New York State Common Retirement Fund Reduces Position in Wayfair Inc. (NYSE:W)

New York State Common Retirement Fund reduced its stake in shares of Wayfair Inc. (NYSE:W - Free Report) by 10.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 45,259 shares of the company's stock after selling 5,500 shares during the quarter. New York State Common Retirement Fund's holdings in Wayfair were worth $1,450,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Southpoint Capital Advisors LP raised its position in Wayfair by 100.0% in the 4th quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company's stock worth $124,096,000 after buying an additional 1,400,000 shares during the last quarter. Capital World Investors increased its position in shares of Wayfair by 6.2% during the 4th quarter. Capital World Investors now owns 13,506,200 shares of the company's stock valued at $598,596,000 after purchasing an additional 782,757 shares during the last quarter. Norges Bank purchased a new stake in shares of Wayfair during the 4th quarter valued at about $31,472,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Wayfair during the 4th quarter valued at about $30,735,000. Finally, Renaissance Technologies LLC increased its position in shares of Wayfair by 17.9% during the 4th quarter. Renaissance Technologies LLC now owns 3,834,667 shares of the company's stock valued at $169,952,000 after purchasing an additional 581,000 shares during the last quarter. 89.67% of the stock is owned by hedge funds and other institutional investors.

Wayfair Price Performance

Shares of W stock traded up $2.28 during midday trading on Friday, hitting $65.35. The company had a trading volume of 3,573,907 shares, compared to its average volume of 4,385,312. The company's 50 day simple moving average is $49.16 and its 200 day simple moving average is $41.38. Wayfair Inc. has a 52-week low of $20.41 and a 52-week high of $65.42. The stock has a market cap of $8.39 billion, a price-to-earnings ratio of -22.93 and a beta of 2.97.

Wayfair (NYSE:W - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.24. The company had revenue of $2.73 billion during the quarter, compared to analysts' expectations of $2.71 billion. During the same quarter last year, the business posted ($0.32) earnings per share. The company's revenue for the quarter was up .0% compared to the same quarter last year. Analysts anticipate that Wayfair Inc. will post -2.54 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on W shares. Wells Fargo & Company upped their price target on shares of Wayfair from $50.00 to $65.00 and gave the company an "overweight" rating in a research report on Wednesday. Jefferies Financial Group reaffirmed a "buy" rating on shares of Wayfair in a research report on Tuesday, July 1st. Guggenheim reduced their target price on shares of Wayfair from $60.00 to $50.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Canaccord Genuity Group reduced their target price on shares of Wayfair from $68.00 to $58.00 and set a "buy" rating for the company in a report on Monday, April 28th. Finally, Stifel Nicolaus reduced their target price on shares of Wayfair from $46.00 to $29.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, twelve have given a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $48.38.

Insider Activity

In other news, insider Steven Conine sold 60,000 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $56.02, for a total value of $3,361,200.00. Following the completion of the sale, the insider directly owned 169,073 shares of the company's stock, valued at $9,471,469.46. This trade represents a 26.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jon Blotner sold 13,857 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $56.45, for a total value of $782,227.65. Following the completion of the sale, the insider directly owned 91,263 shares of the company's stock, valued at $5,151,796.35. This represents a 13.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 800,731 shares of company stock valued at $40,152,384 in the last three months. 21.91% of the stock is currently owned by company insiders.

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.