Jain Global LLC Sells 693,592 Shares of Wayfair Inc. $W

Jain Global LLC reduced its position in shares of Wayfair Inc. (NYSE:W) by 73.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 245,506 shares of the company’s stock after selling 693,592 shares during the period. Jain Global LLC owned about 0.19% of Wayfair worth $21,931,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Wayfair by 29.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 67,023 shares of the company’s stock worth $2,147,000 after buying an additional 15,084 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Wayfair by 14.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 17,854 shares of the company’s stock worth $913,000 after acquiring an additional 2,296 shares in the last quarter. Vise Technologies Inc. acquired a new position in shares of Wayfair in the 2nd quarter worth approximately $367,000. Geode Capital Management LLC grew its position in Wayfair by 3.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,661,496 shares of the company’s stock worth $84,985,000 after acquiring an additional 59,083 shares during the last quarter. Finally, Creative Planning grew its position in Wayfair by 11.6% during the 2nd quarter. Creative Planning now owns 17,924 shares of the company’s stock worth $917,000 after acquiring an additional 1,863 shares during the last quarter. 89.67% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on W. Piper Sandler reiterated an “overweight” rating and issued a $125.00 price objective on shares of Wayfair in a research report on Friday, February 20th. The Goldman Sachs Group set a $92.00 target price on Wayfair in a report on Friday, February 20th. Wedbush lowered their target price on Wayfair from $100.00 to $85.00 and set a “neutral” rating for the company in a research note on Friday, February 20th. Truist Financial cut their price target on Wayfair from $120.00 to $105.00 and set a “buy” rating for the company in a report on Friday, February 20th. Finally, Evercore set a $100.00 price target on shares of Wayfair in a research report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Wayfair has a consensus rating of “Moderate Buy” and an average price target of $104.62.

Wayfair Price Performance

W stock opened at $75.69 on Monday. The company has a 50 day moving average price of $94.02 and a 200 day moving average price of $93.73. Wayfair Inc. has a fifty-two week low of $20.41 and a fifty-two week high of $119.98. The stock has a market capitalization of $9.90 billion, a PE ratio of -31.15, a price-to-earnings-growth ratio of 5.61 and a beta of 3.40.

Insider Activity at Wayfair

In related news, CEO Niraj Shah sold 27,000 shares of the firm’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $78.88, for a total value of $2,129,760.00. Following the transaction, the chief executive officer owned 169,137 shares in the company, valued at $13,341,526.56. This trade represents a 13.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Conine sold 26,950 shares of Wayfair stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $78.86, for a total value of $2,125,277.00. Following the completion of the sale, the insider owned 169,073 shares of the company’s stock, valued at approximately $13,333,096.78. The trade was a 13.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 890,494 shares of company stock valued at $86,493,261 over the last quarter. 21.91% of the stock is currently owned by corporate insiders.

About Wayfair

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.