

Insider Buying and Selling at Wayfair

In other Wayfair news, insider Steven Conine sold 60,000 shares of the business's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $56.02, for a total transaction of $3,361,200.00. Following the sale, the insider 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jon Blotner sold 13,857 shares of the business'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 sale, the insider owned 91,263 shares in the company, valued at approximately $5,151,796.35. The trade was a 13.18% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 800,204 shares of company stock worth $40,135,236. 21.91% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Wayfair

A number of hedge funds have recently bought and sold shares of the business. Vise Technologies Inc. purchased a new position in Wayfair during the second quarter worth approximately $367,000. ProShare Advisors LLC boosted its position in Wayfair by 12.0% during the second quarter. ProShare Advisors LLC now owns 83,854 shares of the company's stock worth $4,288,000 after purchasing an additional 9,012 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Wayfair by 374.2% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 231,584 shares of the company's stock worth $11,843,000 after purchasing an additional 182,744 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in Wayfair during the second quarter worth approximately $3,000,000. Finally, Prospera Financial Services Inc purchased a new position in Wayfair during the second quarter worth approximately $1,007,000. Hedge funds and other 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.