Connor Clark & Lunn Investment Management Ltd. Invests $2.69 Million in Wayfair Inc. (NYSE:W)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Wayfair Inc. (NYSE:W) during the 4th quarter, Holdings Channel.com reports. The fund purchased 60,707 shares of the company’s stock, valued at approximately $2,691,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. J.Safra Asset Management Corp boosted its position in shares of Wayfair by 71.3% in the fourth quarter. J.Safra Asset Management Corp now owns 586 shares of the company’s stock worth $26,000 after buying an additional 244 shares during the period. GAMMA Investing LLC lifted its position in Wayfair by 65.5% during the 4th quarter. GAMMA Investing LLC now owns 710 shares of the company’s stock worth $31,000 after acquiring an additional 281 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in Wayfair by 577.0% in the 4th quarter. Jones Financial Companies Lllp now owns 589 shares of the company’s stock worth $26,000 after acquiring an additional 502 shares during the period. Arizona State Retirement System grew its position in Wayfair by 2.4% in the fourth quarter. Arizona State Retirement System now owns 26,951 shares of the company’s stock valued at $1,194,000 after acquiring an additional 624 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Wayfair during the third quarter valued at approximately $44,000. 89.67% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Wayfair

In related news, insider Steven Conine sold 30,000 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $46.33, for a total transaction of $1,389,900.00. Following the completion of the transaction, the insider now owns 559,073 shares of the company’s stock, valued at $25,901,852.09. This trade represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jon Blotner sold 5,669 shares of the business’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $42.83, for a total transaction of $242,803.27. Following the completion of the sale, the insider now owns 57,899 shares in the company, valued at approximately $2,479,814.17. This trade represents a 8.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 133,189 shares of company stock worth $6,183,193 in the last 90 days. Corporate insiders own 26.81% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on W. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of Wayfair in a report on Friday, February 21st. JPMorgan Chase & Co. lowered their target price on Wayfair from $63.00 to $50.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Guggenheim reaffirmed a “buy” rating and set a $60.00 target price on shares of Wayfair in a research report on Monday, March 10th. Piper Sandler set a $58.00 price target on Wayfair and gave the company an “overweight” rating in a report on Friday, February 21st. Finally, Wedbush restated a “neutral” rating and set a $46.00 price objective (up from $44.00) on shares of Wayfair in a report on Friday, February 21st. Fourteen analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $56.81.

Wayfair Price Performance

Shares of W stock opened at $32.06 on Tuesday. Wayfair Inc. has a 12-month low of $31.00 and a 12-month high of $76.18. The firm has a market capitalization of $4.07 billion, a price-to-earnings ratio of -7.97 and a beta of 3.44. The business has a 50 day simple moving average of $43.06 and a 200 day simple moving average of $45.81.

Wayfair (NYSE:W) last released its quarterly earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($1.01). The firm had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.07 billion. On average, equities analysts anticipate that Wayfair Inc. will post -2.54 EPS for the current fiscal 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.