Needham & Company LLC Reaffirms Buy Rating for Wayfair (NYSE:W)

Wayfair (NYSE:W)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a report released on Friday, Marketbeat reports. They presently have a $50.00 price target on the stock. Needham & Company LLC’s target price suggests a potential upside of 19.29% from the stock’s current price.

A number of other analysts have also commented on the company. BMO Capital Markets dropped their price target on Wayfair from $58.00 to $50.00 and set a “market perform” rating for the company in a research note on Monday, November 4th. Deutsche Bank Aktiengesellschaft dropped their price target on Wayfair from $69.00 to $46.00 and set a “buy” rating for the company in a research note on Monday, November 4th. StockNews.com raised Wayfair from a “sell” rating to a “hold” rating in a research note on Thursday, December 19th. Piper Sandler dropped their price target on Wayfair from $67.00 to $63.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Finally, Citigroup dropped their price target on Wayfair from $70.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Fourteen investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $58.40.

Wayfair Stock Performance

Shares of Wayfair stock opened at $41.92 on Friday. Wayfair has a 52-week low of $37.35 and a 52-week high of $76.18. The stock has a market capitalization of $5.25 billion, a price-to-earnings ratio of -10.43 and a beta of 3.43. The company’s 50 day moving average price is $46.22 and its 200-day moving average price is $46.51.

Wayfair (NYSE:W) last issued its earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($1.01). The firm had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $3.07 billion. As a group, equities research analysts forecast that Wayfair will post -2.54 earnings per share for the current fiscal year.

Insider Transactions at Wayfair

In related news, CTO Fiona Tan sold 8,249 shares of Wayfair stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $44.91, for a total value of $370,462.59. Following the completion of the sale, the chief technology officer now directly owns 96,557 shares in the company, valued at approximately $4,336,374.87. This trade represents a 7.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Conine sold 30,000 shares of Wayfair stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $46.33, for a total value of $1,389,900.00. Following the completion of the sale, the insider now owns 559,073 shares of the company’s stock, valued at $25,901,852.09. The trade was a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 164,228 shares of company stock valued at $7,830,018 in the last quarter. 26.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Wayfair

Several large investors have recently bought and sold shares of the business. J.Safra Asset Management Corp grew its stake in shares of Wayfair by 71.3% during the 4th quarter. J.Safra Asset Management Corp now owns 586 shares of the company’s stock valued at $26,000 after purchasing an additional 244 shares during the period. Creative Planning grew its stake in shares of Wayfair by 2.1% during the 3rd quarter. Creative Planning now owns 13,261 shares of the company’s stock valued at $745,000 after purchasing an additional 272 shares during the period. GAMMA Investing LLC grew its stake in shares of Wayfair by 65.5% during the 4th quarter. GAMMA Investing LLC now owns 710 shares of the company’s stock valued at $31,000 after purchasing an additional 281 shares during the period. True Wealth Design LLC grew its stake in shares of Wayfair by 207.1% during the 4th quarter. True Wealth Design LLC now owns 565 shares of the company’s stock valued at $25,000 after purchasing an additional 381 shares during the period. Finally, Jones Financial Companies Lllp grew its stake in shares of Wayfair by 577.0% during the 4th quarter. Jones Financial Companies Lllp now owns 589 shares of the company’s stock valued at $26,000 after purchasing an additional 502 shares during the period. 89.67% of the stock is currently owned by institutional investors.

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.