Wayfair (NYSE:W) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Key Points

• Wayfair's target price surged from $40.00 to $83.00 by Needham & Company LLC, indicating a potential upside of 12.85% from its previous close with a "buy" rating.
• The company's stock experienced a significant rise, trading up $8.33 to $73.55 amidst strong trading activity, with a twelve-month low of $20.41 and a high of $73.79.
• Following positive earnings results, Wayfair saw increased interest from institutional investors, who now own 89.67% of the company's stock, highlighting growing confidence in its market position.

Wayfair (NYSE:W - Get Free Report) had its target price upped by research analysts at Needham & Company LLC from $40.00 to $83.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price target would suggest a potential upside of 12.85% from the company's previous close.

W has been the subject of a number of other research reports. UBS Group boosted their price target on Wayfair from $55.00 to $80.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. BMO Capital Markets set a $38.00 price target on Wayfair in a research report on Friday, May 2nd. Mizuho cut their price objective on Wayfair from $60.00 to $50.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Evercore ISI boosted their price objective on Wayfair from $50.00 to $60.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 24th. Finally, Argus upgraded Wayfair from a "hold" rating to a "buy" rating and set a $40.00 price objective for the company in a research report on Monday, May 12th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $52.12.

Wayfair Price Performance

NYSE:W traded up $8.33 during midday trading on Monday, reaching $73.55. 12,018,631 shares of the company traded hands, compared to its average volume of 5,169,384. Wayfair has a twelve month low of $20.41 and a twelve month high of $73.79. The firm has a market capitalization of $9.44 billion, a price-to-earnings ratio of -25.81 and a beta of 2.92. The company has a fifty day moving average price of $52.58 and a 200 day moving average price of $42.25.

Wayfair (NYSE:W - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $0.87 earnings per share 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 the consensus estimate of $3.11 billion. During the same period in the previous year, the firm earned $0.47 EPS. The firm's revenue was up 5.0% on a year-over-year basis. On average, equities research analysts forecast that Wayfair will post -2.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Niraj Shah sold 60,000 shares of the business's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $56.03, for a total value of $3,361,800.00. Following the sale, the chief executive officer owned 169,137 shares of the company's stock, valued at $9,476,746.11. The trade was a 26.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jon Blotner sold 13,857 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $56.45, for a total transaction of $782,227.65. Following the completion of the transaction, 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. Over the last quarter, insiders have sold 800,204 shares of company stock valued at $40,135,236. 21.91% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Wayfair

Several institutional investors have recently made changes to their positions in W. LPL Financial LLC raised its holdings in shares of Wayfair by 218.2% in the 4th quarter. LPL Financial LLC now owns 38,486 shares of the company's stock worth $1,706,000 after acquiring an additional 26,390 shares during the last quarter. Pictet Asset Management Holding SA grew its position in Wayfair by 5.8% in the 4th quarter. Pictet Asset Management Holding SA now owns 12,531 shares of the company's stock worth $555,000 after purchasing an additional 690 shares in the last quarter. National Bank of Canada FI grew its position in Wayfair by 17.1% in the 4th quarter. National Bank of Canada FI now owns 40,228 shares of the company's stock worth $1,783,000 after purchasing an additional 5,883 shares in the last quarter. Geode Capital Management LLC grew its position in Wayfair by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 1,546,932 shares of the company's stock worth $68,584,000 after purchasing an additional 22,078 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Wayfair by 148.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 16,971 shares of the company's stock worth $752,000 after purchasing an additional 10,152 shares in the last quarter. Institutional investors and hedge funds own 89.67% of the company's stock.

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.

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