Bank of New York Mellon Corp Sells 40,033 Shares of Wayfair Inc. $W

Bank of New York Mellon Corp reduced its stake in Wayfair Inc. (NYSE:W) by 13.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 258,501 shares of the company’s stock after selling 40,033 shares during the period. Bank of New York Mellon Corp owned 0.20% of Wayfair worth $13,220,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Alyeska Investment Group L.P. grew its stake in Wayfair by 681.8% in the 1st quarter. Alyeska Investment Group L.P. now owns 5,462,651 shares of the company’s stock valued at $174,969,000 after buying an additional 4,763,944 shares during the last quarter. Southpoint Capital Advisors LP boosted its holdings in shares of Wayfair by 42.9% during the first quarter. Southpoint Capital Advisors LP now owns 4,000,000 shares of the company’s stock worth $128,120,000 after acquiring an additional 1,200,000 shares during the period. Beck Bode LLC bought a new stake in shares of Wayfair during the first quarter worth approximately $13,322,000. MetLife Investment Management LLC grew its position in shares of Wayfair by 18,338.6% in the first quarter. MetLife Investment Management LLC now owns 308,478 shares of the company’s stock valued at $9,881,000 after purchasing an additional 306,805 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Wayfair by 111.7% during the first quarter. AQR Capital Management LLC now owns 524,072 shares of the company’s stock worth $16,786,000 after purchasing an additional 276,471 shares during the period. Institutional investors and hedge funds own 89.67% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on W shares. Barclays increased their price objective on Wayfair from $70.00 to $104.00 and gave the stock a “positive” rating in a research report on Wednesday, October 29th. Needham & Company LLC upped their price target on shares of Wayfair from $83.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Raymond James Financial lifted their price objective on shares of Wayfair from $90.00 to $130.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, October 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Wayfair in a research report on Wednesday, October 8th. Finally, Citigroup raised their target price on shares of Wayfair from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Wayfair presently has an average rating of “Moderate Buy” and an average price target of $105.57.

Insiders Place Their Bets

In related news, insider Steven Conine sold 120,000 shares of the firm’s stock in a transaction dated Thursday, October 23rd. The stock was sold at an average price of $82.17, for a total value of $9,860,400.00. Following the sale, the insider directly owned 169,073 shares of the company’s stock, valued at $13,892,728.41. This trade represents a 41.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Niraj Shah sold 120,000 shares of Wayfair stock in a transaction dated Thursday, October 23rd. The shares were sold at an average price of $82.17, for a total value of $9,860,400.00. Following the completion of the transaction, the chief executive officer owned 169,137 shares in the company, valued at approximately $13,897,987.29. This represents a 41.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 655,959 shares of company stock worth $56,485,774 over the last 90 days. Corporate insiders own 21.91% of the company’s stock.

Wayfair Trading Down 3.7%

NYSE W opened at $95.82 on Wednesday. The firm’s 50 day simple moving average is $90.70 and its 200 day simple moving average is $68.98. The firm has a market capitalization of $12.49 billion, a price-to-earnings ratio of -37.43 and a beta of 3.03. Wayfair Inc. has a 1 year low of $20.41 and a 1 year high of $114.92.

Wayfair (NYSE:W) last announced its quarterly earnings data on Tuesday, October 28th. The company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.44 by $0.26. The firm had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.01 billion. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.22 earnings per share. On average, equities research analysts forecast that Wayfair Inc. will post -2.54 earnings per share for the current year.

Wayfair Profile

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.