Wayfair (NYSE:W) Price Target Lowered to $68.00 at Canaccord Genuity Group

Wayfair (NYSE:W) had its price objective reduced by Canaccord Genuity Group from $76.00 to $68.00 in a research report report published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

W has been the subject of several other reports. Truist Financial reduced their target price on Wayfair from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Deutsche Bank Aktiengesellschaft cut their price objective on Wayfair from $69.00 to $46.00 and set a “buy” rating for the company in a report on Monday, November 4th. Stifel Nicolaus lowered their target price on shares of Wayfair from $55.00 to $47.00 and set a “hold” 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 cut their price target for the stock from $45.00 to $44.00 in a research note on Monday, January 6th. Finally, Robert W. Baird decreased their price target on shares of Wayfair from $56.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. 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 stock. According to MarketBeat, Wayfair has an average rating of “Moderate Buy” and a consensus price target of $58.80.

Wayfair Stock Performance

W stock opened at $41.92 on Friday. The firm has a 50 day moving average of $46.42 and a 200-day moving average of $46.50. Wayfair has a 12 month low of $37.35 and a 12 month high of $76.18.

Wayfair (NYSE:W) last announced its quarterly earnings results on Thursday, February 20th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of $0.05 by ($1.01). The business had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $3.07 billion. On average, analysts anticipate that Wayfair will post -2.54 earnings per share for the current fiscal year.

Insider Transactions at Wayfair

In other Wayfair news, CTO Fiona Tan sold 8,249 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $44.91, for a total transaction of $370,462.59. Following the completion of the transaction, the chief technology officer now owns 96,557 shares of the company’s stock, valued at $4,336,374.87. This represents a 7.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jon Blotner sold 5,669 shares of Wayfair stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $42.83, for a total value of $242,803.27. Following the completion of the sale, the insider now owns 57,899 shares in the company, valued at approximately $2,479,814.17. This represents a 8.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 164,228 shares of company stock worth $7,830,018. Insiders own 26.81% of the company’s stock.

Institutional Trading of Wayfair

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tabor Asset Management LP lifted its holdings in Wayfair by 11.3% in the third quarter. Tabor Asset Management LP now owns 156,871 shares of the company’s stock worth $8,813,000 after buying an additional 15,932 shares during the period. Groupama Asset Managment grew 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 worth $56,180,000 after acquiring an additional 500,000 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Wayfair in the 4th quarter worth approximately $6,799,000. Wellington Management Group LLP lifted its stake in shares of Wayfair by 22.4% in the 3rd 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 period. Finally, Cerity Partners LLC bought a new stake in shares of Wayfair during the third quarter valued at approximately $1,070,000. 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.