Wayfair (NYSE:W) Receives “Buy” Rating from Needham & Company LLC

Wayfair (NYSE:W)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a note issued to investors on Friday,Benzinga reports. They presently have a $50.00 target price on the stock. Needham & Company LLC’s price target would suggest a potential upside of 8.53% from the company’s current price.

Several other research analysts also recently commented on the stock. Citigroup decreased their target price on shares of Wayfair from $70.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Wedbush cut shares of Wayfair from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $45.00 to $44.00 in a research report on Monday, January 6th. Robert W. Baird dropped their target price on shares of Wayfair from $56.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Stifel Nicolaus cut their target price on Wayfair from $55.00 to $47.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Finally, Piper Sandler lowered their price target on Wayfair from $67.00 to $63.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Fourteen analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given 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 target price of $59.04.

Wayfair Trading Down 0.6 %

Shares of NYSE:W opened at $46.07 on Friday. Wayfair has a 12-month low of $37.35 and a 12-month high of $76.18. The stock’s 50-day moving average price is $46.42 and its 200-day moving average price is $46.50. The stock has a market capitalization of $5.77 billion, a P/E ratio of -10.26 and a beta of 3.43.

Wayfair (NYSE:W) last posted its quarterly 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). As a group, research analysts predict that Wayfair will post -2.89 EPS for the current year.

Insiders Place Their Bets

In other news, insider Steven Conine sold 30,000 shares of Wayfair stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $45.75, for a total value of $1,372,500.00. Following the completion of the transaction, the insider now owns 602,573 shares of the company’s stock, valued at $27,567,714.75. The trade was a 4.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Thomas Netzer sold 1,039 shares of the stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $50.65, for a total transaction of $52,625.35. Following the sale, the chief operating officer now directly owns 171,790 shares in the company, valued at $8,701,163.50. This trade represents a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 134,228 shares of company stock worth $6,440,118. 26.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Tabor Asset Management LP boosted its position in shares of Wayfair by 11.3% during the third quarter. Tabor Asset Management LP now owns 156,871 shares of the company’s stock valued at $8,813,000 after buying an additional 15,932 shares during the last quarter. Groupama Asset Managment boosted its holdings in shares of Wayfair by 100.0% during the 3rd quarter. Groupama Asset Managment now owns 1,000,000 shares of the company’s stock valued at $56,180,000 after acquiring an additional 500,000 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Wayfair in the fourth quarter worth approximately $6,799,000. Wellington Management Group LLP raised its holdings in shares of Wayfair by 22.4% during the third quarter. Wellington Management Group LLP now owns 1,097,822 shares of the company’s stock valued at $61,676,000 after purchasing an additional 201,157 shares during the last quarter. Finally, Cerity Partners LLC bought a new position in Wayfair during the third quarter valued at approximately $1,070,000. 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.