Wayfair (NYSE:W) Price Target Lowered to $50.00 at Royal Bank of Canada

Wayfair (NYSE:W) had its price target cut by Royal Bank of Canada from $53.00 to $50.00 in a research note published on Monday,Benzinga reports. They currently have a sector perform rating on the stock.

W has been the subject of several other research reports. Argus downgraded shares of Wayfair from a “buy” rating to a “hold” rating in a report on Monday, August 26th. Wedbush reduced their target price on shares of Wayfair from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Monday. BMO Capital Markets cut their price objective on shares of Wayfair from $58.00 to $50.00 and set a “market perform” rating for the company in a report on Monday. Guggenheim reissued a “buy” rating and issued a $70.00 price objective on shares of Wayfair in a report on Thursday, September 26th. Finally, Raymond James cut their price objective on shares of Wayfair from $70.00 to $65.00 and set a “strong-buy” rating for the company in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.28.

Wayfair Stock Performance

Wayfair stock opened at $39.78 on Monday. The company’s 50-day moving average is $48.57 and its 200-day moving average is $52.03. Wayfair has a fifty-two week low of $37.60 and a fifty-two week high of $76.18.

Wayfair (NYSE:W) last announced its earnings results on Friday, November 1st. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.13 by $0.09. The company had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $2.87 billion. The business’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.38) EPS. As a group, research analysts predict that Wayfair will post -2.68 EPS for the current fiscal year.

Insider Activity

In related news, CTO Fiona Tan sold 10,040 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $53.06, for a total transaction of $532,722.40. Following the transaction, the chief technology officer now directly owns 84,655 shares of the company’s stock, valued at $4,491,794.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Wayfair news, CTO Fiona Tan sold 10,040 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $53.06, for a total value of $532,722.40. Following the transaction, the chief technology officer now directly owns 84,655 shares of the company’s stock, valued at approximately $4,491,794.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jon Blotner sold 4,600 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $53.60, for a total transaction of $246,560.00. Following the completion of the transaction, the insider now directly owns 52,078 shares in the company, valued at $2,791,380.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,868 shares of company stock valued at $2,003,248. 26.81% of the stock is currently owned by insiders.

Institutional Trading of Wayfair

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Wayfair by 4.5% in the first quarter. Vanguard Group Inc. now owns 8,467,900 shares of the company’s stock valued at $574,801,000 after purchasing an additional 363,948 shares during the last quarter. SageView Advisory Group LLC purchased a new stake in shares of Wayfair in the first quarter valued at about $937,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Wayfair by 250.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 167,170 shares of the company’s stock worth $11,347,000 after buying an additional 119,415 shares during the last quarter. Sei Investments Co. increased its holdings in Wayfair by 14.6% during the first quarter. Sei Investments Co. now owns 100,447 shares of the company’s stock worth $6,818,000 after buying an additional 12,809 shares during the last quarter. Finally, Highland Peak Capital LLC purchased a new stake in Wayfair during the second quarter worth about $5,165,000. Hedge funds and other institutional investors 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.