Royal Bank of Canada Lowers Wayfair (NYSE:W) Price Target to $61.00

Wayfair (NYSE:W) had its price objective cut by Royal Bank of Canada from $62.00 to $61.00 in a research report issued to clients and investors on Wednesday, MarketBeat reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 19.73% from the stock’s previous close.

Several other analysts also recently issued reports on the stock. StockNews.com raised shares of Wayfair from a “sell” rating to a “hold” rating in a research note on Friday, March 29th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Wayfair from $63.00 to $79.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. BMO Capital Markets assumed coverage on shares of Wayfair in a research note on Tuesday, January 9th. They set a “market perform” rating and a $57.00 target price on the stock. Wedbush reissued an “outperform” rating and set a $70.00 target price on shares of Wayfair in a research note on Monday. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $80.00 target price on shares of Wayfair in a research note on Friday, February 23rd. Ten equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $76.21.

Wayfair Stock Performance

NYSE W opened at $50.95 on Wednesday. The stock has a market capitalization of $6.13 billion, a P/E ratio of -7.81 and a beta of 3.29. Wayfair has a 1 year low of $29.51 and a 1 year high of $90.71. The business’s fifty day moving average is $59.59 and its two-hundred day moving average is $55.04.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($1.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.54) by $0.08. The company had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $3.10 billion. On average, research analysts forecast that Wayfair will post -3.37 earnings per share for the current year.

Insider Buying and Selling at Wayfair

In other Wayfair news, COO Thomas Netzer sold 20,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $59.72, for a total transaction of $1,194,400.00. Following the completion of the sale, the chief operating officer now directly owns 116,622 shares in the company, valued at $6,964,665.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Thomas Netzer sold 20,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $59.72, for a total transaction of $1,194,400.00. Following the completion of the transaction, the chief operating officer now owns 116,622 shares of the company’s stock, valued at $6,964,665.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jon Blotner sold 4,144 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $60.52, for a total transaction of $250,794.88. Following the transaction, the insider now directly owns 37,957 shares of the company’s stock, valued at approximately $2,297,157.64. The disclosure for this sale can be found here. Insiders sold 89,808 shares of company stock worth $5,445,222 over the last ninety days. Company insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Riverview Trust Co acquired a new position in shares of Wayfair during the first quarter valued at about $27,000. McGlone Suttner Wealth Management Inc. acquired a new position in shares of Wayfair during the fourth quarter valued at about $29,000. GAMMA Investing LLC acquired a new position in shares of Wayfair during the fourth quarter valued at about $31,000. BluePath Capital Management LLC acquired a new position in shares of Wayfair during the third quarter valued at about $34,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in Wayfair in the third quarter worth about $34,000. 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.