Citigroup Cuts Wayfair (NYSE:W) Price Target to $54.00

Wayfair (NYSE:W) had its price objective reduced by Citigroup from $70.00 to $54.00 in a research report report published on Monday morning, Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other research analysts also recently commented on the company. Raymond James reduced their price objective on Wayfair from $70.00 to $65.00 and set a “strong-buy” rating on the stock in a report on Friday, August 2nd. Bank of America lowered Wayfair from a “buy” rating to a “neutral” rating and cut their price target for the company from $85.00 to $58.00 in a research note on Thursday, August 1st. Stifel Nicolaus lowered their price objective on shares of Wayfair from $55.00 to $47.00 and set a “hold” rating for the company in a research note on Monday. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Wayfair in a report on Friday, November 1st. Finally, Robert W. Baird cut their target price on shares of Wayfair from $56.00 to $50.00 and set a “neutral” rating on the stock in a research report on Monday. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.28.

Wayfair Trading Down 8.8 %

NYSE W opened at $40.43 on Monday. The stock has a market cap of $4.99 billion, a PE ratio of -9.00 and a beta of 3.46. Wayfair has a 12 month low of $37.60 and a 12 month high of $76.18. The company’s 50-day moving average price is $48.61 and its 200-day moving average price is $52.11.

Wayfair (NYSE:W) last issued its earnings results on Friday, November 1st. The company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.09. The company had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.87 billion. Wayfair’s revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.38) earnings per share. As a group, sell-side analysts forecast that Wayfair will post -2.68 earnings per share for the current year.

Insider Activity

In other Wayfair news, insider Jon Blotner sold 6,055 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $53.07, for a total value of $321,338.85. Following the completion of the transaction, the insider now owns 62,817 shares of the company’s stock, valued at approximately $3,333,698.19. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Wayfair news, CTO Fiona Tan sold 10,040 shares of Wayfair stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $53.06, for a total transaction of $532,722.40. Following the completion of the sale, the chief technology officer now owns 84,655 shares of the company’s stock, valued at approximately $4,491,794.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jon Blotner sold 6,055 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $53.07, for a total value of $321,338.85. Following the completion of the transaction, the insider now directly owns 62,817 shares in the company, valued at $3,333,698.19. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,868 shares of company stock worth $2,003,248 over the last 90 days. 26.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wayfair

Large investors have recently bought and sold shares of the company. Capital World Investors raised its position in Wayfair by 0.9% during the 1st quarter. Capital World Investors now owns 12,145,579 shares of the company’s stock worth $824,442,000 after buying an additional 103,369 shares during the last quarter. Vanguard Group Inc. boosted its holdings 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. Renaissance Technologies LLC increased its stake in shares of Wayfair by 28.0% in the second quarter. Renaissance Technologies LLC now owns 3,086,569 shares of the company’s stock worth $162,755,000 after acquiring an additional 675,271 shares during the period. Wolf Hill Capital Management LP raised its holdings in shares of Wayfair by 22.9% during the second quarter. Wolf Hill Capital Management LP now owns 2,322,906 shares of the company’s stock worth $122,487,000 after purchasing an additional 432,404 shares during the last quarter. Finally, Maverick Capital Ltd. raised its holdings in shares of Wayfair by 46.2% during the second quarter. Maverick Capital Ltd. now owns 721,618 shares of the company’s stock worth $38,051,000 after purchasing an additional 227,908 shares during the last quarter. 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.