Wayfair (NYSE:W) Price Target Cut to $68.00 by Analysts at Canaccord Genuity Group

Wayfair (NYSE:W) had its target price dropped by analysts at Canaccord Genuity Group from $76.00 to $68.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 47.60% from the company’s previous close.

Several other brokerages also recently weighed in on W. Wedbush downgraded Wayfair from an “outperform” rating to a “neutral” rating and cut their price target for the company from $45.00 to $44.00 in a report on Monday, January 6th. Piper Sandler reduced their target price on Wayfair from $67.00 to $63.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Robert W. Baird decreased their price target on Wayfair from $56.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Truist Financial dropped their price objective on shares of Wayfair from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Finally, Royal Bank of Canada lowered their price objective on shares of Wayfair from $53.00 to $50.00 and set a “sector perform” rating for the company in a research note on Monday, November 4th. Fourteen equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.04.

Wayfair Trading Down 0.6 %

Shares of W stock opened at $46.07 on Friday. The company has a market capitalization of $5.77 billion, a price-to-earnings ratio of -10.26 and a beta of 3.43. The firm has a 50-day moving average price of $46.42 and a 200 day moving average price of $46.50. Wayfair has a twelve month low of $37.35 and a twelve month high of $76.18.

Wayfair (NYSE:W) last issued its quarterly earnings results on Thursday, February 20th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). As a group, research analysts predict that Wayfair will post -2.89 earnings per share for the current year.

Insider Activity

In other news, COO Thomas Netzer sold 1,039 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $50.65, for a total value of $52,625.35. Following the sale, the chief operating officer now owns 171,790 shares in the company, valued at approximately $8,701,163.50. This represents a 0.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven Conine sold 30,000 shares of Wayfair stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $53.14, for a total value of $1,594,200.00. Following the completion of the transaction, the insider now owns 632,573 shares of the company’s stock, valued at $33,614,929.22. This trade represents a 4.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 134,228 shares of company stock worth $6,440,118 over the last ninety days. Corporate insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. True Wealth Design LLC grew its position 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 buying an additional 381 shares during the last quarter. J.Safra Asset Management Corp boosted its stake in Wayfair by 71.3% in the fourth quarter. J.Safra Asset Management Corp now owns 586 shares of the company’s stock valued at $26,000 after acquiring an additional 244 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of Wayfair by 577.0% during the fourth 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 last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Wayfair during the 3rd quarter worth approximately $29,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Wayfair by 65.5% in the 4th quarter. GAMMA Investing LLC now owns 710 shares of the company’s stock worth $31,000 after purchasing an additional 281 shares during the last quarter. 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.