Wayfair (NYSE:W) Price Target Lowered to $61.00 at Royal Bank of Canada

Wayfair (NYSE:W) had its price objective dropped by equities researchers at Royal Bank of Canada from $62.00 to $61.00 in a report released on Wednesday, Marketbeat.com reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 15.73% from the stock’s previous close.

A number of other research firms have also commented on W. Stifel Nicolaus increased their price objective on Wayfair from $52.00 to $55.00 and gave the company a “hold” rating in a research note on Tuesday, January 9th. Needham & Company LLC reissued a “buy” rating and issued a $75.00 price objective on shares of Wayfair in a research report on Thursday, February 22nd. Wedbush restated an “outperform” rating and set a $70.00 target price on shares of Wayfair in a research report on Monday. Citigroup lifted their price target on Wayfair from $73.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, March 28th. Finally, BMO Capital Markets assumed coverage on Wayfair in a report on Tuesday, January 9th. They issued a “market perform” rating and a $57.00 price objective on the stock. Ten equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Wayfair currently has an average rating of “Moderate Buy” and an average price target of $77.00.

Wayfair Price Performance

W stock traded down $5.04 during trading on Wednesday, hitting $52.71. The stock had a trading volume of 3,290,011 shares, compared to its average volume of 4,249,904. The company’s 50-day moving average price is $59.60 and its two-hundred day moving average price is $55.08. Wayfair has a twelve month low of $29.51 and a twelve month high of $90.71. The stock has a market capitalization of $6.34 billion, a P/E ratio of -8.26 and a beta of 3.29.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($1.46) EPS for the quarter, beating the consensus estimate of ($1.54) by $0.08. The company had revenue of $3.11 billion during the quarter, compared to analyst estimates of $3.10 billion. As a group, sell-side analysts expect that Wayfair will post -3.37 EPS for the current fiscal year.

Insider Activity at Wayfair

In other news, COO Thomas Netzer sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $59.72, for a total transaction of $1,194,400.00. Following the completion of the transaction, the chief operating officer now directly owns 116,622 shares in the company, valued at $6,964,665.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Jon Blotner sold 3,492 shares of the stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $50.34, for a total value of $175,787.28. Following the completion of the sale, the insider now directly owns 32,118 shares of the company’s stock, valued at approximately $1,616,820.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Thomas Netzer sold 20,000 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $59.72, for a total transaction of $1,194,400.00. Following the completion of the sale, the chief operating officer now directly owns 116,622 shares of the company’s stock, valued at $6,964,665.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 89,808 shares of company stock valued at $5,445,222. Company insiders own 23.50% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Large investors have recently made changes to their positions in the business. Riverview Trust Co bought a new position in Wayfair in the first quarter valued at about $27,000. McGlone Suttner Wealth Management Inc. bought a new position in Wayfair in the 4th quarter worth about $29,000. GAMMA Investing LLC purchased a new stake in Wayfair in the 4th quarter worth approximately $31,000. BluePath Capital Management LLC bought a new position in Wayfair during the 3rd quarter valued at approximately $34,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of Wayfair in the third quarter valued at approximately $34,000. 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.