Wayfair (NYSE:W) Sets New 52-Week High After Analyst Upgrade

Wayfair Inc. (NYSE:W - Get Free Report) shares hit 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 changing hands. The stock had previously closed at $56.57.

W has been the subject of several other research reports. TD Cowen upgraded shares of Wayfair from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 5th. Guggenheim cut their price objective on shares of Wayfair from $60.00 to $50.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Citigroup increased their price objective on shares of Wayfair from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Needham & Company LLC reiterated a "buy" rating and issued a $50.00 price objective on shares of Wayfair in a report on Thursday, May 1st. Finally, The Goldman Sachs Group cut their price objective on shares of Wayfair from $50.00 to $31.00 and set a "neutral" rating for the company in a report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Wayfair currently has an average rating of "Moderate Buy" and a consensus target price of $46.72.

Insider Buying and Selling

In other Wayfair news, CEO Niraj Shah sold 179,707 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $52.58, for a total transaction of $9,448,994.06. Following the sale, the chief executive officer directly owned 236,850 shares in the company, valued at $12,453,573. This represents a 43.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Steven Conine sold 180,943 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $52.59, for a total transaction of $9,515,792.37. Following the sale, the insider owned 236,167 shares in the company, valued at approximately $12,420,022.53. This trade represents a 43.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 666,874 shares of company stock valued at $32,647,157 in the last ninety days. 21.91% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wayfair

Hedge funds and other institutional investors have recently modified their holdings of the company. Jones Financial Companies Lllp raised its stake in Wayfair by 577.0% during the 4th quarter. Jones Financial Companies Lllp now owns 589 shares of the company's stock worth $26,000 after acquiring an additional 502 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Wayfair by 3.6% during the 4th 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 during the last quarter. Arizona State Retirement System grew its position in Wayfair by 2.4% during the 4th 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 during the last quarter. AlphaQuest LLC grew its position in Wayfair by 650.4% during the 4th quarter. AlphaQuest LLC now owns 9,853 shares of the company's stock worth $437,000 after purchasing an additional 8,540 shares during the last quarter. Finally, Wealthfront Advisers LLC purchased a new position in Wayfair during the 4th quarter worth $364,000. 89.67% of the stock is currently owned by institutional investors and hedge funds.

Wayfair Stock Performance

The company has a market capitalization of $7.34 billion, a PE ratio of -20.06 and a beta of 2.97. The company's 50-day simple moving average is $43.99 and its 200-day simple moving average is $40.41.

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

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.