Connor Clark & Lunn Investment Management Ltd. Sells 11,867 Shares of Wayfair Inc. $W

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in Wayfair Inc. by 19.5%, leaving it with 48,840 shares valued at $1.56 million after selling 11,867 shares in the first quarter.
• Insiders, including CEO Niraj Shah and insider Steven Conine, sold significant portions of their shares on August 13th, each selling around 199,000 shares at approximately $78.40 per share, indicating a 26.82% to 26.83% decrease in their ownership.
• Analysts have set varied price targets for Wayfair, with updates from Evercore ISI and JPMorgan Chase & Co. raising their objectives to $60.00 and $82.00 respectively, with the stock holding a consensus rating of "Moderate Buy."

Connor Clark & Lunn Investment Management Ltd. reduced its position in shares of Wayfair Inc. (NYSE:W - Free Report) by 19.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 48,840 shares of the company's stock after selling 11,867 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Wayfair were worth $1,564,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in W. Swiss National Bank increased its stake in shares of Wayfair by 0.3% in the 1st quarter. Swiss National Bank now owns 183,300 shares of the company's stock valued at $5,871,000 after acquiring an additional 600 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Wayfair by 0.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,012,048 shares of the company's stock valued at $32,416,000 after acquiring an additional 2,736 shares during the last quarter. Blueshift Asset Management LLC increased its stake in shares of Wayfair by 1,754.2% in the 1st quarter. Blueshift Asset Management LLC now owns 117,517 shares of the company's stock valued at $3,764,000 after acquiring an additional 111,179 shares during the last quarter. XTX Topco Ltd increased its stake in shares of Wayfair by 225.8% in the 1st quarter. XTX Topco Ltd now owns 81,477 shares of the company's stock valued at $2,610,000 after acquiring an additional 56,470 shares during the last quarter. Finally, Heartland Advisors Inc. increased its stake in shares of Wayfair by 45.5% in the 1st quarter. Heartland Advisors Inc. now owns 80,000 shares of the company's stock valued at $2,562,000 after acquiring an additional 25,000 shares during the last quarter. 89.67% of the stock is owned by institutional investors.

Wayfair Stock Up 3.1%

Shares of NYSE W traded up $2.43 during trading hours on Wednesday, hitting $81.38. The company had a trading volume of 5,534,359 shares, compared to its average volume of 5,114,541. The stock has a market capitalization of $10.55 billion, a P/E ratio of -33.91 and a beta of 2.92. Wayfair Inc. has a 1-year low of $20.41 and a 1-year high of $81.94. The firm's 50 day moving average is $60.42 and its 200-day moving average is $44.62.

Wayfair (NYSE:W - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.33 by $0.54. The company had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.11 billion. The company's quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.47 EPS. On average, sell-side analysts predict that Wayfair Inc. will post -2.54 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on W shares. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Wayfair in a research note on Tuesday, August 5th. Evercore ISI upped their price target on Wayfair from $50.00 to $60.00 and gave the company an "outperform" rating in a research note on Tuesday, June 24th. Zelman & Associates increased their target price on Wayfair from $85.00 to $96.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Wells Fargo & Company set a $84.00 target price on Wayfair and gave the stock an "overweight" rating in a research note on Tuesday, August 5th. Finally, Wedbush reissued a "neutral" rating on shares of Wayfair in a research note on Tuesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Wayfair currently has an average rating of "Moderate Buy" and an average price target of $65.96.

Insider Buying and Selling at Wayfair

In other Wayfair news, CEO Niraj Shah sold 199,422 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $78.40, for a total transaction of $15,634,684.80. Following the transaction, the chief executive officer owned 544,137 shares in the company, valued at $42,660,340.80. This trade represents a 26.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven Conine sold 199,473 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $78.40, for a total value of $15,638,683.20. Following the transaction, the insider owned 544,073 shares in the company, valued at $42,655,323.20. The trade was a 26.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,215,789 shares of company stock worth $73,975,995 in the last quarter. Company insiders own 21.91% of the company's stock.

About Wayfair

Wayfair Inc provides e-commerce business in the United States and internationally. The company offers approximately thirty million products for the home sector. It offers online selections of furniture, décor, housewares, and home improvement products through its sites consisting of Wayfair, Joss & Main, AllModern, Birch Lane, Perigold, and Wayfair Professional.