Norges Bank Buys New Shares in Wayfair Inc. $W

Norges Bank bought a new position in Wayfair Inc. (NYSE:W) in the fourth quarter, Holdings Channel.com reports. The firm bought 1,174,915 shares of the company’s stock, valued at approximately $117,973,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in W. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Wayfair by 29.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 67,023 shares of the company’s stock valued at $2,147,000 after purchasing an additional 15,084 shares during the period. Prudential Financial Inc. raised its stake in shares of Wayfair by 30.4% in the second quarter. Prudential Financial Inc. now owns 7,328 shares of the company’s stock worth $375,000 after purchasing an additional 1,710 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Wayfair by 12.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,462 shares of the company’s stock worth $126,000 after purchasing an additional 270 shares during the period. M&T Bank Corp purchased a new stake in Wayfair in the second quarter valued at approximately $262,000. Finally, EverSource Wealth Advisors LLC boosted its position in Wayfair by 393.4% in the second quarter. EverSource Wealth Advisors LLC now owns 819 shares of the company’s stock valued at $42,000 after buying an additional 653 shares during the last quarter. Institutional investors and hedge funds own 89.67% of the company’s stock.

Wayfair Stock Up 4.4%

W stock opened at $72.46 on Friday. The company’s 50-day simple moving average is $70.83 and its 200-day simple moving average is $86.75. Wayfair Inc. has a 52-week low of $43.69 and a 52-week high of $119.98. The firm has a market cap of $9.57 billion, a P/E ratio of -30.97, a PEG ratio of 3.65 and a beta of 3.02.

Wayfair (NYSE:W) last announced its quarterly earnings results on Thursday, April 30th. The company reported $0.26 earnings per share for the quarter, meeting the consensus estimate of $0.26. The firm had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.89 billion. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.Wayfair’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.10 EPS. On average, analysts anticipate that Wayfair Inc. will post 0.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Stifel Nicolaus reduced their price target on shares of Wayfair from $100.00 to $89.00 and set a “hold” rating for the company in a research report on Friday, February 20th. Truist Financial dropped their price objective on shares of Wayfair from $120.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, February 20th. Wall Street Zen lowered shares of Wayfair from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. Morgan Stanley set a $110.00 target price on shares of Wayfair in a report on Friday, May 1st. Finally, Robert W. Baird set a $76.00 target price on shares of Wayfair in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $99.89.

Insider Buying and Selling at Wayfair

In other news, Director Steven Conine sold 7,139 shares of the company’s stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $78.55, for a total transaction of $560,768.45. Following the completion of the transaction, the director directly owned 429,073 shares of the company’s stock, valued at $33,703,684.15. This represents a 1.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Niraj Shah sold 6,137 shares of the stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $78.62, for a total value of $482,490.94. Following the transaction, the chief executive officer owned 429,137 shares in the company, valued at $33,738,750.94. This trade represents a 1.41% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 463,785 shares of company stock valued at $35,864,224. Company insiders own 18.44% of the company’s stock.

Wayfair 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.