Shellback Capital LP Reduces Stock Holdings in Wayfair Inc. (NYSE:W)

Shellback Capital LP cut its stake in Wayfair Inc. (NYSE:W - Free Report) by 43.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 170,500 shares of the company's stock after selling 129,500 shares during the quarter. Shellback Capital LP owned about 0.14% of Wayfair worth $8,990,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Wayfair by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 8,467,900 shares of the company's stock worth $574,801,000 after acquiring an additional 363,948 shares during the period. SageView Advisory Group LLC purchased a new stake in shares of Wayfair in the first quarter worth $937,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Wayfair by 250.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 167,170 shares of the company's stock worth $11,347,000 after buying an additional 119,415 shares in the last quarter. Sei Investments Co. boosted its stake in Wayfair by 14.6% during the first quarter. Sei Investments Co. now owns 100,447 shares of the company's stock valued at $6,818,000 after buying an additional 12,809 shares during the period. Finally, Highland Peak Capital LLC purchased a new position in Wayfair during the second quarter worth about $5,165,000. 89.67% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on W shares. The Goldman Sachs Group lowered their price target on Wayfair from $67.00 to $54.00 and set a "neutral" rating on the stock in a report on Friday, August 2nd. JPMorgan Chase & Co. lowered their target price on shares of Wayfair from $80.00 to $63.00 and set an "overweight" rating on the stock in a research note on Friday, August 2nd. Bank of America cut shares of Wayfair from a "buy" rating to a "neutral" rating and cut their price target for the stock from $85.00 to $58.00 in a research note on Thursday, August 1st. Raymond James dropped their price objective on shares of Wayfair from $70.00 to $65.00 and set a "strong-buy" rating for the company in a report on Friday, August 2nd. Finally, Argus cut Wayfair from a "buy" rating to a "hold" rating in a research note on Monday, August 26th. Twelve analysts have rated the stock with 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, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $65.83.

Insiders Place Their Bets

In related news, COO Thomas Netzer sold 1,011 shares of the company's stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $49.42, for a total value of $49,963.62. Following the sale, the chief operating officer now directly owns 151,802 shares of the company's stock, valued at $7,502,054.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CTO Fiona Tan sold 8,036 shares of the business's stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $50.64, for a total value of $406,943.04. Following the sale, the chief technology officer now directly owns 64,074 shares of the company's stock, valued at approximately $3,244,707.36. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Thomas Netzer sold 1,011 shares of the firm's stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $49.42, for a total value of $49,963.62. Following the transaction, the chief operating officer now directly owns 151,802 shares of the company's stock, valued at approximately $7,502,054.84. The disclosure for this sale can be found here. Insiders sold 41,113 shares of company stock worth $2,126,623 over the last three months. Company insiders own 26.81% of the company's stock.

Wayfair Stock Performance

W stock traded up $2.58 on Friday, reaching $56.74. The company's stock had a trading volume of 4,607,331 shares, compared to its average volume of 4,286,615. The firm has a market cap of $6.83 billion, a PE ratio of -10.59 and a beta of 3.40. The business has a fifty day simple moving average of $46.40 and a two-hundred day simple moving average of $54.67. Wayfair Inc. has a 12-month low of $38.02 and a 12-month high of $76.18.

Wayfair (NYSE:W - Get Free Report) last posted its earnings results on Thursday, August 1st. The company reported $0.47 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.03). The firm had revenue of $3.18 billion for the quarter, compared to analysts' expectations of $3.18 billion. During the same period last year, the company posted ($1.27) earnings per share. The company's revenue for the quarter was up .2% on a year-over-year basis. As a group, research analysts anticipate that Wayfair Inc. will post -2.66 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.