Guggenheim Trims Wayfair (NYSE:W) Target Price to $70.00

Wayfair (NYSE:W) had its target price lowered by Guggenheim from $80.00 to $70.00 in a report published on Friday morning, Benzinga reports. Guggenheim currently has a buy rating on the stock.

W has been the subject of a number of other reports. Morgan Stanley boosted their price target on shares of Wayfair from $85.00 to $90.00 and gave the company an overweight rating in a research report on Monday, May 13th. Gordon Haskett downgraded shares of Wayfair from a buy rating to a hold rating in a research note on Thursday, August 1st. Stifel Nicolaus lowered their price target on shares of Wayfair from $56.00 to $55.00 and set a hold rating for the company in a research note on Friday. Barclays lowered their price target on shares of Wayfair from $60.00 to $58.00 and set an equal weight rating for the company in a research note on Friday, July 26th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Wayfair from $87.00 to $70.00 and set a buy rating for the company in a research note on Friday. Eleven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $68.92.

Wayfair Stock Performance

Shares of NYSE W opened at $44.37 on Friday. Wayfair has a fifty-two week low of $38.37 and a fifty-two week high of $85.82. The stock has a market cap of $5.34 billion, a price-to-earnings ratio of -8.28 and a beta of 3.43. The firm’s 50-day simple moving average is $53.95 and its 200 day simple moving average is $57.26.

Wayfair (NYSE:W) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The company had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.18 billion. During the same period last year, the company earned ($1.27) EPS. The company’s quarterly revenue was up .2% compared to the same quarter last year. On average, sell-side analysts predict that Wayfair will post -2.93 EPS for the current year.

Insider Activity at Wayfair

In other Wayfair news, insider Jon Blotner sold 4,395 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $56.09, for a total transaction of $246,515.55. Following the transaction, the insider now owns 43,926 shares of the company’s stock, valued at approximately $2,463,809.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Wayfair news, insider Jon Blotner sold 4,395 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $56.09, for a total transaction of $246,515.55. Following the transaction, the insider now owns 43,926 shares of the company’s stock, valued at approximately $2,463,809.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Conine sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $56.79, for a total transaction of $567,900.00. Following the transaction, the insider now directly owns 219,073 shares in the company, valued at approximately $12,441,155.67. The disclosure for this sale can be found here. Insiders sold 50,102 shares of company stock worth $2,644,559 in the last 90 days. 26.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Capital World Investors increased its stake in Wayfair by 8.7% during the 4th quarter. Capital World Investors now owns 12,042,210 shares of the company’s stock valued at $743,004,000 after purchasing an additional 962,307 shares in the last quarter. Norges Bank acquired a new stake in shares of Wayfair in the fourth quarter worth $47,374,000. Kodai Capital Management LP purchased a new stake in Wayfair during the fourth quarter worth $23,552,000. Vanguard Group Inc. boosted its holdings in Wayfair by 4.5% during the first quarter. Vanguard Group Inc. now owns 8,467,900 shares of the company’s stock worth $574,801,000 after buying an additional 363,948 shares in the last quarter. Finally, Mesirow Institutional Investment Management Inc. purchased a new stake in Wayfair during the first quarter worth $13,690,000. 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.