Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 60,707 Wayfair Inc. (NYSE:W)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Wayfair Inc. (NYSE:W) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 60,707 shares of the company’s stock, valued at approximately $2,691,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Oppenheimer & Co. Inc. raised its position in Wayfair by 18.3% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 9,541 shares of the company’s stock valued at $536,000 after purchasing an additional 1,479 shares during the last quarter. Swiss National Bank increased its stake in Wayfair by 0.7% in the third quarter. Swiss National Bank now owns 178,500 shares of the company’s stock valued at $10,028,000 after purchasing an additional 1,200 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Wayfair by 35.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 974,255 shares of the company’s stock valued at $54,734,000 after buying an additional 253,681 shares during the last quarter. Cerity Partners LLC acquired a new stake in shares of Wayfair during the third quarter worth about $1,070,000. Finally, Algert Global LLC grew its holdings in shares of Wayfair by 83.1% during the third quarter. Algert Global LLC now owns 36,130 shares of the company’s stock worth $2,030,000 after buying an additional 16,394 shares during the last quarter. 89.67% of the stock is owned by hedge funds and other institutional investors.

Wayfair Stock Performance

Wayfair stock opened at $32.06 on Tuesday. Wayfair Inc. has a fifty-two week low of $31.00 and a fifty-two week high of $76.18. The stock has a fifty day moving average of $43.06 and a two-hundred day moving average of $45.81. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of -7.97 and a beta of 3.44.

Wayfair (NYSE:W) last announced its earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($1.01). The company had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $3.07 billion. On average, analysts forecast that Wayfair Inc. will post -2.54 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on W. Jefferies Financial Group raised Wayfair from a “hold” rating to a “buy” rating and increased their price objective for the stock from $45.00 to $47.00 in a research report on Friday, March 7th. Piper Sandler set a $58.00 price objective on shares of Wayfair and gave the company an “overweight” rating in a research report on Friday, February 21st. Guggenheim restated a “buy” rating and set a $60.00 price objective on shares of Wayfair in a research report on Monday, March 10th. Royal Bank of Canada lowered their target price on shares of Wayfair from $50.00 to $43.00 and set a “sector perform” rating on the stock in a report on Monday, February 24th. Finally, StockNews.com raised shares of Wayfair from a “sell” rating to a “hold” rating in a report on Thursday, December 19th. Fourteen analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $56.81.

Insider Buying and Selling

In related news, insider Jon Blotner sold 5,669 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $42.83, for a total value of $242,803.27. Following the completion of the sale, the insider now directly owns 57,899 shares in the company, valued at approximately $2,479,814.17. The trade was a 8.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Conine sold 30,000 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $45.75, for a total transaction of $1,372,500.00. Following the transaction, the insider now directly owns 602,573 shares in the company, valued at approximately $27,567,714.75. This represents a 4.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 133,189 shares of company stock worth $6,183,193. 26.81% of the stock is owned by insiders.

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.