Wayfair (NYSE:W) Price Target Lowered to $31.00 at The Goldman Sachs Group

Wayfair (NYSE:W) had its target price lowered by The Goldman Sachs Group from $50.00 to $31.00 in a report released on Tuesday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

A number of other research analysts have also recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of Wayfair in a research report on Friday, February 21st. JPMorgan Chase & Co. dropped their price objective on shares of Wayfair from $63.00 to $50.00 and set an “overweight” rating on the stock in a report on Monday, March 10th. Stifel Nicolaus cut their target price on shares of Wayfair from $47.00 to $46.00 and set a “hold” rating for the company in a research report on Friday, February 21st. Piper Sandler set a $58.00 price target on shares of Wayfair and gave the company an “overweight” rating in a research report on Friday, February 21st. Finally, Canaccord Genuity Group cut their price objective on shares of Wayfair from $76.00 to $68.00 and set a “buy” rating for the company in a report on Friday, February 21st. Sixteen research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $52.00.

Wayfair Trading Up 6.3 %

Shares of Wayfair stock opened at $27.43 on Tuesday. The business’s fifty day simple moving average is $33.76 and its 200 day simple moving average is $42.10. Wayfair has a 12 month low of $20.41 and a 12 month high of $76.18. The firm has a market capitalization of $3.48 billion, a P/E ratio of -6.82 and a beta of 3.72.

Wayfair (NYSE:W) last released its earnings results on Thursday, February 20th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). The firm had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.07 billion. Analysts predict that Wayfair will post -2.54 EPS for the current fiscal year.

Insider Activity at Wayfair

In other Wayfair news, insider Steven Conine sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $46.33, for a total value of $1,389,900.00. Following the completion of the sale, the insider now owns 559,073 shares of the company’s stock, valued at $25,901,852.09. This represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Fiona Tan sold 23,835 shares of Wayfair stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $31.92, for a total transaction of $760,813.20. Following the transaction, the chief technology officer now directly owns 111,128 shares in the company, valued at $3,547,205.76. This trade represents a 17.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 92,863 shares of company stock valued at $3,393,929 over the last 90 days. 21.91% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of W. Southpoint Capital Advisors LP increased its stake in Wayfair by 100.0% in the 4th quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company’s stock worth $124,096,000 after purchasing an additional 1,400,000 shares during the period. Capital World Investors increased its stake in shares of Wayfair by 6.2% in the fourth quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock worth $598,596,000 after buying an additional 782,757 shares during the period. Baillie Gifford & Co. raised its holdings in Wayfair by 13.6% during 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 last quarter. Norges Bank purchased a new stake in Wayfair during the 4th quarter valued at $31,472,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Wayfair in the 4th quarter worth $30,735,000. Hedge funds and other 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.