Canaccord Genuity Group Cuts Wayfair (NYSE:W) Price Target to $120.00

Wayfair (NYSE:WGet Rating) had its price objective decreased by equities researchers at Canaccord Genuity Group from $145.00 to $120.00 in a note issued to investors on Friday, The Fly reports. Canaccord Genuity Group’s target price would suggest a potential upside of 79.64% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Royal Bank of Canada reduced their price target on shares of Wayfair from $158.00 to $137.00 and set a “sector perform” rating on the stock in a research report on Friday, February 25th. Guggenheim reduced their price target on shares of Wayfair from $250.00 to $175.00 and set a “buy” rating on the stock in a research report on Friday, February 25th. TheStreet cut shares of Wayfair from a “c-” rating to a “d+” rating in a research report on Thursday, January 6th. Jefferies Financial Group reduced their price target on shares of Wayfair from $247.00 to $149.00 and set a “hold” rating on the stock in a research report on Monday, February 14th. Finally, Zacks Investment Research upgraded shares of Wayfair from a “strong sell” rating to a “hold” rating and set a $88.00 price target on the stock in a research report on Tuesday, April 26th. Nine equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $157.71.

Shares of W stock traded down $0.65 during mid-day trading on Friday, reaching $66.80. The stock had a trading volume of 138,928 shares, compared to its average volume of 3,241,058. The stock’s 50-day moving average price is $110.21 and its two-hundred day moving average price is $168.73. Wayfair has a 52-week low of $65.32 and a 52-week high of $339.56. The firm has a market capitalization of $7.02 billion, a PE ratio of -47.83 and a beta of 2.89.

Wayfair (NYSE:WGet Rating) last released its quarterly earnings data on Thursday, May 5th. The company reported ($1.96) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.43) by $0.47. Wayfair had a negative net margin of 0.96% and a negative return on equity of 10.52%. The firm had revenue of $3 billion for the quarter, compared to analysts’ expectations of $2.99 billion. During the same quarter in the previous year, the company earned $0.24 earnings per share. The company’s revenue for the quarter was down 13.7% compared to the same quarter last year. Equities analysts forecast that Wayfair will post -7.31 earnings per share for the current year.

In related news, insider Steve Oblak sold 1,252 shares of the stock in a transaction that occurred on Tuesday, April 19th. The shares were sold at an average price of $101.94, for a total transaction of $127,628.88. Following the transaction, the insider now owns 152,702 shares in the company, valued at $15,566,441.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Fiona Tan sold 2,618 shares of the stock in a transaction that occurred on Monday, April 4th. The shares were sold at an average price of $115.78, for a total transaction of $303,112.04. Following the transaction, the chief technology officer now owns 18,797 shares in the company, valued at approximately $2,176,316.66. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,599 shares of company stock worth $1,233,647. Insiders own 27.04% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Cetera Investment Advisers increased its holdings in Wayfair by 3.7% during the third quarter. Cetera Investment Advisers now owns 1,256 shares of the company’s stock valued at $321,000 after buying an additional 45 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in Wayfair by 0.4% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 13,612 shares of the company’s stock valued at $3,478,000 after buying an additional 52 shares during the last quarter. IFM Investors Pty Ltd increased its holdings in Wayfair by 0.8% during the fourth quarter. IFM Investors Pty Ltd now owns 9,640 shares of the company’s stock valued at $1,831,000 after buying an additional 74 shares during the last quarter. Northeast Investment Management increased its holdings in Wayfair by 2.7% during the fourth quarter. Northeast Investment Management now owns 2,952 shares of the company’s stock valued at $561,000 after buying an additional 78 shares during the last quarter. Finally, WINTON GROUP Ltd increased its holdings in Wayfair by 2.4% during the fourth quarter. WINTON GROUP Ltd now owns 4,082 shares of the company’s stock valued at $775,000 after buying an additional 97 shares during the last quarter. Institutional investors own 85.89% of the company’s stock.

Wayfair Company Profile (Get Rating)

Wayfair Inc engages in the e-commerce business in the United States and internationally. The company provides approximately thirty-three million products for the home sector under various brands. It offers online selections of furniture, décor, housewares, and home improvement products through its sites, including Wayfair, Joss & Main, AllModern, Birch Lane, and Perigold brands.

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