Principal Financial Group Inc. Cuts Stock Position in Wayfair Inc. (NYSE:W)

Principal Financial Group Inc. trimmed its position in Wayfair Inc. (NYSE:WGet Rating) by 21.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,788 shares of the company’s stock after selling 2,928 shares during the period. Principal Financial Group Inc.’s holdings in Wayfair were worth $1,196,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. WINTON GROUP Ltd increased its position in Wayfair by 2.4% during the 4th quarter. WINTON GROUP Ltd now owns 4,082 shares of the company’s stock worth $775,000 after purchasing an additional 97 shares during the period. Commerce Bank boosted its stake in shares of Wayfair by 3.5% in the fourth quarter. Commerce Bank now owns 3,357 shares of the company’s stock valued at $638,000 after buying an additional 113 shares in the last quarter. Aviva PLC grew its holdings in Wayfair by 0.6% during the fourth quarter. Aviva PLC now owns 23,124 shares of the company’s stock worth $4,393,000 after acquiring an additional 133 shares during the period. Confluence Wealth Services Inc. purchased a new position in Wayfair in the fourth quarter worth $27,000. Finally, Steward Partners Investment Advisory LLC lifted its holdings in Wayfair by 227.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 252 shares of the company’s stock valued at $48,000 after acquiring an additional 175 shares during the period. 91.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Steve Oblak sold 2,037 shares of Wayfair stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $43.90, for a total value of $89,424.30. Following the transaction, the insider now directly owns 157,052 shares of the company’s stock, valued at approximately $6,894,582.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Steve Oblak sold 2,037 shares of the stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $43.90, for a total value of $89,424.30. Following the completion of the sale, the insider now owns 157,052 shares of the company’s stock, valued at $6,894,582.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Thomas Netzer sold 1,965 shares of Wayfair stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $43.93, for a total transaction of $86,322.45. Following the transaction, the chief operating officer now owns 47,295 shares in the company, valued at approximately $2,077,669.35. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,240 shares of company stock valued at $994,025. 27.04% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on W. Cowen cut their price target on shares of Wayfair from $140.00 to $84.00 in a report on Monday, August 1st. Barclays reduced their price target on shares of Wayfair from $57.00 to $50.00 and set an “underweight” rating for the company in a research report on Friday, August 5th. Credit Suisse Group lowered their price target on Wayfair from $195.00 to $150.00 and set an “outperform” rating on the stock in a report on Friday, August 5th. Canaccord Genuity Group reduced their price objective on Wayfair from $145.00 to $120.00 in a report on Friday, May 6th. Finally, MKM Partners started coverage on Wayfair in a report on Thursday, July 28th. They issued a “neutral” rating and a $50.00 target price on the stock. Ten analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $96.38.

Wayfair Price Performance

W opened at $52.71 on Thursday. Wayfair Inc. has a 12 month low of $43.31 and a 12 month high of $298.00. The business has a 50-day moving average of $56.08 and a two-hundred day moving average of $79.47. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of -5.67 and a beta of 2.91.

Wayfair (NYSE:WGet Rating) last released its earnings results on Thursday, August 4th. The company reported ($3.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.24) by $0.03. The company had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.19 billion. Wayfair’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.23 earnings per share. Equities research analysts anticipate that Wayfair Inc. will post -12.28 earnings per share for the current year.

About Wayfair

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Wayfair Inc engages in the e-commerce business in the United States and internationally. The company provides approximately thirty-three million products for the home sector under various brands. It offers online selections of furniture, décor, housewares, and home improvement products through its sites, including Wayfair, Joss & Main, AllModern, Birch Lane, and Perigold brands.

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Institutional Ownership by Quarter for Wayfair (NYSE:W)

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