Wayfair (NYSE:W) Hits New 12-Month High After Analyst Upgrade

Wayfair Inc. (NYSE:W - Get Free Report)'s stock price reached a new 52-week high on Thursday after Zelman & Associates raised their price target on the stock from $55.00 to $72.00. Zelman & Associates currently has an outperform rating on the stock. Wayfair traded as high as $58.96 and last traded at $58.35, with a volume of 2055362 shares. The stock had previously closed at $56.57.

Other equities research analysts have also recently issued research reports about the company. BMO Capital Markets set a $38.00 price objective on Wayfair in a research note on Friday, May 2nd. Guggenheim dropped 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. TD Cowen upgraded Wayfair from a "hold" rating to a "strong-buy" rating in a research note on Thursday, June 5th. Morgan Stanley reiterated an "overweight" rating and set a $70.00 price objective (up previously from $50.00) on shares of Wayfair in a research note on Wednesday, July 2nd. Finally, Mizuho dropped their price objective on Wayfair from $60.00 to $50.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Wayfair has an average rating of "Moderate Buy" and an average target price of $46.72.

Insiders Place Their Bets

In related news, CEO Niraj Shah sold 179,707 shares of the firm's stock in a transaction 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 transaction, the chief executive officer owned 236,850 shares in the company, valued at approximately $12,453,573. This trade represents a 43.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Conine sold 180,943 shares of the firm's stock in a transaction 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 completion of the transaction, the insider owned 236,167 shares in the company, valued at $12,420,022.53. The trade was a 43.38% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 666,874 shares of company stock worth $32,647,157. Insiders own 21.91% of the company's stock.

Institutional Trading of Wayfair

Several large investors have recently bought and sold shares of W. Jones Financial Companies Lllp raised its position in Wayfair by 577.0% in the fourth quarter. Jones Financial Companies Lllp now owns 589 shares of the company's stock valued at $26,000 after purchasing an additional 502 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Wayfair by 3.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,009,312 shares of the company's stock worth $44,733,000 after purchasing an additional 35,057 shares in the last quarter. Arizona State Retirement System increased its holdings in Wayfair by 2.4% in the fourth quarter. Arizona State Retirement System now owns 26,951 shares of the company's stock worth $1,194,000 after purchasing an additional 624 shares in the last quarter. AlphaQuest LLC grew its stake in Wayfair by 650.4% in the fourth quarter. AlphaQuest LLC now owns 9,853 shares of the company's stock valued at $437,000 after acquiring an additional 8,540 shares during the period. Finally, Wealthfront Advisers LLC acquired a new stake in Wayfair in the fourth quarter valued at approximately $364,000. 89.67% of the stock is owned by institutional investors and hedge funds.

Wayfair Stock Up 4.2%

The stock has a market cap of $7.57 billion, a price-to-earnings ratio of -20.69 and a beta of 2.97. The stock has a 50 day simple moving average of $43.99 and a 200 day simple moving average of $40.41.

Wayfair (NYSE:W - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.24. The company had revenue of $2.73 billion for the quarter, compared to analysts' expectations of $2.71 billion. The firm's quarterly revenue was up .0% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.32) EPS. Equities analysts expect that Wayfair Inc. will post -2.54 earnings per share for the current year.

Wayfair Company Profile

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.