Royal Bank of Canada Cuts Wayfair (NYSE:W) Price Target to $43.00

Wayfair (NYSE:W) had its price target reduced by Royal Bank of Canada from $50.00 to $43.00 in a research note released on Monday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

Several other equities research analysts have also weighed in on W. Robert W. Baird reduced their price objective on Wayfair from $56.00 to $50.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Piper Sandler set a $58.00 price objective on Wayfair and gave the stock an “overweight” rating in a research note on Friday, February 21st. Truist Financial reduced their price objective on Wayfair from $55.00 to $53.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Bank of America reduced their price objective on Wayfair from $52.00 to $50.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Finally, BMO Capital Markets raised their target price on Wayfair from $50.00 to $55.00 and gave the stock a “market perform” rating in a research report on Friday, February 21st. Fourteen research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Wayfair currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.12.

Wayfair Stock Performance

Shares of W stock opened at $42.67 on Monday. Wayfair has a 1 year low of $37.35 and a 1 year high of $76.18. The stock has a market cap of $5.35 billion, a PE ratio of -10.61 and a beta of 3.43. The business’s fifty day moving average is $45.88 and its 200-day moving average is $46.57.

Wayfair (NYSE:W) last issued 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). The firm had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.07 billion. Equities research analysts predict that Wayfair will post -2.54 earnings per share for the current year.

Insider Buying and Selling at Wayfair

In other Wayfair news, CFO Kate Gulliver sold 5,974 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $44.95, for a total value of $268,531.30. Following the completion of the transaction, the chief financial officer now owns 129,964 shares of the company’s stock, valued at $5,841,881.80. This represents a 4.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Steven Conine sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were 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 directly owns 632,573 shares of the company’s stock, valued at approximately $33,614,929.22. This trade represents a 4.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 164,228 shares of company stock worth $7,830,018 over the last three months. Corporate insiders own 23.50% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Several large investors have recently added to or reduced their stakes in the company. Capital World Investors grew its stake in shares of Wayfair by 6.2% in the 4th quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock valued at $598,596,000 after purchasing an additional 782,757 shares during the period. Vanguard Group Inc. grew its stake in shares of Wayfair by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 9,315,337 shares of the company’s stock valued at $412,856,000 after purchasing an additional 327,603 shares during the period. Baillie Gifford & Co. grew its stake in shares of Wayfair by 13.6% in the 4th quarter. Baillie Gifford & Co. now owns 6,179,761 shares of the company’s stock valued at $273,887,000 after purchasing an additional 740,641 shares during the period. Renaissance Technologies LLC grew its stake in shares of Wayfair by 17.9% in the 4th quarter. Renaissance Technologies LLC now owns 3,834,667 shares of the company’s stock valued at $169,952,000 after purchasing an additional 581,000 shares during the period. Finally, Southpoint Capital Advisors LP grew its stake in shares of Wayfair by 100.0% in the 4th quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company’s stock valued at $124,096,000 after purchasing an additional 1,400,000 shares during the period. Institutional investors and hedge funds own 89.67% of the company’s stock.

About Wayfair

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.