Wayfair (NYSE:W) Price Target Raised to $108.00

Wayfair (NYSE:W) had its target price hoisted by JPMorgan Chase & Co. from $105.00 to $108.00 in a research note issued to investors on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other analysts have also recently weighed in on W. Morgan Stanley set a $110.00 target price on shares of Wayfair in a report on Friday, May 1st. UBS Group dropped their price objective on shares of Wayfair from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Mizuho reduced their price objective on shares of Wayfair from $110.00 to $90.00 and set an “outperform” rating on the stock in a report on Friday, May 8th. Wells Fargo & Company decreased their price objective on shares of Wayfair from $125.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Finally, Citigroup lowered their target price on shares of Wayfair from $110.00 to $95.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $100.64.

Wayfair Price Performance

Shares of NYSE W opened at $90.02 on Tuesday. The company has a market cap of $11.88 billion, a price-to-earnings ratio of -38.47, a price-to-earnings-growth ratio of 4.93 and a beta of 2.96. The stock’s 50-day moving average is $83.66 and its two-hundred day moving average is $82.36. Wayfair has a 1-year low of $55.60 and a 1-year high of $119.98.

Wayfair (NYSE:W) last announced its quarterly earnings data on Thursday, April 30th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.26. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.The business had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.89 billion. During the same quarter last year, the business posted $0.10 EPS. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. Equities research analysts anticipate that Wayfair will post 0.6 earnings per share for the current fiscal year.

Insider Transactions at Wayfair

In related news, insider Jon Blotner sold 5,925 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $96.29, for a total value of $570,518.25. Following the completion of the transaction, the insider directly owned 117,344 shares of the company’s stock, valued at $11,299,053.76. This represents a 4.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 18.44% of the stock is owned by company insiders.

Institutional Trading of Wayfair

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Handelsbanken Fonder AB lifted its position in shares of Wayfair by 10.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 34,500 shares of the company’s stock worth $3,188,000 after buying an additional 3,400 shares during the last quarter. Chemistry Wealth Management LLC grew its position in shares of Wayfair by 5.9% in the 2nd quarter. Chemistry Wealth Management LLC now owns 45,368 shares of the company’s stock valued at $4,193,000 after buying an additional 2,534 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Wayfair by 42.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 818,591 shares of the company’s stock valued at $75,654,000 after buying an additional 242,791 shares during the last quarter. Versant Capital Management Inc raised its stake in Wayfair by 34.5% during the 2nd quarter. Versant Capital Management Inc now owns 3,411 shares of the company’s stock worth $315,000 after acquiring an additional 874 shares in the last quarter. Finally, Empowered Funds LLC raised its stake in Wayfair by 67.7% during the 1st quarter. Empowered Funds LLC now owns 6,829 shares of the company’s stock worth $514,000 after acquiring an additional 2,758 shares in the last quarter. Institutional investors and hedge funds own 89.67% of the company’s stock.

Wayfair Company Profile

Wayfair Inc (NYSE: W) is an e-commerce company focused on home furnishings and décor. Through its platform, Wayfair offers a broad assortment of furniture, lighting, home textiles, kitchenware and decorative accessories. The company’s portfolio includes flagship sites such as Wayfair.com, as well as specialty retail brands like Joss & Main, AllModern, Birch Lane and Perigold, each catering to distinct design styles and price points.

Founded in 2002 by Niraj Shah and Steve Conine under the name CSN Stores, the business rebranded as Wayfair in 2011 and went public in 2014.