Southpoint Capital Advisors LP Buys Shares of 1,400,000 Wayfair Inc. (NYSE:W)

Southpoint Capital Advisors LP bought a new stake in Wayfair Inc. (NYSE:W) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,400,000 shares of the company’s stock, valued at approximately $78,652,000. Wayfair comprises approximately 1.9% of Southpoint Capital Advisors LP’s investment portfolio, making the stock its 24th biggest position. Southpoint Capital Advisors LP owned 1.12% of Wayfair as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new stake in Wayfair in the third quarter worth approximately $29,000. Brooklyn Investment Group bought a new stake in Wayfair in the third quarter worth approximately $50,000. International Assets Investment Management LLC bought a new stake in Wayfair in the second quarter worth approximately $58,000. Northwest & Ethical Investments L.P. bought a new stake in Wayfair in the third quarter worth approximately $67,000. Finally, Comerica Bank increased its holdings in Wayfair by 210.9% in the first quarter. Comerica Bank now owns 1,222 shares of the company’s stock worth $83,000 after purchasing an additional 829 shares in the last quarter. 89.67% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

W has been the subject of a number of research analyst reports. Raymond James lowered their target price on Wayfair from $70.00 to $65.00 and set a “strong-buy” rating for the company in a report on Friday, August 2nd. Citigroup reduced their price objective on Wayfair from $70.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Royal Bank of Canada reduced their price objective on Wayfair from $53.00 to $50.00 and set a “sector perform” rating for the company in a research note on Monday, November 4th. Mizuho reduced their price objective on Wayfair from $65.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Finally, Loop Capital raised their price objective on Wayfair from $45.00 to $55.00 and gave the company a “hold” rating in a research note on Thursday, September 26th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Wayfair currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.28.

Insider Activity at Wayfair

In related news, COO Thomas Netzer sold 1,011 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $49.42, for a total transaction of $49,963.62. Following the completion of the transaction, the chief operating officer now directly owns 151,802 shares in the company, valued at $7,502,054.84. The trade was a 0.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Conine sold 30,000 shares of the business’s 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 transaction, 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. In the last three months, insiders have sold 67,868 shares of company stock worth $3,272,548. 26.81% of the stock is owned by company insiders.

Wayfair Price Performance

Shares of W opened at $46.29 on Friday. The firm has a market cap of $5.80 billion, a PE ratio of -10.31 and a beta of 3.46. The stock’s fifty day moving average price is $47.35 and its two-hundred day moving average price is $50.00. Wayfair Inc. has a 1 year low of $37.35 and a 1 year high of $76.18.

Wayfair (NYSE:W) last released its quarterly earnings data on Friday, November 1st. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.09. The company had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $2.87 billion. During the same quarter in the previous year, the firm posted ($1.38) earnings per share. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. Sell-side analysts anticipate that Wayfair Inc. will post -2.89 earnings per share 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.