Smith Group Asset Management LLC Has $514,000 Stock Position in Wayfair Inc. $W

Smith Group Asset Management LLC reduced its holdings in Wayfair Inc. (NYSE:W) by 59.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,831 shares of the company’s stock after selling 9,916 shares during the period. Smith Group Asset Management LLC’s holdings in Wayfair were worth $514,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Webster Bank N. A. acquired a new stake in shares of Wayfair in the fourth quarter worth $30,000. V Square Quantitative Management LLC acquired a new position in Wayfair during the 4th quarter valued at $33,000. Piper Sandler & CO. bought a new stake in Wayfair in the 4th quarter valued at $34,000. Havemeyer Place LP bought a new stake in Wayfair in the 4th quarter valued at $39,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Wayfair by 393.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 819 shares of the company’s stock valued at $42,000 after purchasing an additional 653 shares during the period. 89.67% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Wayfair news, insider Jon Blotner sold 5,925 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $96.29, for a total value of $570,518.25. Following the sale, the insider directly owned 117,344 shares in the company, valued at $11,299,053.76. This represents a 4.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 18.44% of the stock is currently owned by corporate insiders.

Wayfair Trading Down 5.7%

NYSE W opened at $89.13 on Thursday. Wayfair Inc. has a 1-year low of $55.60 and a 1-year high of $119.98. The company has a market capitalization of $11.77 billion, a price-to-earnings ratio of -38.09, a PEG ratio of 5.24 and a beta of 2.96. The stock’s 50 day moving average is $83.19 and its two-hundred day moving average is $82.54.

Wayfair (NYSE:W) last issued its earnings results on Thursday, April 30th. The company reported $0.26 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.26. The business had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.89 billion. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.Wayfair’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.10 EPS. On average, analysts predict that Wayfair Inc. will post 0.6 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on W shares. The Goldman Sachs Group set a $79.00 price objective on shares of Wayfair in a report on Friday, May 1st. Zacks Research cut shares of Wayfair from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. Wells Fargo & Company decreased their target price on Wayfair from $125.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Robert W. Baird set a $76.00 price target on Wayfair in a report on Monday, May 4th. Finally, Morgan Stanley set a $110.00 price objective on Wayfair in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $100.64.

Wayfair 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.