Graham Capital Management L.P. Takes Position in Wix.com Ltd. $WIX

Key Points

• Graham Capital Management L.P. acquired 17,756 shares of Wix.com Ltd. valued at approximately $2.9 million, highlighting institutional interest in the company during the 1st quarter.
• Wix.com reported a significant growth in quarterly revenue, reaching $489.93 million, and exceeded EPS estimates by posting $2.28 compared to a consensus of $1.79.
• The company has initiated a $200 million share buyback program, indicating confidence in the stock's value among its leadership.

Graham Capital Management L.P. purchased a new position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 17,756 shares of the information services provider's stock, valued at approximately $2,901,000.

Several other institutional investors also recently modified their holdings of WIX. Tower Research Capital LLC TRC increased its holdings in shares of Wix.com by 44.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 630 shares of the information services provider's stock worth $135,000 after buying an additional 193 shares in the last quarter. Stifel Financial Corp acquired a new position in shares of Wix.com during the fourth quarter worth $2,471,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Wix.com by 29.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,992 shares of the information services provider's stock worth $3,647,000 after buying an additional 3,897 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Wix.com by 3.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 19,518 shares of the information services provider's stock worth $4,188,000 after purchasing an additional 657 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Wix.com by 61.7% in the fourth quarter. Northern Trust Corp now owns 277,805 shares of the information services provider's stock worth $59,603,000 after purchasing an additional 106,022 shares during the last quarter. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on WIX shares. Baird R W raised shares of Wix.com from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 23rd. JPMorgan Chase & Co. reduced their price objective on shares of Wix.com from $189.00 to $166.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Cantor Fitzgerald reissued an "overweight" rating and issued a $200.00 price objective on shares of Wix.com in a research note on Wednesday, June 18th. Zacks Research raised shares of Wix.com from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 20th. Finally, Citigroup reissued an "outperform" rating on shares of Wix.com in a research note on Monday, August 18th. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $215.63.

Wix.com Stock Up 1.7%

WIX traded up $2.50 during trading on Thursday, reaching $147.15. 1,902,434 shares of the stock traded hands, compared to its average volume of 988,834. The stock's 50-day moving average is $142.78 and its 200 day moving average is $159.98. Wix.com Ltd. has a 12 month low of $114.89 and a 12 month high of $247.11. The stock has a market capitalization of $8.26 billion, a PE ratio of 52.37, a P/E/G ratio of 2.71 and a beta of 1.30.

Wix.com (NASDAQ:WIX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The information services provider reported $2.28 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.49. Wix.com had a net margin of 8.90% and a negative return on equity of 136.43%. The firm had revenue of $489.93 million for the quarter, compared to analyst estimates of $487.62 million. During the same quarter in the prior year, the business earned $1.67 earnings per share. The business's quarterly revenue was up 12.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Wix.com Ltd. will post 3.65 EPS for the current year.

Wix.com declared that its Board of Directors has authorized a stock repurchase plan on Monday, August 11th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the information services provider to reacquire up to 2.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

Wix.com Company Profile

Wix.com Ltd., together with its subsidiaries, operates as a cloud-based web development platform for registered users and creators worldwide. The company offers Wix Editor, a drag-and-drop visual development and website editing environment platform; and Wix ADI that enables users to have the freedom of customization that the classic editor offers.