Wayfair Inc. $W Position Raised by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC increased its stake in Wayfair Inc. by 40.1%, acquiring an additional 25,260 shares, bringing its total holdings to 88,264 shares valued at approximately $2.83 million.
• Wayfair's CEO Niraj Shah and founder Steven Conine sold a significant number of shares (almost 200,000 each) on August 13, representing a sizeable decrease in their ownership positions.
• Research analysts are optimistic about Wayfair, with ratings from Piper Sandler and Morgan Stanley suggesting a target price range between $70.00 and $95.00, while the consensus rating remains a "Moderate Buy."

Fred Alger Management LLC lifted its holdings in shares of Wayfair Inc. (NYSE:W - Free Report) by 40.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 88,264 shares of the company's stock after purchasing an additional 25,260 shares during the period. Fred Alger Management LLC owned 0.07% of Wayfair worth $2,827,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the business. California State Teachers Retirement System lifted its holdings in Wayfair by 0.4% in the fourth quarter. California State Teachers Retirement System now owns 87,089 shares of the company's stock valued at $3,860,000 after buying an additional 383 shares during the period. Swiss National Bank grew its position in Wayfair by 0.3% in the 1st quarter. Swiss National Bank now owns 183,300 shares of the company's stock worth $5,871,000 after purchasing an additional 600 shares in the last quarter. GAMMA Investing LLC grew its position in Wayfair by 85.8% in the 1st quarter. GAMMA Investing LLC now owns 1,319 shares of the company's stock worth $42,000 after purchasing an additional 609 shares in the last quarter. Sherbrooke Park Advisers LLC grew its position in Wayfair by 25.9% in the 4th quarter. Sherbrooke Park Advisers LLC now owns 11,083 shares of the company's stock worth $491,000 after purchasing an additional 2,281 shares in the last quarter. Finally, Scientech Research LLC grew its position in Wayfair by 11.0% in the 4th quarter. Scientech Research LLC now owns 27,184 shares of the company's stock worth $1,205,000 after purchasing an additional 2,700 shares in the last quarter. Institutional investors and hedge funds own 89.67% of the company's stock.

Wayfair Trading Down 2.7%

Shares of NYSE:W traded down $2.45 during trading on Friday, reaching $87.72. The stock had a trading volume of 3,426,229 shares, compared to its average volume of 4,240,503. Wayfair Inc. has a one year low of $20.41 and a one year high of $91.77. The company has a market capitalization of $11.37 billion, a P/E ratio of -36.55 and a beta of 2.95. The firm's 50-day simple moving average is $71.16 and its 200 day simple moving average is $48.91.

Wayfair (NYSE:W - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $0.87 EPS for the quarter, topping analysts' consensus estimates 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 firm's revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter last year, the business earned $0.47 earnings per share. Equities research analysts forecast that Wayfair Inc. will post -2.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Niraj Shah sold 85,000 shares of Wayfair stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $80.07, for a total value of $6,805,950.00. Following the transaction, the chief executive officer directly owned 459,137 shares of the company's stock, valued at $36,763,099.59. The trade was a 15.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven Conine sold 85,000 shares of Wayfair stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $80.07, for a total transaction of $6,805,950.00. Following the completion of the transaction, the insider owned 459,073 shares in the company, valued at approximately $36,757,975.11. This trade represents a 15.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,240,204 shares of company stock worth $81,706,986. 21.91% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on W shares. The Goldman Sachs Group upped their price target on shares of Wayfair from $31.00 to $80.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Needham & Company LLC increased their price target on shares of Wayfair from $40.00 to $83.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Guggenheim reissued a "buy" rating and issued a $90.00 price target on shares of Wayfair in a report on Wednesday, August 27th. Royal Bank Of Canada raised their target price on shares of Wayfair from $25.00 to $51.00 and gave the stock a "sector perform" rating in a research report on Tuesday, August 5th. Finally, Jefferies Financial Group raised their price objective on shares of Wayfair from $74.00 to $91.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $69.19.

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.