Royal Bank of Canada Lowers Wayfair (NYSE:W) Price Target to $61.00

Wayfair (NYSE:W) had its target price cut by investment analysts at Royal Bank of Canada from $62.00 to $61.00 in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 19.73% from the stock’s current price.

A number of other brokerages also recently weighed in on W. Needham & Company LLC reissued a “buy” rating and set a $75.00 target price on shares of Wayfair in a research note on Thursday, February 22nd. Raymond James raised shares of Wayfair from a “market perform” rating to a “strong-buy” rating and set a $65.00 price target for the company in a research note on Friday, February 16th. Citigroup lifted their price target on shares of Wayfair from $73.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, March 28th. Barclays decreased their price target on shares of Wayfair from $85.00 to $60.00 and set an “equal weight” rating for the company in a research note on Thursday, January 4th. Finally, Loop Capital lifted their price target on shares of Wayfair from $55.00 to $65.00 and gave the company a “hold” rating in a research note on Tuesday, April 2nd. Ten investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Wayfair presently has a consensus rating of “Moderate Buy” and an average target price of $76.21.

Wayfair Stock Down 3.7 %

Shares of NYSE W opened at $50.95 on Wednesday. Wayfair has a twelve month low of $29.51 and a twelve month high of $90.71. The firm has a fifty day simple moving average of $59.59 and a 200 day simple moving average of $55.04. The company has a market capitalization of $6.13 billion, a PE ratio of -7.81 and a beta of 3.29.

Wayfair (NYSE:W) last announced its earnings results on Thursday, February 22nd. The company reported ($1.46) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.54) by $0.08. The firm had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $3.10 billion. As a group, equities analysts expect that Wayfair will post -3.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Wayfair news, COO Thomas Netzer sold 984 shares of Wayfair stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $60.58, for a total value of $59,610.72. Following the sale, the chief operating officer now owns 117,841 shares of the company’s stock, valued at $7,138,807.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Wayfair news, COO Thomas Netzer sold 984 shares of Wayfair stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $60.58, for a total value of $59,610.72. Following the sale, the chief operating officer now owns 117,841 shares of the company’s stock, valued at $7,138,807.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jon Blotner sold 3,492 shares of Wayfair stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $50.34, for a total transaction of $175,787.28. Following the completion of the sale, the insider now directly owns 32,118 shares in the company, valued at approximately $1,616,820.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 89,808 shares of company stock valued at $5,445,222. Company insiders own 26.81% of the company’s stock.

Institutional Trading of Wayfair

Several hedge funds and other institutional investors have recently modified their holdings of W. CWM LLC raised its position in shares of Wayfair by 69.6% in the third quarter. CWM LLC now owns 3,295 shares of the company’s stock valued at $200,000 after purchasing an additional 1,352 shares during the period. AE Wealth Management LLC bought a new stake in shares of Wayfair in the third quarter valued at approximately $521,000. Counterpoint Mutual Funds LLC bought a new stake in shares of Wayfair in the third quarter valued at approximately $135,000. Commonwealth Equity Services LLC raised its position in shares of Wayfair by 5.5% in the third quarter. Commonwealth Equity Services LLC now owns 10,274 shares of the company’s stock valued at $622,000 after purchasing an additional 537 shares during the period. Finally, Raymond James & Associates raised its position in shares of Wayfair by 9.3% in the third quarter. Raymond James & Associates now owns 5,730 shares of the company’s stock valued at $347,000 after purchasing an additional 486 shares during the period. 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.