Warby Parker Inc. (NYSE:WRBY) Shares Sold by Polen Capital Management LLC

Key Points

• Polen Capital Management LLC reduced its stake in Warby Parker Inc. by 54.0%, selling 172,751 shares during the first quarter.
• Several institutional investors increased their positions, with NewEdge Advisors LLC leading the way with a 700.0% increase in holdings during the fourth quarter.
• Analysts have issued a consensus rating of "Moderate Buy" for Warby Parker, with an average price target of $24.06, reflecting optimism about the company's future performance.

Polen Capital Management LLC reduced its stake in shares of Warby Parker Inc. (NYSE:WRBY - Free Report) by 54.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 147,071 shares of the company's stock after selling 172,751 shares during the period. Polen Capital Management LLC owned 0.14% of Warby Parker worth $2,681,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Mariner LLC lifted its holdings in Warby Parker by 6.5% in the fourth quarter. Mariner LLC now owns 10,772 shares of the company's stock valued at $261,000 after acquiring an additional 660 shares during the last quarter. Summit Investment Advisors Inc. lifted its holdings in Warby Parker by 10.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 9,265 shares of the company's stock valued at $224,000 after acquiring an additional 840 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in Warby Parker by 700.0% in the fourth quarter. NewEdge Advisors LLC now owns 1,200 shares of the company's stock valued at $29,000 after acquiring an additional 1,050 shares during the last quarter. Comerica Bank lifted its holdings in Warby Parker by 153.1% in the fourth quarter. Comerica Bank now owns 2,291 shares of the company's stock valued at $55,000 after acquiring an additional 1,386 shares during the last quarter. Finally, New York State Teachers Retirement System acquired a new position in Warby Parker in the first quarter valued at approximately $27,000. 93.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on WRBY shares. BTIG Research reiterated a "buy" rating and issued a $28.00 price objective (up from $24.00) on shares of Warby Parker in a report on Thursday. TD Securities upped their price objective on Warby Parker from $20.00 to $24.00 and gave the company a "buy" rating in a report on Wednesday, May 21st. JMP Securities reiterated a "market perform" rating on shares of Warby Parker in a report on Thursday, July 10th. UBS Group reiterated a "neutral" rating and issued a $23.00 price objective (up from $20.00) on shares of Warby Parker in a report on Friday. Finally, Citigroup reissued a "neutral" rating and issued a $22.00 target price (up previously from $17.00) on shares of Warby Parker in a research report on Wednesday, May 21st. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $24.06.

Warby Parker Trading Down 0.5%

Shares of NYSE WRBY opened at $23.37 on Friday. The stock has a market cap of $2.44 billion, a P/E ratio of -333.81 and a beta of 2.09. Warby Parker Inc. has a 12-month low of $12.46 and a 12-month high of $29.73. The business's fifty day simple moving average is $22.64 and its 200-day simple moving average is $21.05.

Insider Buying and Selling at Warby Parker

In other news, CEO Neil Harris Blumenthal sold 49,600 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $24.21, for a total value of $1,200,816.00. Following the sale, the chief executive officer directly owned 28,347 shares in the company, valued at approximately $686,280.87. This trade represents a 63.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Youngme E. Moon sold 33,073 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $19.90, for a total value of $658,152.70. Following the completion of the sale, the director owned 53,869 shares in the company, valued at approximately $1,071,993.10. The trade was a 38.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 83,073 shares of company stock worth $1,868,573. Insiders own 18.24% of the company's stock.

About Warby Parker

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.

Want to see what other hedge funds are holding WRBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Warby Parker Inc. (NYSE:WRBY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.