Bank of America Lowers Wayfair (NYSE:W) Price Target to $50.00

Wayfair (NYSE:W) had its price target reduced by Bank of America from $52.00 to $50.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price objective indicates a potential upside of 8.53% from the stock’s previous close.

A number of other research analysts also recently commented on the stock. BMO Capital Markets dropped their price objective on shares of Wayfair from $58.00 to $50.00 and set a “market perform” rating for the company in a research note on Monday, November 4th. Stifel Nicolaus dropped their price target on shares of Wayfair from $55.00 to $47.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of Wayfair in a report on Friday, November 1st. Royal Bank of Canada lowered their price objective on shares of Wayfair from $53.00 to $50.00 and set a “sector perform” rating for the company in a research note on Monday, November 4th. Finally, Citigroup cut their target price on Wayfair from $70.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Fourteen analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Wayfair presently has an average rating of “Moderate Buy” and a consensus price target of $59.04.

Wayfair Stock Performance

Shares of NYSE W opened at $46.07 on Friday. The firm has a market cap of $5.77 billion, a P/E ratio of -10.26 and a beta of 3.43. Wayfair has a 1 year low of $37.35 and a 1 year high of $76.18. The firm’s 50 day moving average price is $46.42 and its 200 day moving average price is $46.50.

Wayfair (NYSE:W) last posted its quarterly earnings data on Thursday, February 20th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($1.01). As a group, equities analysts predict that Wayfair will post -2.89 EPS for the current year.

Insider Activity at Wayfair

In related news, COO Thomas Netzer sold 1,039 shares of Wayfair stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $50.65, for a total value of $52,625.35. Following the completion of the transaction, the chief operating officer now directly owns 171,790 shares in the company, valued at approximately $8,701,163.50. This trade represents a 0.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Conine sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $53.14, for a total value of $1,594,200.00. Following the sale, the insider now owns 632,573 shares in the company, valued at $33,614,929.22. The trade was a 4.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 134,228 shares of company stock valued at $6,440,118. Insiders own 26.81% of the company’s stock.

Institutional Investors Weigh In On Wayfair

A number of institutional investors have recently made changes to their positions in W. Southpoint Capital Advisors LP acquired a new position in Wayfair in the third quarter worth $78,652,000. Holocene Advisors LP lifted its position in shares of Wayfair by 5,699.8% in the 3rd quarter. Holocene Advisors LP now owns 1,235,193 shares of the company’s stock worth $69,393,000 after buying an additional 1,213,896 shares during the last quarter. Capital World Investors boosted its holdings in shares of Wayfair by 6.2% in the 4th quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock valued at $598,596,000 after buying an additional 782,757 shares during the period. Baillie Gifford & Co. boosted its holdings in shares of Wayfair by 13.6% in the 4th quarter. Baillie Gifford & Co. now owns 6,179,761 shares of the company’s stock valued at $273,887,000 after buying an additional 740,641 shares during the period. Finally, Norges Bank bought a new stake in shares of Wayfair during the 4th quarter valued at about $31,472,000. 89.67% of the stock is currently 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.