Evercore ISI Forecasts Strong Price Appreciation for Wayfair (NYSE:W) Stock

Wayfair (NYSE:W) had its price objective hoisted by analysts at Evercore ISI from $40.00 to $45.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Evercore ISI’s price objective would suggest a potential upside of 33.29% from the company’s previous close.

W has been the topic of several other research reports. Canaccord Genuity Group cut their price target on Wayfair from $68.00 to $58.00 and set a “buy” rating on the stock in a research note on Monday, April 28th. Piper Sandler set a $58.00 target price on Wayfair and gave the company an “overweight” rating in a research report on Friday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and set a $25.00 target price on shares of Wayfair in a research note on Friday, April 25th. Needham & Company LLC restated a “buy” rating and issued a $50.00 price target on shares of Wayfair in a research note on Thursday. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Wayfair from $63.00 to $50.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Fourteen analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.79.

Wayfair Stock Up 8.1 %

Shares of NYSE:W opened at $33.76 on Friday. The company has a market capitalization of $4.28 billion, a price-to-earnings ratio of -8.40 and a beta of 3.72. The company has a 50 day moving average of $31.32 and a two-hundred day moving average of $40.75. Wayfair has a 52-week low of $20.41 and a 52-week high of $76.18.

Wayfair (NYSE:W) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.24. The firm had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.71 billion. During the same period in the previous year, the business posted ($0.32) earnings per share. Wayfair’s revenue for the quarter was up .0% on a year-over-year basis. On average, equities analysts anticipate that Wayfair will post -2.54 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Steven Conine sold 30,000 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $46.33, for a total value of $1,389,900.00. Following the completion of the sale, the insider now owns 559,073 shares of the company’s stock, valued at $25,901,852.09. This represents a 5.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Kate Gulliver sold 19,296 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $31.67, for a total transaction of $611,104.32. Following the completion of the transaction, the chief financial officer now owns 144,474 shares of the company’s stock, valued at $4,575,491.58. This represents a 11.78 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 92,863 shares of company stock worth $3,393,929. Insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Wayfair

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Southpoint Capital Advisors LP boosted its position in shares of Wayfair by 100.0% during 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 in the last quarter. Capital World Investors lifted its stake in Wayfair by 6.2% during the fourth 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 last quarter. Baillie Gifford & Co. boosted its holdings in Wayfair by 13.6% during the fourth quarter. Baillie Gifford & Co. now owns 6,179,761 shares of the company’s stock worth $273,887,000 after buying an additional 740,641 shares in the last quarter. Norges Bank acquired a new position in Wayfair in the fourth quarter worth approximately $31,472,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Wayfair in the fourth quarter valued at $30,735,000. 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.