Arrowstreet Capital Limited Partnership Has $148.16 Million Stock Holdings in Wayfair Inc. $W

Key Points

• Arrowstreet Capital reduced its Wayfair stake by 30.3% in the first quarter, selling 855,673 shares and ending with 1,969,981 shares valued at about $148.2 million.
• Wayfair reported Q1 earnings of $0.26 per share, matching expectations, while revenue of $2.93 billion beat estimates and rose 7.4% year over year.
• Analysts remain cautiously positive on the stock, with a Moderate Buy consensus and an average price target of $100.36, though several firms recently trimmed their targets.

Arrowstreet Capital Limited Partnership lowered its position in Wayfair Inc. (NYSE:W - Free Report) by 30.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,969,981 shares of the company's stock after selling 855,673 shares during the quarter. Arrowstreet Capital Limited Partnership owned 1.49% of Wayfair worth $148,162,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Capital World Investors increased its holdings in Wayfair by 0.6% in the 4th quarter. Capital World Investors now owns 13,457,158 shares of the company's stock valued at $1,351,237,000 after buying an additional 82,584 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Wayfair by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 9,634,757 shares of the company's stock worth $967,426,000 after acquiring an additional 72,707 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Wayfair by 3.5% during the 4th quarter. Renaissance Technologies LLC now owns 5,407,325 shares of the company's stock worth $542,950,000 after acquiring an additional 180,558 shares during the period. Janus Henderson Group PLC boosted its position in shares of Wayfair by 4.9% during the 4th quarter. Janus Henderson Group PLC now owns 3,570,475 shares of the company's stock valued at $358,514,000 after acquiring an additional 166,855 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Wayfair by 10.8% during the 4th quarter. Geode Capital Management LLC now owns 1,903,219 shares of the company's stock valued at $191,145,000 after acquiring an additional 185,897 shares in the last quarter. Institutional investors and hedge funds own 89.67% of the company's stock.

Insider Buying and Selling at Wayfair

In related news, insider Jon Blotner sold 5,925 shares of the firm's stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $96.29, for a total transaction of $570,518.25. Following the sale, the insider owned 117,344 shares of the company's stock, valued at approximately $11,299,053.76. This trade represents a 4.81% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 Price Performance

Shares of NYSE W opened at $84.01 on Friday. Wayfair Inc. has a fifty-two week low of $55.60 and a fifty-two week high of $119.98. The firm has a market capitalization of $11.09 billion, a P/E ratio of -35.90, a P/E/G ratio of 4.66 and a beta of 2.96. The company's 50 day simple moving average is $81.25 and its 200 day simple moving average is $83.09.

Wayfair (NYSE:W - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The company reported $0.26 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.26. The business had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.89 billion. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.The firm's revenue was up 7.4% on a year-over-year basis. During the same period last year, the company earned $0.10 EPS. Sell-side analysts expect that Wayfair Inc. will post 0.6 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on W. Canaccord Genuity Group dropped their price objective on Wayfair from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Friday, May 1st. Truist Financial set a $99.00 target price on shares of Wayfair in a report on Monday, June 8th. The Goldman Sachs Group set a $79.00 target price on shares of Wayfair in a research report on Friday, May 1st. TD Cowen cut their price target on shares of Wayfair from $88.00 to $75.00 and set a "hold" rating for the company in a report on Thursday, April 30th. Finally, Morgan Stanley set a $110.00 price target on shares of Wayfair in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $100.36.

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.

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