Piper Sandler Lowers Wayfair (NYSE:W) Price Target to $63.00

Wayfair (NYSE:W) had its price target decreased by investment analysts at Piper Sandler from $67.00 to $63.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 46.61% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. The Goldman Sachs Group decreased their target price on Wayfair from $67.00 to $54.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Bank of America lowered Wayfair from a “buy” rating to a “neutral” rating and cut their price target for the stock from $85.00 to $58.00 in a report on Thursday, August 1st. Stifel Nicolaus cut their price target on Wayfair from $56.00 to $55.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. Guggenheim reiterated a “buy” rating and issued a $70.00 price target on shares of Wayfair in a report on Thursday, September 26th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Wayfair from $87.00 to $70.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Twelve analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $64.64.

Wayfair Stock Down 3.3 %

Shares of W opened at $42.97 on Monday. The stock has a market cap of $5.31 billion, a PE ratio of -8.02 and a beta of 3.42. The business has a 50-day simple moving average of $48.78 and a two-hundred day simple moving average of $52.76. Wayfair has a 12-month low of $38.02 and a 12-month high of $76.18.

Wayfair (NYSE:W) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.03). The firm had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.18 billion. The company’s revenue for the quarter was up .2% on a year-over-year basis. During the same period last year, the firm posted ($1.27) earnings per share. On average, equities research analysts expect that Wayfair will post -2.68 EPS for the current year.

Insider Activity

In related news, COO Thomas Netzer sold 1,011 shares of Wayfair stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $49.42, for a total transaction of $49,963.62. Following the completion of the sale, the chief operating officer now owns 151,802 shares of the company’s stock, valued at approximately $7,502,054.84. 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 the SEC website. In related news, COO Thomas Netzer sold 1,011 shares of Wayfair stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $49.42, for a total transaction of $49,963.62. Following the completion of the sale, the chief operating officer now owns 151,802 shares of the company’s stock, valued at approximately $7,502,054.84. 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 the SEC website. Also, insider Jon Blotner sold 4,600 shares of Wayfair stock in a transaction on Monday, October 14th. The shares were sold at an average price of $53.60, for a total value of $246,560.00. Following the sale, the insider now directly owns 52,078 shares of the company’s stock, valued at $2,791,380.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,891 shares of company stock worth $2,007,213. 26.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Wayfair

Several hedge funds have recently added to or reduced their stakes in W. Renaissance Technologies LLC lifted its stake in Wayfair by 28.0% during the second quarter. Renaissance Technologies LLC now owns 3,086,569 shares of the company’s stock worth $162,755,000 after purchasing an additional 675,271 shares during the last quarter. Wolf Hill Capital Management LP lifted its stake in shares of Wayfair by 22.9% in the 2nd quarter. Wolf Hill Capital Management LP now owns 2,322,906 shares of the company’s stock valued at $122,487,000 after acquiring an additional 432,404 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Wayfair by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 8,467,900 shares of the company’s stock valued at $574,801,000 after acquiring an additional 363,948 shares during the last quarter. Maverick Capital Ltd. lifted its stake in shares of Wayfair by 46.2% in the 2nd quarter. Maverick Capital Ltd. now owns 721,618 shares of the company’s stock valued at $38,051,000 after acquiring an additional 227,908 shares during the last quarter. Finally, Mesirow Institutional Investment Management Inc. bought a new stake in shares of Wayfair in the 1st quarter valued at about $13,690,000. 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.