Northern Trust Corp Cuts Stock Holdings in Warby Parker Inc. $WRBY

Key Points

• Northern Trust Corp decreased its stake in Warby Parker Inc. by 2.7% during the 1st quarter, retaining 789,080 shares valued at approximately $14.39 million.
• Research firms have varying ratings for Warby Parker, with a consensus rating of Moderate Buy and an average price target of $24.06.
• Insider sales were reported, including CEO Neil Harris Blumenthal selling 50,000 shares, reflecting a significant decrease of 63.82% in his ownership.

Northern Trust Corp lessened its position in Warby Parker Inc. (NYSE:WRBY - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 789,080 shares of the company's stock after selling 21,958 shares during the period. Northern Trust Corp owned about 0.76% of Warby Parker worth $14,385,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Comerica Bank increased its holdings in Warby Parker by 153.1% during the fourth quarter. Comerica Bank now owns 2,291 shares of the company's stock valued at $55,000 after buying an additional 1,386 shares during the last quarter. New York State Teachers Retirement System purchased a new stake in Warby Parker during the first quarter valued at approximately $27,000. Charles Schwab Investment Management Inc. increased its holdings in Warby Parker by 0.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 744,589 shares of the company's stock valued at $13,574,000 after buying an additional 2,039 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Warby Parker by 5.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,393 shares of the company's stock valued at $1,220,000 after buying an additional 2,494 shares during the last quarter. Finally, Knights of Columbus Asset Advisors LLC increased its holdings in Warby Parker by 2.7% during the first quarter. Knights of Columbus Asset Advisors LLC now owns 98,343 shares of the company's stock valued at $1,793,000 after buying an additional 2,611 shares during the last quarter. Institutional investors own 93.24% of the company's stock.

Wall Street Analysts Forecast Growth

WRBY has been the subject of a number of research reports. Wall Street Zen cut shares of Warby Parker from a "buy" rating to a "hold" rating in a report on Sunday. Citigroup reissued a "neutral" rating and issued a $22.00 price objective (up from $17.00) on shares of Warby Parker in a research note on Wednesday, May 21st. Stifel Nicolaus increased 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. TD Securities increased their price objective on shares of Warby Parker from $20.00 to $24.00 and gave the stock a "buy" rating in a research note on Wednesday, May 21st. Finally, Citizens Jmp cut shares of Warby Parker from an "outperform" rating to a "market perform" rating in a research note on Thursday, July 10th. Eleven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, Warby Parker has a consensus rating of "Moderate Buy" and an average price target of $24.06.

Insider Buying and Selling at Warby Parker

In other news, Director Teresa Briggs sold 6,000 shares of the firm's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $23.56, for a total value of $141,360.00. Following the completion of the sale, the director owned 44,879 shares in the company, valued at approximately $1,057,349.24. This trade represents a 11.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $25.11, for a total transaction of $1,255,500.00. Following the completion of the sale, the chief executive officer owned 28,347 shares of the company's stock, valued at $711,793.17. This trade represents a 63.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 106,000 shares of company stock valued at $2,607,280 in the last quarter. 18.24% of the stock is owned by company insiders.

Warby Parker Trading Down 1.0%

Shares of NYSE:WRBY traded down $0.27 during midday trading on Tuesday, reaching $26.48. 275,499 shares of the company were exchanged, compared to its average volume of 2,167,255. The business's fifty day moving average is $24.50 and its two-hundred day moving average is $21.00. Warby Parker Inc. has a one year low of $13.48 and a one year high of $29.73. The stock has a market cap of $2.79 billion, a PE ratio of -378.57 and a beta of 2.10.

Warby Parker 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.