Wayfair (NYSE:W) Price Target Increased to $85.00 by Analysts at Citigroup

Wayfair (NYSE:W) had its price target boosted by analysts at Citigroup from $73.00 to $85.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 22.55% from the company’s previous close.

Several other brokerages have also issued reports on W. Piper Sandler restated an “overweight” rating and issued a $88.00 price objective (down from $93.00) on shares of Wayfair in a report on Friday, February 23rd. Wedbush reiterated an “outperform” rating and issued a $70.00 price target on shares of Wayfair in a research note on Friday, February 23rd. Stifel Nicolaus increased their price target on Wayfair from $52.00 to $55.00 and gave the stock a “hold” rating in a report on Tuesday, January 9th. Raymond James upgraded Wayfair from a “market perform” rating to a “strong-buy” rating and set a $65.00 price target for the company in a research report on Friday, February 16th. Finally, Royal Bank of Canada raised their price target on Wayfair from $55.00 to $62.00 and gave the stock a “sector perform” rating in a research note on Friday, February 23rd. Eleven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $75.00.

Wayfair Trading Up 2.6 %

W stock traded up $1.77 during midday trading on Thursday, reaching $69.36. The stock had a trading volume of 721,184 shares, compared to its average volume of 4,307,255. The company’s fifty day simple moving average is $56.59 and its 200 day simple moving average is $55.38. The company has a market cap of $8.35 billion, a price-to-earnings ratio of -10.54 and a beta of 3.27. Wayfair has a 52-week low of $29.51 and a 52-week high of $90.71.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($1.46) EPS for the quarter, topping the consensus estimate of ($1.54) by $0.08. The company had revenue of $3.11 billion for the quarter, compared to analysts’ expectations of $3.10 billion. Sell-side analysts predict that Wayfair will post -3.39 EPS for the current year.

Insider Buying and Selling

In other Wayfair news, COO Thomas Netzer sold 984 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $60.58, for a total transaction of $59,610.72. Following the completion of the transaction, the chief operating officer now directly owns 117,841 shares in the company, valued at $7,138,807.78. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Wayfair news, CEO Niraj Shah sold 10,000 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $59.90, for a total transaction of $599,000.00. Following the completion of the sale, the chief executive officer now directly owns 249,137 shares in the company, valued at approximately $14,923,306.30. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Thomas Netzer sold 984 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $60.58, for a total value of $59,610.72. Following the completion of the sale, the chief operating officer now owns 117,841 shares of the company’s stock, valued at $7,138,807.78. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,300 shares of company stock worth $4,591,396. Company insiders own 26.81% of the company’s stock.

Institutional Trading of Wayfair

Large investors have recently made changes to their positions in the company. Quarry LP acquired a new position in Wayfair during the 4th quarter valued at about $28,000. McGlone Suttner Wealth Management Inc. bought a new position in shares of Wayfair during the 4th quarter worth approximately $29,000. GAMMA Investing LLC bought a new position in shares of Wayfair during the 4th quarter worth approximately $31,000. BluePath Capital Management LLC bought a new position in shares of Wayfair during the 3rd quarter worth approximately $34,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Wayfair in the 3rd quarter worth approximately $34,000. 89.67% of the stock is currently owned by institutional investors and hedge funds.

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.