Legal & General Group Plc Decreases Stock Holdings in Wayfair Inc. $W

Key Points

• Legal & General Group Plc cut its Wayfair stake by 26.1% in the fourth quarter, selling 36,404 shares and ending with 103,043 shares valued at about $10.35 million.
• Wall Street remains moderately bullish on Wayfair, with an average price target of $99.89 and a consensus rating of “Moderate Buy,” though several firms recently trimmed their targets.
• Wayfair reported mixed but improving quarterly results: earnings matched expectations at $0.26 per share, revenue came in above forecasts at $2.93 billion, and sales rose 7.4% year over year.

Legal & General Group Plc decreased its holdings in Wayfair Inc. (NYSE:W - Free Report) by 26.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 103,043 shares of the company's stock after selling 36,404 shares during the quarter. Legal & General Group Plc owned 0.08% of Wayfair worth $10,347,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Cornerstone Planning Group LLC raised its position in Wayfair by 28,200.0% in the 3rd quarter. Cornerstone Planning Group LLC now owns 283 shares of the company's stock worth $25,000 after buying an additional 282 shares during the last quarter. Webster Bank N. A. purchased a new position in Wayfair in the 4th quarter worth about $30,000. V Square Quantitative Management LLC purchased a new position in Wayfair in the 4th quarter worth about $33,000. EverSource Wealth Advisors LLC raised its position in Wayfair by 393.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 819 shares of the company's stock worth $42,000 after buying an additional 653 shares during the last quarter. Finally, True Wealth Design LLC raised its position in Wayfair by 37.7% in the 4th quarter. True Wealth Design LLC now owns 449 shares of the company's stock worth $45,000 after buying an additional 123 shares during the last quarter. Hedge funds and other institutional investors own 89.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on W. Stifel Nicolaus decreased their target price on Wayfair from $100.00 to $89.00 and set a "hold" rating for the company in a research report on Friday, February 20th. UBS Group cut their price target on Wayfair from $130.00 to $115.00 and set a "buy" rating for the company in a research note on Friday, May 1st. The Goldman Sachs Group set a $79.00 price target on Wayfair in a research note on Friday, May 1st. Guggenheim restated a "buy" rating and set a $100.00 price target on shares of Wayfair in a research note on Wednesday, May 20th. Finally, JPMorgan Chase & Co. cut their price target on Wayfair from $114.00 to $105.00 and set an "overweight" rating for the company in a research note on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Wayfair has an average rating of "Moderate Buy" and an average target price of $99.89.

Wayfair Stock Down 4.0%

Wayfair stock opened at $69.45 on Thursday. The business has a 50-day simple moving average of $70.89 and a two-hundred day simple moving average of $86.96. The company has a market cap of $9.17 billion, a P/E ratio of -29.68, a P/E/G ratio of 3.80 and a beta of 3.02. Wayfair Inc. has a 52-week low of $42.63 and a 52-week high of $119.98.

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

Insider Activity at Wayfair

In related news, Director Steven Conine sold 112,861 shares of the business's stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $77.50, for a total transaction of $8,746,727.50. Following the completion of the transaction, the director directly owned 436,212 shares in the company, valued at approximately $33,806,430. The trade was a 20.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jon Blotner sold 4,790 shares of the business's 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 transaction, the insider owned 111,158 shares of the company's stock, valued at approximately $8,024,496.02. This trade represents a 4.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 463,785 shares of company stock worth $35,864,224. 18.44% of the stock is owned by company insiders.

Wayfair Profile

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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