Raymond James Financial Inc. Has $3.56 Million Stake in Wayfair Inc. $W

Key Points

• Raymond James Financial Inc. reduced its stake in Wayfair Inc. by 23.8%, owning 111,001 shares worth approximately $3.56 million after selling 34,592 shares.
• Several institutional investors increased their stakes in Wayfair, with Southpoint Capital Advisors LP growing its shareholding by 100% to 2.8 million shares, valuing it at $124 million.
• Wayfair reported $0.87 earnings per share for the quarter, exceeding expectations, with revenue of $3.27 billion, which was up 5% year-over-year.

Raymond James Financial Inc. decreased its holdings in Wayfair Inc. (NYSE:W - Free Report) by 23.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 111,001 shares of the company's stock after selling 34,592 shares during the quarter. Raymond James Financial Inc. owned 0.09% of Wayfair worth $3,555,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Southpoint Capital Advisors LP raised its stake in shares of Wayfair by 100.0% in the 4th quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company's stock valued at $124,096,000 after buying an additional 1,400,000 shares in the last quarter. Charles Schwab Investment Management Inc. raised 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 buying an additional 2,736 shares in the last quarter. Northern Trust Corp raised its stake in shares of Wayfair by 11.4% in the 4th quarter. Northern Trust Corp now owns 463,457 shares of the company's stock valued at $20,540,000 after buying an additional 47,326 shares in the last quarter. Two Sigma Advisers LP raised its stake in shares of Wayfair by 195.6% in the 4th quarter. Two Sigma Advisers LP now owns 412,000 shares of the company's stock valued at $18,260,000 after buying an additional 272,600 shares in the last quarter. Finally, Ensign Peak Advisors Inc raised its stake in shares of Wayfair by 10.8% in the 4th quarter. Ensign Peak Advisors Inc now owns 235,886 shares of the company's stock valued at $10,454,000 after buying an additional 23,000 shares in the last quarter. Institutional investors and hedge funds own 89.67% of the company's stock.

Wayfair Price Performance

NYSE W traded down $2.48 on Monday, hitting $87.13. 5,056,912 shares of the stock were exchanged, compared to its average volume of 4,408,760. The company has a market capitalization of $11.30 billion, a PE ratio of -36.30 and a beta of 2.95. The business's fifty day moving average is $68.57 and its 200 day moving average is $47.72. Wayfair Inc. has a 52 week low of $20.41 and a 52 week high of $90.47.

Wayfair (NYSE:W - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $0.87 earnings per share 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 the consensus estimate of $3.11 billion. Wayfair's revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.47 earnings per share. Analysts predict that Wayfair Inc. will post -2.54 EPS for the current fiscal year.

Insider Activity

In other news, CEO Niraj Shah sold 199,422 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $78.40, for a total value of $15,634,684.80. Following the transaction, the chief executive officer directly owned 544,137 shares of the company's stock, valued at $42,660,340.80. This represents a 26.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Conine sold 199,473 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $78.40, for a total transaction of $15,638,683.20. Following the completion of the transaction, the insider directly owned 544,073 shares in the company, valued at $42,655,323.20. The trade was a 26.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,240,204 shares of company stock worth $81,706,986 over the last three months. Insiders own 21.91% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Citigroup upgraded shares of Wayfair from a "neutral" rating to a "buy" rating and increased their price objective for the company from $32.00 to $93.00 in a research note on Tuesday, August 5th. Jefferies Financial Group lifted their price target on shares of Wayfair from $74.00 to $91.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. The Goldman Sachs Group lifted their price target on shares of Wayfair from $31.00 to $80.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Zelman & Associates lifted their price target on shares of Wayfair from $85.00 to $96.00 and gave the company an "outperform" rating in a report on Tuesday, August 5th. Finally, Needham & Company LLC lifted their price target on shares of Wayfair from $40.00 to $83.00 and gave the company a "buy" rating in a report on Monday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Wayfair has an average rating of "Moderate Buy" and a consensus price target 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.