1,174,915 Shares in Wayfair Inc. $W Acquired by Norges Bank

Key Points

• Norges Bank opened a new position in Wayfair, buying 1,174,915 shares worth about $117.97 million and ending with 0.90% ownership, according to its latest SEC filing.
• Institutional ownership remains heavy, with 89.67% of Wayfair shares held by institutional investors. Several other funds also added or initiated positions in the company.
• Wayfair beat Wall Street’s revenue and earnings expectations for the quarter, posting $2.93 billion in revenue and $0.26 EPS as shares traded up 4.4%; analysts currently rate the stock a Moderate Buy with a consensus target of $99.89.

Norges Bank acquired a new position in shares of Wayfair Inc. (NYSE:W - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 1,174,915 shares of the company's stock, valued at approximately $117,973,000. Norges Bank owned 0.90% of Wayfair as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Capital World Investors raised its holdings in shares of Wayfair by 4.1% in the third quarter. Capital World Investors now owns 13,374,574 shares of the company's stock valued at $1,194,750,000 after acquiring an additional 521,240 shares in the last quarter. Covenant Asset Management LLC bought a new position in Wayfair during the 4th quarter worth about $4,403,000. Baader Bank Aktiengesellschaft bought a new position in Wayfair during the 3rd quarter worth about $1,107,000. WINTON GROUP Ltd purchased a new position in Wayfair during the 3rd quarter valued at about $2,635,000. Finally, Quantbot Technologies LP purchased a new position in Wayfair during the 3rd quarter valued at about $1,958,000. 89.67% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

W has been the subject of several research reports. Stifel Nicolaus lowered their price target on shares of Wayfair from $100.00 to $89.00 and set a "hold" rating for the company in a research report on Friday, February 20th. Guggenheim reissued a "buy" rating and set a $100.00 price objective on shares of Wayfair in a report on Wednesday, May 20th. Needham & Company LLC reduced their price objective on shares of Wayfair from $125.00 to $83.00 and set a "buy" rating for the company in a research note on Friday, May 1st. JPMorgan Chase & Co. lowered their target price on Wayfair from $114.00 to $105.00 and set an "overweight" rating for the company in a report on Friday, February 20th. Finally, Wall Street Zen cut Wayfair from a "buy" rating to a "hold" rating in a research report on Saturday, February 21st. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $99.89.

Insider Transactions at Wayfair

In related news, CEO Niraj Shah sold 6,137 shares of the stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $78.62, for a total value of $482,490.94. Following the completion of the transaction, the chief executive officer directly owned 429,137 shares of the company's stock, valued at $33,738,750.94. This trade represents a 1.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Conine sold 7,139 shares of Wayfair stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $78.55, for a total transaction of $560,768.45. Following the completion of the sale, the director owned 429,073 shares of the company's stock, valued at $33,703,684.15. This trade represents a 1.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 463,785 shares of company stock worth $35,864,224. Insiders own 18.44% of the company's stock.

Wayfair Trading Up 4.4%

Shares of W opened at $72.46 on Friday. The firm has a market cap of $9.57 billion, a PE ratio of -30.97, a P/E/G ratio of 3.65 and a beta of 3.02. Wayfair Inc. has a 12 month low of $43.69 and a 12 month high of $119.98. The stock has a fifty day moving average price of $70.83 and a 200-day moving average price of $86.75.

Wayfair (NYSE:W - Get Free Report) last announced its earnings results on Thursday, April 30th. The company reported $0.26 earnings per share for the quarter, hitting the consensus estimate of $0.26. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.The firm had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.89 billion. During the same period in the previous year, the business earned $0.10 EPS. The firm's revenue for the quarter was up 7.4% on a year-over-year basis. As a group, research analysts forecast that Wayfair Inc. will post 0.63 EPS for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.