Wayfair’s (W) Overweight Rating Reiterated at Piper Sandler

Wayfair (NYSE:W)‘s stock had its “overweight” rating reiterated by Piper Sandler in a report released on Friday, Benzinga reports. They presently have a $91.00 price objective on the stock, up from their prior price objective of $88.00. Piper Sandler’s target price would indicate a potential upside of 43.10% from the company’s current price.

W has been the subject of a number of other research reports. Morgan Stanley reissued an “overweight” rating and set a $80.00 price objective on shares of Wayfair in a report on Monday, March 25th. Canaccord Genuity Group reissued a “buy” rating and issued a $80.00 price target on shares of Wayfair in a research report on Friday, February 23rd. Raymond James raised shares of Wayfair from a “market perform” rating to a “strong-buy” rating and set a $65.00 price objective on the stock in a report on Friday, February 16th. Loop Capital increased their target price on shares of Wayfair from $55.00 to $65.00 and gave the company a “hold” rating in a report on Tuesday, April 2nd. Finally, Truist Financial dropped their price target on shares of Wayfair from $65.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, February 23rd. One analyst has rated the stock with a sell rating, nine have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $76.45.

Wayfair Trading Up 8.4 %

Shares of NYSE W opened at $63.59 on Friday. The firm has a market capitalization of $7.65 billion, a P/E ratio of -11.86 and a beta of 3.32. The firm’s 50-day moving average price is $59.92 and its 200-day moving average price is $55.21. Wayfair has a 1-year low of $33.85 and a 1-year high of $90.71.

Wayfair (NYSE:W) last posted its quarterly 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 analyst estimates of $3.10 billion. Equities research analysts forecast that Wayfair will post -3.37 EPS for the current year.

Insider Activity

In other Wayfair news, COO Thomas Netzer sold 20,000 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $59.72, for a total transaction of $1,194,400.00. Following the sale, the chief operating officer now owns 116,622 shares in the company, valued at $6,964,665.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CTO Fiona Tan sold 5,315 shares of the stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $63.06, for a total value of $335,163.90. Following the sale, the chief technology officer now directly owns 51,095 shares of the company’s stock, valued at $3,222,050.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Thomas Netzer sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $59.72, for a total transaction of $1,194,400.00. Following the transaction, the chief operating officer now directly owns 116,622 shares of the company’s stock, valued at approximately $6,964,665.84. The disclosure for this sale can be found here. Insiders have sold a total of 90,156 shares of company stock valued at $5,465,688 over the last quarter. Company insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Capital World Investors grew its holdings 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 worth $743,004,000 after purchasing an additional 962,307 shares in the last quarter. Vanguard Group Inc. lifted its position in Wayfair by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 8,103,952 shares of the company’s stock valued at $500,014,000 after purchasing an additional 273,652 shares during the last quarter. Atreides Management LP grew its stake in Wayfair by 1.8% in the 3rd quarter. Atreides Management LP now owns 971,206 shares of the company’s stock worth $58,826,000 after buying an additional 16,932 shares in the last quarter. Norges Bank bought a new position in shares of Wayfair in the 4th quarter worth $47,374,000. Finally, Wellington Management Group LLP increased its holdings in shares of Wayfair by 18.6% in the 4th quarter. Wellington Management Group LLP now owns 764,495 shares of the company’s stock worth $47,169,000 after buying an additional 119,873 shares during the last quarter. 89.67% of the stock is owned by institutional investors.

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.