Lord Abbett & CO. LLC Has $6.58 Million Position in Warby Parker Inc. (NYSE:WRBY)

Key Points

• Lord Abbett & CO. LLC increased its holdings in Warby Parker Inc. by 7.6% during the first quarter, bringing its total to approximately 361,183 shares valued at $6.58 million.
• As of now, 93.24% of Warby Parker's stock is owned by institutional investors and hedge funds, indicating significant institutional interest in the company.
• Brokerages have updated their ratings, with Stifel Nicolaus raising its price target from $21.00 to $22.00 and Telsey Advisory Group setting a target of $28.00, resulting in a consensus rating of "Moderate Buy" for the stock.

Lord Abbett & CO. LLC increased its holdings in shares of Warby Parker Inc. (NYSE:WRBY - Free Report) by 7.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 361,183 shares of the company's stock after acquiring an additional 25,624 shares during the quarter. Lord Abbett & CO. LLC owned about 0.35% of Warby Parker worth $6,584,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in WRBY. Durable Capital Partners LP increased its position in Warby Parker by 10.3% during the 4th quarter. Durable Capital Partners LP now owns 9,017,825 shares of the company's stock worth $218,322,000 after buying an additional 840,797 shares during the period. Jennison Associates LLC raised its stake in Warby Parker by 23.7% in the 1st quarter. Jennison Associates LLC now owns 2,174,158 shares of the company's stock worth $39,635,000 after purchasing an additional 416,797 shares in the last quarter. D. E. Shaw & Co. Inc. raised its stake in Warby Parker by 12.4% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,809,294 shares of the company's stock worth $43,803,000 after purchasing an additional 199,235 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Warby Parker by 5.4% in the 1st quarter. Bank of New York Mellon Corp now owns 1,721,215 shares of the company's stock worth $31,378,000 after purchasing an additional 88,874 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in Warby Parker in the 1st quarter worth about $30,549,000. 93.24% of the stock is owned by institutional investors and hedge funds.

Warby Parker Stock Up 1.5%

Shares of WRBY stock opened at $27.24 on Friday. Warby Parker Inc. has a twelve month low of $12.69 and a twelve month high of $29.73. The company has a market cap of $2.87 billion, a P/E ratio of -389.09 and a beta of 2.09. The business has a fifty day simple moving average of $23.10 and a 200 day simple moving average of $21.03.

Analyst Ratings Changes

Several brokerages have weighed in on WRBY. Stifel Nicolaus lifted their price objective on shares of Warby Parker from $21.00 to $22.00 and gave the stock a "hold" rating in a research note on Friday, August 8th. Telsey Advisory Group reiterated an "outperform" rating and issued a $28.00 price objective on shares of Warby Parker in a research note on Thursday, August 7th. TD Securities increased their target price on Warby Parker from $20.00 to $24.00 and gave the stock a "buy" rating in a report on Wednesday, May 21st. Roth Capital set a $24.00 target price on Warby Parker and gave the stock a "neutral" rating in a report on Tuesday, August 5th. Finally, Robert W. Baird set a $30.00 target price on Warby Parker and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.06.

Insider Buying and Selling

In related news, Director Teresa Briggs sold 6,000 shares of the company's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $23.56, for a total transaction of $141,360.00. Following the completion of the sale, the director directly owned 44,879 shares in the company, valued at $1,057,349.24. This represents a 11.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $25.11, for a total value of $1,255,500.00. Following the completion of the transaction, the chief executive officer owned 28,347 shares of the company's stock, valued at $711,793.17. This represents a 63.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 139,073 shares of company stock worth $3,265,433 in the last ninety days. 18.24% of the stock is owned by insiders.

Warby Parker Company Profile

Warby Parker Inc provides eyewear products in the United States and Canada. The company offers eyeglasses, sunglasses, light-responsive lenses, blue-light-filtering lenses, non-prescription lenses, and contact lenses. It also provides accessories, such as cases, lenses kit with anti-fog spray, pouches, and anti-fog lens spray through its retail stores, website, and mobile apps.

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