Wayfair Inc. (NYSE:W) Stake Reduced by Cannell & Spears LLC

Cannell & Spears LLC trimmed its stake in Wayfair Inc. (NYSE:W) by 44.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 15,300 shares of the company’s stock after selling 12,027 shares during the quarter. Cannell & Spears LLC’s holdings in Wayfair were worth $678,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Holocene Advisors LP lifted its position in Wayfair by 5,699.8% in the third quarter. Holocene Advisors LP now owns 1,235,193 shares of the company’s stock worth $69,393,000 after purchasing an additional 1,213,896 shares during the period. Baillie Gifford & Co. boosted its position in shares of 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 purchasing an additional 740,641 shares in the last quarter. Norges Bank acquired a new position in shares of Wayfair in the 4th quarter worth approximately $31,472,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Wayfair in the 4th quarter worth approximately $30,735,000. Finally, Groupama Asset Managment raised its holdings in shares of Wayfair by 100.0% in the 3rd quarter. Groupama Asset Managment now owns 1,000,000 shares of the company’s stock worth $56,180,000 after purchasing an additional 500,000 shares in the last quarter. Institutional investors own 89.67% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on W. Needham & Company LLC restated a “buy” rating and set a $50.00 target price on shares of Wayfair in a report on Friday, February 21st. Stifel Nicolaus reduced their price objective on Wayfair from $47.00 to $46.00 and set a “hold” rating for the company in a research note on Friday, February 21st. Truist Financial cut their target price on Wayfair from $55.00 to $53.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. JPMorgan Chase & Co. decreased their price target on Wayfair from $63.00 to $50.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. Finally, Piper Sandler set a $58.00 price target on Wayfair and gave the stock an “overweight” rating in a research note on Friday, February 21st. 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $56.81.

Insiders Place Their Bets

In other Wayfair news, insider Jon Blotner sold 5,669 shares of the stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $42.83, for a total transaction of $242,803.27. Following the transaction, the insider now owns 57,899 shares in the company, valued at $2,479,814.17. This trade represents a 8.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Steven Conine sold 30,000 shares of Wayfair stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $46.33, for a total transaction of $1,389,900.00. Following the completion of the transaction, the insider now directly owns 559,073 shares in the company, valued at approximately $25,901,852.09. This represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 103,189 shares of company stock valued at $4,810,693 over the last ninety days. Corporate insiders own 26.81% of the company’s stock.

Wayfair Trading Down 5.2 %

W opened at $32.10 on Tuesday. Wayfair Inc. has a 1 year low of $29.68 and a 1 year high of $76.18. The stock has a fifty day moving average price of $41.03 and a 200 day moving average price of $45.20. The stock has a market cap of $4.07 billion, a price-to-earnings ratio of -7.98 and a beta of 3.44.

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

Wayfair 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.