Wayfair (NYSE:W) Stock Rating Reaffirmed by Needham & Company LLC

Wayfair (NYSE:W)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a research note issued on Thursday, Benzinga reports. They presently have a $75.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 29.47% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. Citigroup lifted their price target on shares of Wayfair from $73.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. Barclays reduced their target price on Wayfair from $85.00 to $60.00 and set an “equal weight” rating for the company in a report on Thursday, January 4th. Evercore ISI upgraded Wayfair from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $65.00 to $80.00 in a research note on Thursday, April 4th. Royal Bank of Canada cut their price target on Wayfair from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 24th. Finally, Truist Financial decreased their price objective on Wayfair from $65.00 to $63.00 and set a “buy” rating for the company in a report on Friday, February 23rd. Ten research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Wayfair has an average rating of “Moderate Buy” and an average price target of $76.21.

Wayfair Trading Up 14.6 %

NYSE:W traded up $7.40 during midday trading on Thursday, reaching $57.93. The company had a trading volume of 9,093,890 shares, compared to its average volume of 4,383,738. Wayfair has a 12-month low of $30.70 and a 12-month high of $90.71. The firm has a market capitalization of $6.97 billion, a price-to-earnings ratio of -8.84 and a beta of 3.32. The stock’s fifty day simple moving average is $59.61 and its 200-day simple moving average is $55.02.

Wayfair (NYSE:W) last released its earnings results on Thursday, February 22nd. The company reported ($1.46) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.54) by $0.08. The firm had revenue of $3.11 billion for the quarter, compared to analysts’ expectations of $3.10 billion. As a group, sell-side analysts expect that Wayfair will post -3.37 EPS for the current year.

Insider Buying and Selling

In other news, CTO Fiona Tan sold 5,315 shares of the stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $63.06, for a total value of $335,163.90. Following the completion of the sale, the chief technology officer now owns 51,095 shares in the company, valued at $3,222,050.70. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Jon Blotner sold 3,492 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $50.34, for a total transaction of $175,787.28. Following the completion of the sale, the insider now directly owns 32,118 shares in the company, valued at $1,616,820.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Fiona Tan sold 5,315 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $63.06, for a total value of $335,163.90. Following the completion of the transaction, the chief technology officer now owns 51,095 shares in the company, valued at approximately $3,222,050.70. The disclosure for this sale can be found here. In the last three months, insiders sold 89,808 shares of company stock valued at $5,445,222. Company insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its holdings in shares of Wayfair by 31.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 398,795 shares of the company’s stock valued at $24,606,000 after acquiring an additional 94,540 shares during the last quarter. Federated Hermes Inc. bought a new stake in Wayfair during the third quarter valued at $1,147,000. Vanguard Group Inc. raised its holdings 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 worth $474,281,000 after purchasing an additional 386,717 shares during the period. Canada Pension Plan Investment Board lifted its position in shares of Wayfair by 3,978.9% in the 3rd quarter. Canada Pension Plan Investment Board now owns 367,100 shares of the company’s stock worth $22,235,000 after buying an additional 358,100 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Wayfair by 88.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 634,611 shares of the company’s stock valued at $38,438,000 after buying an additional 297,235 shares during the period. 89.67% of the stock is currently owned by institutional investors.

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.