Assenagon Asset Management S.A. Increases Holdings in Wayfair Inc. $W

Key Points

• Assenagon Asset Management dramatically increased its Wayfair stake in the first quarter, buying 573,401 additional shares and ending with 575,800 shares worth about $43.3 million.
• Wayfair remains heavily owned by institutions, with hedge funds and other investors holding 89.67% of the stock, while insiders own 18.44% and have sold shares in recent months, including CEO Niraj Shah.
• The company reported Q1 revenue of $2.93 billion, up 7.4% year over year, and EPS of $0.26, matching estimates; analysts currently rate the stock a Moderate Buy with an average price target of $99.68.

Assenagon Asset Management S.A. grew its position in shares of Wayfair Inc. (NYSE:W - Free Report) by 23,901.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 575,800 shares of the company's stock after buying an additional 573,401 shares during the quarter. Assenagon Asset Management S.A. owned 0.44% of Wayfair worth $43,306,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of W. Capital World Investors lifted its holdings in Wayfair by 0.6% in the fourth quarter. Capital World Investors now owns 13,457,158 shares of the company's stock valued at $1,351,237,000 after acquiring an additional 82,584 shares during the period. Vanguard Group Inc. increased its position 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 valued at $967,426,000 after purchasing an additional 72,707 shares during the last quarter. Renaissance Technologies LLC increased its position 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 valued at $542,950,000 after purchasing an additional 180,558 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Wayfair by 4.9% in the 4th quarter. Janus Henderson Group PLC now owns 3,570,475 shares of the company's stock worth $358,514,000 after purchasing an additional 166,855 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Wayfair by 0.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,825,654 shares of the company's stock worth $283,724,000 after purchasing an additional 8,598 shares during the period. 89.67% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Wayfair

In related news, CEO Niraj Shah sold 6,137 shares of the stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $78.62, for a total transaction of $482,490.94. Following the completion of the sale, the chief executive officer owned 429,137 shares in the company, valued at approximately $33,738,750.94. This trade represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jon Blotner sold 4,790 shares of Wayfair stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $72.19, for a total value of $345,790.10. Following the sale, the insider directly owned 111,158 shares in the company, valued at $8,024,496.02. This trade represents a 4.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 244,790 shares of company stock valued at $18,959,021 over the last ninety days. 18.44% of the stock is currently owned by company insiders.

Key Wayfair News

Here are the key news stories impacting Wayfair this week:

• Positive Sentiment: Multiple articles spotlight Wayfair’s 4-day flash sale and deep discounts on bedding, furniture, decor, storage, and outdoor products, which may be boosting shopper interest and supporting revenue growth. Article Title
• Positive Sentiment: Coverage of Wayfair’s “Prime Day” style promotion and fast delivery timing suggests the company is competing effectively on price and convenience, which can help improve conversion rates. Article Title
• Positive Sentiment: Reports describing Wayfair’s stock rebound and a “major furniture shift” may be helping investor sentiment by suggesting improving demand trends in home goods. Article Title
• Neutral Sentiment: Consumer lifestyle pieces featuring discounted products such as lanterns, grills, and sleeper sofas add visibility to Wayfair’s marketplace, but they do not materially change the investment thesis on their own. Article Title

Wayfair Price Performance

Shares of NYSE:W opened at $93.55 on Friday. The company has a market capitalization of $12.35 billion, a P/E ratio of -39.98, a P/E/G ratio of 4.88 and a beta of 3.02. Wayfair Inc. has a 1-year low of $49.25 and a 1-year high of $119.98. The firm's 50 day simple moving average is $73.10 and its two-hundred day simple moving average is $84.41.

Wayfair (NYSE:W - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The company reported $0.26 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.26. Wayfair had a negative net margin of 2.41% and a negative return on equity of 2.20%. The firm had revenue of $2.93 billion during the quarter, compared to analysts' expectations of $2.89 billion. During the same period in the prior year, the company posted $0.10 earnings per share. The company's revenue for the quarter was up 7.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Wayfair Inc. will post 0.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Robert W. Baird set a $76.00 target price on shares of Wayfair in a research report on Monday, May 4th. Mizuho decreased their price target on shares of Wayfair from $110.00 to $90.00 and set an "outperform" rating on the stock in a research report on Friday, May 8th. Guggenheim reiterated a "buy" rating and set a $100.00 price target on shares of Wayfair in a research note on Wednesday, May 20th. The Goldman Sachs Group set a $79.00 price objective on shares of Wayfair in a research report on Friday, May 1st. Finally, Citigroup reduced their price objective on Wayfair from $110.00 to $95.00 and set a "buy" rating for the company in a research note on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $99.68.

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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