Norges Bank Takes Position in Wayfair Inc. (NYSE:W)

Norges Bank bought a new stake in shares of Wayfair Inc. (NYSE:W) during the 4th quarter, according to its most recent filing with the SEC. The fund bought 710,098 shares of the company’s stock, valued at approximately $31,472,000. Norges Bank owned approximately 0.57% of Wayfair as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Wayfair by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 9,315,337 shares of the company’s stock worth $412,856,000 after acquiring an additional 327,603 shares in the last quarter. Groupama Asset Managment increased its position in shares of Wayfair by 100.0% during the 3rd quarter. Groupama Asset Managment now owns 1,000,000 shares of the company’s stock worth $56,180,000 after purchasing an additional 500,000 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Wayfair during the 4th quarter valued at about $6,799,000. Wellington Management Group LLP boosted its position in Wayfair by 22.4% in the third quarter. Wellington Management Group LLP now owns 1,097,822 shares of the company’s stock valued at $61,676,000 after buying an additional 201,157 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Wayfair by 5.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 44,710 shares of the company’s stock worth $1,982,000 after buying an additional 2,250 shares in the last quarter. Institutional investors and hedge funds own 89.67% of the company’s stock.

Analysts Set New Price Targets

W has been the subject of a number of research reports. Guggenheim restated a “buy” rating and issued a $60.00 target price on shares of Wayfair in a research note on Monday, March 10th. Bank of America dropped their target price on shares of Wayfair from $52.00 to $50.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. StockNews.com raised shares of Wayfair from a “sell” rating to a “hold” rating in a research note on Thursday, December 19th. Loop Capital dropped their price objective on shares of Wayfair from $55.00 to $45.00 and set a “hold” rating for the company in a research report on Friday, February 21st. Finally, Truist Financial decreased their price objective on Wayfair from $55.00 to $53.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Fifteen research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Wayfair has an average rating of “Hold” and a consensus price target of $54.84.

Insider Buying and Selling

In related news, insider Jon Blotner sold 4,521 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $46.88, for a total value of $211,944.48. Following the completion of the transaction, the insider now owns 63,568 shares of the company’s stock, valued at approximately $2,980,067.84. This trade represents a 6.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven Conine sold 30,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $48.45, for a total transaction of $1,453,500.00. Following the sale, the insider now directly owns 589,073 shares in the company, valued at $28,540,586.85. This trade represents a 4.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 146,388 shares of company stock worth $5,930,556. 26.81% of the stock is owned by corporate insiders.

Wayfair Stock Performance

Shares of W opened at $25.95 on Friday. The firm’s 50 day moving average price is $39.50 and its two-hundred day moving average price is $44.68. Wayfair Inc. has a twelve month low of $20.41 and a twelve month high of $76.18. The firm has a market cap of $3.29 billion, a P/E ratio of -6.46 and a beta of 3.72.

Wayfair (NYSE:W) last announced its earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). The company had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $3.07 billion. On average, sell-side analysts anticipate that Wayfair Inc. will post -2.54 earnings per share for the current fiscal year.

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.