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

Wayfair (NYSE:W) had its price objective lifted by stock analysts at Argus from $105.00 to $125.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Argus’ price objective indicates a potential upside of 21.86% from the company’s current price.

Several other brokerages have also recently commented on W. Gordon Haskett raised Wayfair from an “accumulate” rating to a “buy” rating and set a $150.00 target price for the company in a research report on Tuesday. Raymond James Financial raised their target price on Wayfair from $90.00 to $130.00 and gave the stock a “strong-buy” rating in a research report on Wednesday. The Goldman Sachs Group raised their target price on Wayfair from $80.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday. Evercore ISI raised their target price on Wayfair from $85.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 16th. Finally, Cowen reaffirmed a “hold” rating on shares of Wayfair in a research report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Wayfair has an average rating of “Moderate Buy” and an average price target of $102.04.

Wayfair Price Performance

W opened at $102.58 on Wednesday. Wayfair has a 12 month low of $20.41 and a 12 month high of $108.72. The stock has a market cap of $13.30 billion, a P/E ratio of -40.07 and a beta of 3.03. The stock’s 50 day moving average price is $84.18 and its 200 day moving average price is $61.62.

Wayfair (NYSE:W) last issued its quarterly earnings results on Tuesday, October 28th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.26. The firm had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.01 billion. During the same quarter last year, the business posted $0.22 earnings per share. The firm’s revenue for the quarter was up 8.1% compared to the same quarter last year. Equities analysts anticipate that Wayfair will post -2.54 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Niraj Shah sold 199,422 shares of the company’s stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $78.40, for a total value of $15,634,684.80. Following the completion of the transaction, the chief executive officer directly owned 544,137 shares of the company’s stock, valued at approximately $42,660,340.80. This represents a 26.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Conine sold 199,473 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $78.40, for a total transaction of $15,638,683.20. Following the transaction, the insider owned 544,073 shares of the company’s stock, valued at approximately $42,655,323.20. This represents a 26.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 1,260,000 shares of company stock valued at $103,696,337. Company insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Wayfair

Institutional investors and hedge funds have recently modified their holdings of the company. Alyeska Investment Group L.P. raised its holdings in Wayfair by 681.8% in the 1st quarter. Alyeska Investment Group L.P. now owns 5,462,651 shares of the company’s stock valued at $174,969,000 after acquiring an additional 4,763,944 shares during the period. Southpoint Capital Advisors LP raised its holdings in Wayfair by 42.9% in the 1st quarter. Southpoint Capital Advisors LP now owns 4,000,000 shares of the company’s stock valued at $128,120,000 after acquiring an additional 1,200,000 shares during the period. Spruce House Investment Management LLC raised its holdings in Wayfair by 37.6% in the 2nd quarter. Spruce House Investment Management LLC now owns 3,000,000 shares of the company’s stock valued at $153,420,000 after acquiring an additional 819,615 shares during the period. Geode Capital Management LLC raised its holdings in Wayfair by 3.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,661,496 shares of the company’s stock valued at $84,985,000 after acquiring an additional 59,083 shares during the period. Finally, AQR Capital Management LLC raised its holdings in Wayfair by 197.3% in the 2nd quarter. AQR Capital Management LLC now owns 1,557,937 shares of the company’s stock valued at $79,673,000 after acquiring an additional 1,033,865 shares during the period. 89.67% of the stock is owned by institutional investors.

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.