Fred Alger Management LLC Has $10.10 Million Stock Holdings in Wayfair Inc. $W

Fred Alger Management LLC trimmed its stake in shares of Wayfair Inc. (NYSE:W) by 27.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 113,092 shares of the company’s stock after selling 41,996 shares during the quarter. Fred Alger Management LLC owned approximately 0.09% of Wayfair worth $10,103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in W. Cornerstone Planning Group LLC boosted its holdings in Wayfair by 28,200.0% in the third quarter. Cornerstone Planning Group LLC now owns 283 shares of the company’s stock valued at $25,000 after acquiring an additional 282 shares during the last quarter. True Wealth Design LLC raised its holdings in Wayfair by 250.5% during the 3rd quarter. True Wealth Design LLC now owns 326 shares of the company’s stock worth $29,000 after purchasing an additional 233 shares during the last quarter. Global Retirement Partners LLC raised its holdings in Wayfair by 156.3% during the 3rd quarter. Global Retirement Partners LLC now owns 328 shares of the company’s stock worth $29,000 after purchasing an additional 200 shares during the last quarter. Comerica Bank lifted its position in shares of Wayfair by 56.5% in the 3rd quarter. Comerica Bank now owns 634 shares of the company’s stock worth $57,000 after purchasing an additional 229 shares during the period. Finally, Harvest Fund Management Co. Ltd acquired a new position in shares of Wayfair in the 3rd quarter worth approximately $65,000. 89.67% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Niraj Shah sold 27,000 shares of the business’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $78.88, for a total value of $2,129,760.00. Following the completion of the sale, the chief executive officer directly owned 169,137 shares of the company’s stock, valued at $13,341,526.56. The trade was a 13.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Fiona Tan sold 9,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of $119.00, for a total value of $1,071,000.00. Following the transaction, the chief technology officer directly owned 200,328 shares in the company, valued at approximately $23,839,032. This trade represents a 4.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 890,494 shares of company stock worth $86,493,261 over the last 90 days. 21.91% of the stock is owned by company insiders.

Wayfair Stock Up 4.4%

Wayfair stock opened at $79.11 on Tuesday. The company has a market capitalization of $10.34 billion, a PE ratio of -32.55, a PEG ratio of 5.61 and a beta of 3.40. Wayfair Inc. has a 12-month low of $20.41 and a 12-month high of $119.98. The firm’s fifty day moving average is $93.50 and its 200 day moving average is $93.75.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, February 19th. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.21. Wayfair had a negative net margin of 2.51% and a negative return on equity of 1.52%. The business had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $3.30 billion. During the same period last year, the company posted ($0.25) earnings per share. The business’s quarterly revenue was up 6.9% on a year-over-year basis. Sell-side analysts expect that Wayfair Inc. will post -2.54 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on W. Wall Street Zen cut shares of Wayfair from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wayfair in a research report on Wednesday, January 21st. Citigroup decreased their price target on Wayfair from $135.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, February 26th. The Goldman Sachs Group set a $92.00 price objective on Wayfair in a research report on Friday, February 20th. Finally, Stifel Nicolaus dropped their price objective on Wayfair from $100.00 to $89.00 and set a “hold” rating on the stock in a research note on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $104.62.

Wayfair Company Profile

Wayfair Inc (NYSE: W) is an e-commerce company focused on home furnishings and décor. Through its platform, Wayfair offers a broad assortment of furniture, lighting, home textiles, kitchenware and decorative accessories. The company’s portfolio includes flagship sites such as Wayfair.com, as well as specialty retail brands like Joss & Main, AllModern, Birch Lane and Perigold, each catering to distinct design styles and price points.

Founded in 2002 by Niraj Shah and Steve Conine under the name CSN Stores, the business rebranded as Wayfair in 2011 and went public in 2014.