Barclays Cuts Wayfair (NYSE:W) Price Target to $58.00

Wayfair (NYSE:W) had its price objective reduced by Barclays from $60.00 to $58.00 in a report published on Friday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Other equities research analysts have also issued reports about the company. Citigroup lifted their price target on Wayfair from $73.00 to $85.00 and gave the company a buy rating in a research report on Thursday, March 28th. Piper Sandler reissued an overweight rating and issued a $91.00 target price (up from $88.00) on shares of Wayfair in a report on Friday, May 3rd. Truist Financial boosted their target price on Wayfair from $63.00 to $70.00 and gave the stock a buy rating in a report on Friday, May 3rd. Deutsche Bank Aktiengesellschaft boosted their target price on Wayfair from $63.00 to $79.00 and gave the stock a buy rating in a report on Wednesday, April 10th. Finally, Needham & Company LLC reissued a buy rating and issued a $75.00 target price on shares of Wayfair in a report on Thursday, May 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $78.37.

Wayfair Price Performance

Shares of Wayfair stock opened at $53.02 on Friday. The business’s 50 day simple moving average is $55.06 and its two-hundred day simple moving average is $57.25. The stock has a market capitalization of $6.38 billion, a P/E ratio of -9.89 and a beta of 3.43. Wayfair has a one year low of $38.37 and a one year high of $90.71.

Wayfair (NYSE:W) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($1.38) EPS for the quarter, topping analysts’ consensus estimates of ($1.49) by $0.11. The company had revenue of $2.73 billion during the quarter, compared to analysts’ expectations of $2.64 billion. Sell-side analysts expect that Wayfair will post -2.93 earnings per share for the current fiscal year.

Insider Activity at Wayfair

In related news, insider Steven Conine sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the transaction, the insider now directly owns 219,073 shares in the company, valued at $12,441,155.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Jon Blotner sold 4,395 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $56.09, for a total transaction of $246,515.55. Following the sale, the insider now owns 43,926 shares of the company’s stock, valued at approximately $2,463,809.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Conine sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the sale, the insider now directly owns 219,073 shares in the company, valued at approximately $12,441,155.67. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,030 shares of company stock worth $3,327,414. Insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Riverview Trust Co acquired a new stake in shares of Wayfair in the 1st quarter valued at approximately $27,000. McGlone Suttner Wealth Management Inc. acquired a new position in Wayfair during the fourth quarter worth $29,000. GAMMA Investing LLC acquired a new position in Wayfair during the fourth quarter worth $31,000. ORG Partners LLC acquired a new position in Wayfair during the first quarter worth $37,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in Wayfair during the fourth quarter worth $74,000. 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.