Wayfair (NYSE:W) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Wayfair (NYSE:W) in a report released on Thursday, Benzinga reports. They currently have a $75.00 price target on the stock.

Several other equities analysts have also recently issued reports on the stock. Barclays reduced their price target on shares of Wayfair from $85.00 to $60.00 and set an equal weight rating on the stock in a research report on Thursday, January 4th. Mizuho began coverage on Wayfair in a report on Tuesday, March 19th. They issued a buy rating and a $72.00 price objective for the company. Truist Financial cut their price target on Wayfair from $65.00 to $63.00 and set a buy rating for the company in a report on Friday, February 23rd. Piper Sandler reaffirmed an overweight rating and set a $88.00 price objective (down from $93.00) on shares of Wayfair in a research report on Friday, February 23rd. Finally, Royal Bank of Canada reduced their target price on shares of Wayfair from $62.00 to $61.00 and set a sector perform rating for the company in a report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $76.45.

Wayfair Stock Up 8.4 %

NYSE:W traded up $4.95 during trading hours on Thursday, hitting $63.59. The stock had a trading volume of 8,825,370 shares, compared to its average volume of 4,777,874. Wayfair has a one year low of $33.85 and a one year high of $90.71. The company has a 50 day simple moving average of $59.92 and a two-hundred day simple moving average of $55.16.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($1.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.54) by $0.08. The business had revenue of $3.11 billion for the quarter, compared to analysts’ expectations of $3.10 billion. Analysts anticipate that Wayfair will post -3.37 EPS for the current fiscal year.

Insider Buying and Selling at Wayfair

In other news, insider Jon Blotner sold 3,492 shares of the business’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $50.34, for a total value of $175,787.28. Following the sale, the insider now directly owns 32,118 shares in the company, valued at approximately $1,616,820.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Niraj Shah sold 1,700 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $52.02, for a total transaction of $88,434.00. Following the transaction, the chief executive officer now owns 267,437 shares of the company’s stock, valued at approximately $13,912,072.74. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jon Blotner sold 3,492 shares of the firm’s stock in a transaction on Monday, February 5th. The stock was 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 owns 32,118 shares of the company’s stock, valued at $1,616,820.12. The disclosure for this sale can be found here. Insiders sold 90,156 shares of company stock worth $5,465,688 over the last 90 days. 26.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Wayfair

Several hedge funds and other institutional investors have recently made changes to their positions in W. Capital World Investors raised its holdings in shares of Wayfair by 8.7% in the fourth quarter. Capital World Investors now owns 12,042,210 shares of the company’s stock worth $743,004,000 after buying an additional 962,307 shares during the period. Norges Bank bought a new stake in shares of Wayfair during the fourth quarter worth $47,374,000. AQR Capital Management LLC lifted its position in shares of Wayfair by 422.6% during the third quarter. AQR Capital Management LLC now owns 511,454 shares of the company’s stock worth $30,979,000 after purchasing an additional 413,592 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Wayfair by 5.2% during the third quarter. Vanguard Group Inc. now owns 7,830,300 shares of the company’s stock valued at $474,281,000 after purchasing an additional 386,717 shares during the period. Finally, Kodai Capital Management LP purchased a new position in shares of Wayfair during the fourth quarter worth approximately $23,552,000. 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.