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

Wayfair (NYSE:W) had its target price reduced by Citigroup from $70.00 to $54.00 in a report issued on Monday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also issued reports on the stock. UBS Group decreased their target price on shares of Wayfair from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Tuesday, October 22nd. Mizuho decreased their target price on shares of Wayfair from $65.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of Wayfair in a research note on Friday, November 1st. Wedbush reduced their price objective on shares of Wayfair from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Monday. Finally, Stifel Nicolaus reduced 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. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $60.28.

Wayfair Stock Performance

Wayfair stock opened at $39.78 on Monday. Wayfair has a 1 year low of $37.60 and a 1 year high of $76.18. The firm’s 50 day moving average price is $48.57 and its two-hundred day moving average price is $52.03.

Wayfair (NYSE:W) last posted its quarterly earnings data on Friday, November 1st. The company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.09. The firm had revenue of $2.88 billion during the quarter, compared to analyst estimates of $2.87 billion. During the same period in the prior year, the business posted ($1.38) EPS. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. Equities research analysts forecast that Wayfair will post -2.68 earnings per share for the current year.

Insider Activity

In other news, COO Thomas Netzer sold 1,011 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $49.42, for a total transaction of $49,963.62. Following the sale, the chief operating officer now directly owns 151,802 shares of the company’s stock, valued at $7,502,054.84. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, COO Thomas Netzer sold 1,011 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $49.42, for a total value of $49,963.62. Following the transaction, the chief operating officer now directly owns 151,802 shares in the company, valued at $7,502,054.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jon Blotner sold 4,600 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $53.60, for a total transaction of $246,560.00. Following the completion of the transaction, the insider now owns 52,078 shares in the company, valued at $2,791,380.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,868 shares of company stock worth $2,003,248. Corporate insiders own 26.81% of the company’s stock.

Institutional Investors Weigh In On Wayfair

Hedge funds have recently bought and sold shares of the company. Capital World Investors raised its holdings in shares of Wayfair by 0.9% during the first quarter. Capital World Investors now owns 12,145,579 shares of the company’s stock worth $824,442,000 after acquiring an additional 103,369 shares during the period. Vanguard Group Inc. raised its holdings in shares of Wayfair by 4.5% during the first quarter. Vanguard Group Inc. now owns 8,467,900 shares of the company’s stock worth $574,801,000 after acquiring an additional 363,948 shares during the period. Renaissance Technologies LLC raised its holdings in shares of 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 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 acquiring an additional 432,404 shares during the period. 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 acquiring an additional 227,908 shares during the period. 89.67% of the stock is currently owned by institutional investors and hedge funds.

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.