Guggenheim Issues Positive Forecast for Wayfair (NYSE:W) Stock Price

Wayfair (NYSE:W) had its price objective boosted by investment analysts at Guggenheim from $120.00 to $125.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price target would suggest a potential upside of 15.79% from the company’s previous close.

A number of other equities analysts have also recently issued reports on W. Raymond James Financial increased their price objective on shares of Wayfair from $90.00 to $130.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, October 29th. Sanford C. Bernstein restated a “market perform” rating and issued a $70.00 target price (up previously from $50.00) on shares of Wayfair in a report on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft set a $75.00 price target on shares of Wayfair in a report on Friday, October 24th. Canaccord Genuity Group lifted their target price on shares of Wayfair from $100.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Finally, Royal Bank Of Canada boosted their price objective on Wayfair from $51.00 to $86.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 30th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $105.57.

Wayfair Price Performance

NYSE W traded down $3.77 during mid-day trading on Thursday, reaching $107.95. 672,526 shares of the stock were exchanged, compared to its average volume of 4,773,409. The stock has a market cap of $14.07 billion, a P/E ratio of -42.07 and a beta of 3.03. Wayfair has a one year low of $20.41 and a one year high of $114.92. The stock has a 50 day simple moving average of $89.54 and a 200-day simple moving average of $66.77.

Wayfair (NYSE:W) last posted its quarterly earnings data on Tuesday, October 28th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.26. The business had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.01 billion. During the same period last year, the business posted $0.22 earnings per share. The business’s revenue was up 8.1% on a year-over-year basis. Sell-side analysts anticipate that Wayfair will post -2.54 EPS for the current fiscal year.

Insider Activity

In other news, CEO Niraj Shah sold 120,000 shares of Wayfair stock in a transaction that occurred on Thursday, October 23rd. The stock was sold at an average price of $82.17, for a total value of $9,860,400.00. Following the sale, the chief executive officer directly owned 169,137 shares in the company, valued at approximately $13,897,987.29. This trade represents a 41.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Conine sold 120,000 shares of the business’s stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $82.17, for a total transaction of $9,860,400.00. Following the transaction, the insider directly owned 169,073 shares in the company, valued at approximately $13,892,728.41. The trade was a 41.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 825,959 shares of company stock worth $70,097,674. Company insiders own 21.91% of the company’s stock.

Hedge Funds Weigh In On Wayfair

A number of institutional investors and hedge funds have recently made changes to their positions in W. Cornerstone Planning Group LLC boosted its position in shares of Wayfair by 28,200.0% during the third quarter. Cornerstone Planning Group LLC now owns 283 shares of the company’s stock valued at $25,000 after buying an additional 282 shares during the last quarter. True Wealth Design LLC boosted its holdings in shares of Wayfair by 250.5% during the 3rd quarter. True Wealth Design LLC now owns 326 shares of the company’s stock valued at $29,000 after acquiring an additional 233 shares during the last quarter. Global Retirement Partners LLC grew its stake in shares of Wayfair by 156.3% in the third quarter. Global Retirement Partners LLC now owns 328 shares of the company’s stock worth $29,000 after acquiring an additional 200 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Wayfair by 393.4% during the second quarter. EverSource Wealth Advisors LLC now owns 819 shares of the company’s stock valued at $42,000 after purchasing an additional 653 shares during the last quarter. Finally, Cullen Frost Bankers Inc. bought a new position in Wayfair during the third quarter valued at approximately $71,000. Institutional investors 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.