Fred Alger Management LLC Has $10.10 Million Position in Wayfair Inc. $W

Fred Alger Management LLC lessened its holdings in shares of Wayfair Inc. (NYSE:W) by 27.1% in the third quarter, HoldingsChannel.com reports. The firm owned 113,092 shares of the company’s stock after selling 41,996 shares during the period. Fred Alger Management LLC’s holdings in Wayfair were worth $10,103,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of W. Cornerstone Planning Group LLC lifted its stake in shares of Wayfair by 28,200.0% in the third quarter. Cornerstone Planning Group LLC now owns 283 shares of the company’s stock valued at $25,000 after buying an additional 282 shares in the last quarter. True Wealth Design LLC increased its position in shares of Wayfair by 250.5% during the third quarter. True Wealth Design LLC now owns 326 shares of the company’s stock worth $29,000 after acquiring an additional 233 shares in the last quarter. Global Retirement Partners LLC increased its position in shares of Wayfair by 156.3% during the third quarter. Global Retirement Partners LLC now owns 328 shares of the company’s stock worth $29,000 after acquiring an additional 200 shares in the last quarter. Comerica Bank raised its holdings in shares of Wayfair by 56.5% in the 3rd quarter. Comerica Bank now owns 634 shares of the company’s stock worth $57,000 after acquiring an additional 229 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new position in Wayfair in the 3rd quarter valued at about $65,000. Institutional investors and hedge funds own 89.67% of the company’s stock.

Insider Buying and Selling at Wayfair

In other news, insider Steven Conine sold 26,950 shares of the firm’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $78.86, for a total transaction of $2,125,277.00. Following the completion of the sale, the insider directly owned 169,073 shares of the company’s stock, valued at $13,333,096.78. This trade represents a 13.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Fiona Tan sold 9,000 shares of Wayfair stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $119.00, for a total value of $1,071,000.00. Following the sale, the chief technology officer owned 200,328 shares in the company, valued at $23,839,032. The trade was a 4.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 890,494 shares of company stock valued at $86,493,261 in the last ninety days. 21.91% of the stock is owned by corporate insiders.

Wayfair Stock Performance

NYSE:W opened at $79.11 on Tuesday. Wayfair Inc. has a 52 week low of $20.41 and a 52 week high of $119.98. The firm has a 50-day moving average price of $93.50 and a two-hundred day moving average price of $93.75. The firm has a market cap of $10.34 billion, a price-to-earnings ratio of -32.55, a price-to-earnings-growth ratio of 5.61 and a beta of 3.40.

Wayfair (NYSE:W) last announced its earnings results on Thursday, February 19th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.21. The firm had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.30 billion. Wayfair had a negative return on equity of 1.52% and a negative net margin of 2.51%.The company’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.25) EPS. As a group, sell-side analysts forecast that Wayfair Inc. will post -2.54 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Wall Street Zen downgraded Wayfair from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. Citigroup dropped their target price on Wayfair from $135.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Wedbush cut their target price on Wayfair from $100.00 to $85.00 and set a “neutral” rating on the stock in a research report on Friday, February 20th. UBS Group reiterated a “buy” rating on shares of Wayfair in a report on Tuesday, February 17th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Wayfair in a research report on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $104.62.

Wayfair Company Profile

Wayfair Inc (NYSE: W) is an e-commerce company focused on home furnishings and décor. Through its platform, Wayfair offers a broad assortment of furniture, lighting, home textiles, kitchenware and decorative accessories. The company’s portfolio includes flagship sites such as Wayfair.com, as well as specialty retail brands like Joss & Main, AllModern, Birch Lane and Perigold, each catering to distinct design styles and price points.

Founded in 2002 by Niraj Shah and Steve Conine under the name CSN Stores, the business rebranded as Wayfair in 2011 and went public in 2014.