Guggenheim Trims Wayfair (NYSE:W) Target Price to $70.00

Wayfair (NYSE:W) had its price objective decreased by Guggenheim from $80.00 to $70.00 in a report issued on Friday morning, Benzinga reports. Guggenheim currently has a buy rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Sanford C. Bernstein boosted their price target on shares of Wayfair from $50.00 to $55.00 and gave the stock a market perform rating in a research report on Friday, May 3rd. Morgan Stanley lifted their price target on Wayfair from $85.00 to $90.00 and gave the stock an overweight rating in a research note on Monday, May 13th. Citigroup lowered their target price on Wayfair from $85.00 to $70.00 and set a buy rating on the stock in a research note on Friday. TD Cowen boosted their price target on Wayfair from $55.00 to $58.00 and gave the company a hold rating in a research note on Friday, May 3rd. Finally, Loop Capital lowered their price target on Wayfair from $60.00 to $50.00 and set a hold rating for the company in a research note on Friday, June 21st. Eleven analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Wayfair presently has an average rating of Moderate Buy and an average target price of $68.92.

Wayfair Price Performance

Wayfair stock opened at $44.37 on Friday. The company has a market cap of $5.34 billion, a PE ratio of -8.28 and a beta of 3.43. The company has a fifty day moving average price of $53.95 and a two-hundred day moving average price of $57.26. Wayfair has a 12 month low of $38.37 and a 12 month high of $85.82.

Wayfair (NYSE:W) last posted its earnings results on Thursday, August 1st. The company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The business had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same quarter last year, the firm earned ($1.27) EPS. The business’s revenue was up .2% compared to the same quarter last year. Equities research analysts anticipate that Wayfair will post -2.93 earnings per share for the current year.

Insiders Place Their Bets

In related news, CTO Fiona Tan sold 8,036 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $50.64, for a total transaction of $406,943.04. Following the sale, the chief technology officer now owns 64,074 shares in the company, valued at approximately $3,244,707.36. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Jon Blotner sold 4,395 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $56.09, for a total value of $246,515.55. Following the transaction, the insider now owns 43,926 shares in the company, valued at $2,463,809.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Fiona Tan sold 8,036 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $50.64, for a total value of $406,943.04. Following the completion of the transaction, the chief technology officer now owns 64,074 shares in the company, valued at approximately $3,244,707.36. The disclosure for this sale can be found here. Insiders sold a total of 50,102 shares of company stock valued at $2,644,559 in the last 90 days. Corporate insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Capital World Investors increased its position in shares of Wayfair by 8.7% during the fourth quarter. Capital World Investors now owns 12,042,210 shares of the company’s stock valued at $743,004,000 after acquiring an additional 962,307 shares during the last quarter. Norges Bank purchased a new stake in shares of Wayfair during the fourth quarter valued at approximately $47,374,000. Kodai Capital Management LP purchased a new stake in shares of Wayfair during the fourth quarter valued at approximately $23,552,000. Vanguard Group Inc. increased its position 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 valued at $574,801,000 after acquiring an additional 363,948 shares during the last quarter. Finally, Mesirow Institutional Investment Management Inc. purchased a new stake in shares of Wayfair during the first quarter valued at approximately $13,690,000. 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.