Principal Financial Group Inc. Sells 743 Shares of Wayfair Inc. (NYSE:W)

Principal Financial Group Inc. cut its position in shares of Wayfair Inc. (NYSE:W) by 10.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,122 shares of the company’s stock after selling 743 shares during the period. Principal Financial Group Inc.’s holdings in Wayfair were worth $344,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. International Assets Investment Management LLC acquired a new position in Wayfair in the 2nd quarter valued at about $58,000. Comerica Bank lifted its holdings in shares of Wayfair by 210.9% during the 1st quarter. Comerica Bank now owns 1,222 shares of the company’s stock worth $83,000 after acquiring an additional 829 shares during the period. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Wayfair during the 2nd quarter worth approximately $109,000. Quarry LP lifted its holdings in shares of Wayfair by 880.0% during the 2nd quarter. Quarry LP now owns 2,548 shares of the company’s stock worth $134,000 after acquiring an additional 2,288 shares during the period. Finally, AM Squared Ltd bought a new stake in shares of Wayfair during the 2nd quarter worth approximately $142,000. 89.67% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Jon Blotner sold 4,600 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $53.60, for a total value of $246,560.00. Following the completion of the sale, the insider now directly owns 52,078 shares in the company, valued at $2,791,380.80. This represents a 8.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven Conine sold 30,000 shares of the stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $42.31, for a total value of $1,269,300.00. Following the sale, the insider now owns 179,073 shares of the company’s stock, valued at approximately $7,576,578.63. The trade was a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,868 shares of company stock worth $3,272,548. Company insiders own 26.81% of the company’s stock.

Wayfair Stock Up 3.3 %

Shares of Wayfair stock opened at $44.03 on Monday. The stock’s fifty day moving average is $47.86 and its 200-day moving average is $50.72. The firm has a market capitalization of $5.52 billion, a PE ratio of -9.81 and a beta of 3.46. Wayfair Inc. has a 12-month low of $37.35 and a 12-month high of $76.18.

Wayfair (NYSE:W) last posted its quarterly earnings data on Friday, November 1st. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.09. The business had revenue of $2.88 billion for the quarter, compared to analyst estimates of $2.87 billion. Wayfair’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.38) EPS. Analysts expect that Wayfair Inc. will post -2.92 EPS for the current year.

Wall Street Analyst Weigh In

W has been the topic of a number of recent research reports. Wedbush cut their price target on shares of Wayfair from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. The Goldman Sachs Group lowered their price target on shares of Wayfair from $67.00 to $54.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Bank of America lowered shares of Wayfair from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $85.00 to $58.00 in a report on Thursday, August 1st. Citigroup cut their price objective on shares of Wayfair from $70.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Wayfair from $80.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Wayfair has a consensus rating of “Moderate Buy” and an average target price of $60.28.

Wayfair Company 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.