Needham & Company LLC Reaffirms Buy Rating for Wayfair (NYSE:W)

Needham & Company LLC reaffirmed their buy rating on shares of Wayfair (NYSE:W) in a research report report published on Thursday morning, Benzinga reports. Needham & Company LLC currently has a $75.00 price objective on the stock.

W has been the topic of several other reports. Evercore ISI upgraded Wayfair from an in-line rating to an outperform rating and raised their price objective for the stock from $65.00 to $80.00 in a report on Thursday, April 4th. Royal Bank of Canada cut their price target on Wayfair from $62.00 to $61.00 and set a sector perform rating on the stock in a research note on Wednesday, April 24th. Loop Capital lifted their price objective on Wayfair from $55.00 to $65.00 and gave the company a hold rating in a report on Tuesday, April 2nd. Wedbush restated an outperform rating and set a $70.00 target price on shares of Wayfair in a report on Monday, April 22nd. Finally, Truist Financial cut their price target on Wayfair from $65.00 to $63.00 and set a buy rating on the stock in a report on Friday, February 23rd. One analyst has rated the stock with a sell rating, nine have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $76.45.

Wayfair Trading Up 8.4 %

NYSE W opened at $63.59 on Thursday. Wayfair has a 12 month low of $33.85 and a 12 month high of $90.71. The company’s 50-day moving average price is $59.92 and its 200-day moving average price is $55.21. The stock has a market cap of $7.65 billion, a PE ratio of -11.86 and a beta of 3.32.

Wayfair (NYSE:W) last issued its earnings results on Thursday, February 22nd. The company reported ($1.46) EPS for the quarter, topping analysts’ consensus estimates 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. As a group, sell-side analysts forecast that Wayfair will post -3.37 earnings per share for the current year.

Insider Buying and Selling

In other Wayfair news, CTO Fiona Tan sold 5,315 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $63.06, for a total value of $335,163.90. Following the completion of the transaction, the chief technology officer now owns 51,095 shares in the company, valued at $3,222,050.70. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Jon Blotner sold 4,144 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $60.52, for a total transaction of $250,794.88. Following the transaction, the insider now owns 37,957 shares in the company, valued at approximately $2,297,157.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Fiona Tan sold 5,315 shares of Wayfair stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $63.06, for a total transaction of $335,163.90. Following the completion of the sale, the chief technology officer now directly owns 51,095 shares in the company, valued at approximately $3,222,050.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 90,156 shares of company stock valued at $5,465,688. Corporate insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Several hedge funds and other institutional investors have recently added to or reduced their stakes in W. Riverview Trust Co purchased a new stake in shares of Wayfair during the first quarter worth about $27,000. McGlone Suttner Wealth Management Inc. acquired a new stake in Wayfair in the 4th quarter worth about $29,000. GAMMA Investing LLC purchased a new stake in Wayfair during the 4th quarter worth approximately $31,000. BluePath Capital Management LLC purchased a new position in shares of Wayfair in the third quarter valued at approximately $34,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of Wayfair during the third quarter worth approximately $34,000. 89.67% of the stock is owned by hedge funds and other 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.