California State Teachers Retirement System Buys 10,948,909 Shares of Wayfair Inc. $W

Key Points

• California State Teachers Retirement System dramatically increased its Wayfair stake by purchasing 10.95 million shares, bringing its total holdings to 11.07 million shares, or approximately 8.39% of the company.
• Analysts maintain a generally positive outlook, with Wayfair carrying a consensus “Moderate Buy” rating and an average price target of $119.89; several firms recently raised their targets, including UBS to $156.
• Wayfair’s latest quarterly results exceeded expectations, with adjusted EPS of $0.95 versus $0.90 expected and revenue of $3.52 billion, up 7.5% year over year. Meanwhile, insiders sold approximately $15.5 million of stock over the past 90 days.

California State Teachers Retirement System boosted its stake in Wayfair Inc. (NYSE:W - Free Report) by 9,141.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,068,681 shares of the company's stock after purchasing an additional 10,948,909 shares during the period. California State Teachers Retirement System owned about 8.39% of Wayfair worth $1,022,967,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in W. Larson Financial Group LLC boosted its stake in shares of Wayfair by 30.0% during the 3rd quarter. Larson Financial Group LLC now owns 520 shares of the company's stock valued at $46,000 after purchasing an additional 120 shares in the last quarter. Parallel Advisors LLC raised its stake in Wayfair by 12.8% in the fourth quarter. Parallel Advisors LLC now owns 1,400 shares of the company's stock worth $141,000 after buying an additional 159 shares in the last quarter. Flynn Zito Capital Management LLC raised its stake in Wayfair by 6.4% in the first quarter. Flynn Zito Capital Management LLC now owns 2,775 shares of the company's stock worth $209,000 after buying an additional 168 shares in the last quarter. Utah Retirement Systems lifted its holdings in Wayfair by 3.3% in the fourth quarter. Utah Retirement Systems now owns 5,194 shares of the company's stock worth $522,000 after buying an additional 168 shares during the period. Finally, Daiwa Securities Group Inc. lifted its holdings in Wayfair by 3.0% in the second quarter. Daiwa Securities Group Inc. now owns 6,882 shares of the company's stock worth $352,000 after buying an additional 200 shares during the period. Hedge funds and other institutional investors own 89.67% of the company's stock.

Insider Transactions at Wayfair

In other news, insider Jon Blotner sold 6,968 shares of the stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $100.22, for a total transaction of $698,332.96. Following the sale, the insider owned 110,376 shares in the company, valued at $11,061,882.72. This represents a 5.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Conine sold 69,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $103.36, for a total transaction of $7,131,840.00. Following the sale, the director directly owned 360,073 shares of the company's stock, valued at $37,217,145.28. This trade represents a 16.08% 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. Over the last 90 days, insiders have sold 150,893 shares of company stock worth $15,532,531. Corporate insiders own 18.44% of the company's stock.

Analyst Ratings Changes

W has been the subject of several research reports. Royal Bank Of Canada increased their target price on Wayfair from $78.00 to $92.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 5th. Wells Fargo & Company lifted their price target on Wayfair from $100.00 to $130.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. Robert W. Baird set a $116.00 price objective on Wayfair in a report on Wednesday, August 5th. UBS Group raised their price objective on Wayfair from $118.00 to $156.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Finally, Needham & Company LLC boosted their target price on shares of Wayfair from $83.00 to $133.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Wayfair currently has a consensus rating of "Moderate Buy" and an average target price of $119.89.

Wayfair Stock Up 1.3%

Wayfair stock opened at $98.73 on Friday. Wayfair Inc. has a twelve month low of $55.60 and a twelve month high of $119.98. The company has a market capitalization of $13.03 billion, a P/E ratio of -40.14, a PEG ratio of 3.54 and a beta of 2.99. The stock's 50 day moving average is $96.67 and its 200 day moving average is $82.69.

Wayfair (NYSE:W - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $0.95 EPS for the quarter, topping analysts' consensus estimates of $0.90 by $0.05. The firm had revenue of $3.52 billion for the quarter, compared to analysts' expectations of $3.47 billion. Wayfair had a negative return on equity of 3.40% and a negative net margin of 2.49%.The company's quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.87 earnings per share. As a group, equities analysts expect that Wayfair Inc. will post 0.93 EPS for the current year.

About Wayfair

Wayfair Inc is an e-commerce company focused on furniture, home furnishings and décor. Its online platform offers a broad assortment of products for rooms throughout the home, including furniture, mattresses, rugs, lighting, kitchen and dining items, outdoor furnishings, home improvement products and décor.

The company operates through the Wayfair brand and specialized retail brands such as Joss & Main, AllModern, Birch Lane and Perigold. It also serves business customers through Wayfair Professional, which provides products and services for commercial, hospitality and design-related projects.

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