Royal Bank of Canada Cuts Wayfair (NYSE:W) Price Target to $50.00

Wayfair (NYSE:W) had its price target cut by equities research analysts at Royal Bank of Canada from $53.00 to $50.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price points to a potential upside of 19.13% from the company’s previous close.

A number of other analysts have also recently weighed in on W. Loop Capital upped their target price on shares of Wayfair from $45.00 to $55.00 and gave the company a “hold” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. cut their price objective on shares of Wayfair from $80.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. The Goldman Sachs Group cut their price target on shares of Wayfair from $67.00 to $54.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Argus cut Wayfair from a “buy” rating to a “hold” rating in a report on Monday, August 26th. Finally, Barclays lowered their target price on Wayfair from $58.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. Thirteen analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $60.28.

Wayfair Stock Up 4.5 %

Shares of Wayfair stock traded up $1.82 on Monday, hitting $41.97. 5,316,731 shares of the company traded hands, compared to its average volume of 4,340,790. The company has a market cap of $5.18 billion, a PE ratio of -7.93 and a beta of 3.46. Wayfair has a 12-month low of $38.02 and a 12-month high of $76.18. The company has a 50-day moving average price of $48.69 and a 200 day moving average price of $52.35.

Wayfair (NYSE:W) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The business had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.18 billion. During the same period last year, the business earned ($1.27) EPS. Wayfair’s revenue for the quarter was up .2% on a year-over-year basis. Equities research analysts anticipate that Wayfair will post -2.68 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Fiona Tan sold 10,040 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $53.06, for a total transaction of $532,722.40. Following the sale, the chief technology officer now directly owns 84,655 shares in the company, valued at approximately $4,491,794.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Jon Blotner sold 4,600 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $53.60, for a total transaction of $246,560.00. Following the sale, the insider now owns 52,078 shares in the company, valued at approximately $2,791,380.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Fiona Tan sold 10,040 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $53.06, for a total value of $532,722.40. Following the completion of the sale, the chief technology officer now owns 84,655 shares in the company, valued at approximately $4,491,794.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,471 shares of company stock worth $1,987,002. Corporate insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Capital Performance Advisors LLP purchased a new stake in shares of Wayfair in the 3rd quarter valued at approximately $29,000. ORG Partners LLC acquired a new position in Wayfair during the 1st quarter worth $37,000. International Assets Investment Management LLC acquired a new position in Wayfair during the 2nd quarter worth $58,000. Comerica Bank grew its stake in Wayfair by 210.9% during the 1st quarter. Comerica Bank now owns 1,222 shares of the company’s stock worth $83,000 after purchasing an additional 829 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust acquired a new position in shares of Wayfair during the 2nd quarter worth about $109,000. Institutional investors and hedge funds own 89.67% of the company’s stock.

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.