Wayfair (NYSE:W) Given a $84.00 Price Target by Wells Fargo & Company Analysts

Wayfair (NYSE:W) has been given a $84.00 price objective by investment analysts at Wells Fargo & Company in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 9.45% from the stock’s previous close.

W has been the topic of several other reports. Needham & Company LLC lifted their price target on shares of Wayfair from $40.00 to $83.00 and gave the company a “buy” rating in a research note on Monday. Evercore ISI raised their price objective on Wayfair from $50.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, June 24th. Royal Bank Of Canada lifted their target price on Wayfair from $25.00 to $51.00 and gave the company a “sector perform” rating in a research report on Tuesday. Piper Sandler reissued an “overweight” rating and set a $61.00 price target (up from $46.00) on shares of Wayfair in a research report on Friday, June 13th. Finally, Zelman & Associates raised their price target on Wayfair from $55.00 to $72.00 and gave the company an “outperform” rating in a research note on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $65.96.

Wayfair Price Performance

Shares of Wayfair stock opened at $76.75 on Tuesday. The firm has a market cap of $9.85 billion, a price-to-earnings ratio of -31.98 and a beta of 2.92. Wayfair has a one year low of $20.41 and a one year high of $77.30. The stock’s 50-day moving average is $54.66 and its 200-day moving average is $42.91.

Wayfair (NYSE:W) last released its quarterly earnings results on Monday, August 4th. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.54. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.11 billion. During the same period last year, the company earned $0.47 EPS. The company’s revenue was up 5.0% compared to the same quarter last year. On average, equities analysts expect that Wayfair will post -2.54 EPS for the current year.

Insider Buying and Selling

In other news, insider Steven Conine sold 60,000 shares of the business’s stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $56.02, for a total value of $3,361,200.00. Following the completion of the sale, the insider owned 169,073 shares of the company’s stock, valued at approximately $9,471,469.46. The trade was a 26.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jon Blotner sold 13,857 shares of the firm’s stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $56.45, for a total transaction of $782,227.65. Following the transaction, the insider directly owned 91,263 shares in the company, valued at approximately $5,151,796.35. This represents a 13.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 800,204 shares of company stock valued at $40,135,236. Insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Amalgamated Bank lifted its position in Wayfair by 5.5% during the second quarter. Amalgamated Bank now owns 5,348 shares of the company’s stock worth $273,000 after purchasing an additional 278 shares during the period. True Wealth Design LLC increased its holdings in Wayfair by 207.1% in the 4th quarter. True Wealth Design LLC now owns 565 shares of the company’s stock valued at $25,000 after buying an additional 381 shares during the period. California State Teachers Retirement System raised its position in shares of Wayfair by 0.4% in the 4th quarter. California State Teachers Retirement System now owns 87,089 shares of the company’s stock valued at $3,860,000 after buying an additional 383 shares in the last quarter. Swiss National Bank raised its position in shares of Wayfair by 0.3% in the 1st quarter. Swiss National Bank now owns 183,300 shares of the company’s stock valued at $5,871,000 after buying an additional 600 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Wayfair by 85.8% during the 1st quarter. GAMMA Investing LLC now owns 1,319 shares of the company’s stock worth $42,000 after acquiring an additional 609 shares during the period. 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.