California Public Employees Retirement System Increases Stake in Wayfair Inc. $W

California Public Employees Retirement System grew its stake in Wayfair Inc. (NYSE:W) by 23.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 220,448 shares of the company’s stock after buying an additional 42,286 shares during the quarter. California Public Employees Retirement System owned approximately 0.17% of Wayfair worth $16,580,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its position in shares of Wayfair by 1.8% in the first quarter. Bank of New York Mellon Corp now owns 310,825 shares of the company’s stock valued at $23,377,000 after acquiring an additional 5,586 shares in the last quarter. Illinois Municipal Retirement Fund grew its position in shares of Wayfair by 42.1% during the first quarter. Illinois Municipal Retirement Fund now owns 54,309 shares of the company’s stock worth $4,085,000 after purchasing an additional 16,077 shares in the last quarter. Sanctuary Advisors LLC raised its stake in Wayfair by 13.6% during the 1st quarter. Sanctuary Advisors LLC now owns 6,108 shares of the company’s stock valued at $459,000 after purchasing an additional 732 shares during the period. Flynn Zito Capital Management LLC raised its stake in Wayfair by 6.4% during the 1st quarter. Flynn Zito Capital Management LLC now owns 2,775 shares of the company’s stock valued at $209,000 after purchasing an additional 168 shares during the period. Finally, Check Capital Management Inc. CA lifted its holdings in Wayfair by 0.5% in the 1st quarter. Check Capital Management Inc. CA now owns 167,948 shares of the company’s stock worth $12,631,000 after purchasing an additional 756 shares in the last quarter. 89.67% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on W shares. Jefferies Financial Group dropped their target price on shares of Wayfair from $86.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday, April 30th. Wells Fargo & Company reduced their price target on shares of Wayfair from $125.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Mizuho decreased their price target on shares of Wayfair from $110.00 to $90.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th. TD Cowen dropped their price objective on shares of Wayfair from $88.00 to $75.00 and set a “hold” rating for the company in a report on Thursday, April 30th. Finally, Weiss Ratings upgraded Wayfair from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $100.36.

Wayfair Trading Down 2.0%

NYSE:W opened at $82.61 on Friday. Wayfair Inc. has a twelve month low of $55.60 and a twelve month high of $119.98. The company has a market cap of $10.91 billion, a price-to-earnings ratio of -35.31, a price-to-earnings-growth ratio of 4.67 and a beta of 2.96. The stock has a fifty day simple moving average of $80.74 and a 200-day simple moving average of $83.08.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, April 30th. The company reported $0.26 EPS for the quarter, hitting analysts’ consensus estimates of $0.26. The firm had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.89 billion. Wayfair had a negative net margin of 2.41% and a negative return on equity of 2.20%. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.10 earnings per share. As a group, equities research analysts predict that Wayfair Inc. will post 0.6 EPS for the current fiscal year.

Insider Activity

In other news, insider Jon Blotner sold 5,925 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $96.29, for a total transaction of $570,518.25. Following the transaction, the insider owned 117,344 shares of the company’s stock, valued at approximately $11,299,053.76. This represents a 4.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 18.44% of the company’s stock.

About Wayfair

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.