39,343 Shares in Wix.com Ltd. $WIX Acquired by OVERSEA CHINESE BANKING Corp Ltd

Key Points

• OVERSEA CHINESE BANKING Corp Ltd purchased 39,343 shares of Wix in Q4, a stake valued at about $4.09 million and representing roughly 0.07% of the company at quarter-end.
• The Wix board authorized a $2.00 billion share repurchase program that permits the company to buy back up to 40.5% of outstanding shares.
• Analysts hold a consensus rating of “Moderate Buy” with a $125.40 target despite recent price-target cuts; the stock trades around $77, has a 52-week range of $60.22–$191.24, and recently reported an EPS beat ($1.81 vs. $1.36) while revenue slightly missed forecasts.

OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 39,343 shares of the information services provider's stock, valued at approximately $4,087,000. OVERSEA CHINESE BANKING Corp Ltd owned about 0.07% of Wix.com at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Wix.com by 71.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,312 shares of the information services provider's stock worth $2,941,000 after purchasing an additional 11,758 shares during the last quarter. Bayforest Capital Ltd increased its stake in Wix.com by 57.2% during the 4th quarter. Bayforest Capital Ltd now owns 846 shares of the information services provider's stock worth $88,000 after acquiring an additional 308 shares during the period. Tokio Marine Asset Management Co. Ltd. increased its stake in Wix.com by 62.6% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,408 shares of the information services provider's stock worth $458,000 after acquiring an additional 1,697 shares during the period. Lakehouse Capital Pty Ltd increased its stake in Wix.com by 1.2% during the 4th quarter. Lakehouse Capital Pty Ltd now owns 109,830 shares of the information services provider's stock worth $11,410,000 after acquiring an additional 1,350 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Wix.com by 25.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,023 shares of the information services provider's stock worth $522,000 after acquiring an additional 1,004 shares during the period. 81.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Jefferies Financial Group lowered their price objective on Wix.com from $200.00 to $130.00 and set a "buy" rating on the stock in a research note on Monday, February 23rd. Barclays lowered their price objective on Wix.com from $160.00 to $155.00 and set an "overweight" rating on the stock in a research note on Thursday, April 9th. Citigroup lowered their price objective on Wix.com from $150.00 to $105.00 and set a "buy" rating on the stock in a research note on Thursday, March 5th. Piper Sandler assumed coverage on Wix.com in a research note on Thursday, March 12th. They set a "neutral" rating and a $98.00 price objective on the stock. Finally, Weiss Ratings lowered Wix.com from a "hold (c-)" rating to a "sell (d)" rating in a research note on Friday, March 6th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $125.40.

Wix.com Stock Performance

Shares of WIX opened at $77.11 on Wednesday. Wix.com Ltd. has a 52-week low of $60.22 and a 52-week high of $191.24. The business's fifty day moving average is $78.70 and its 200-day moving average is $98.24. The firm has a market cap of $4.50 billion, a price-to-earnings ratio of 95.20, a PEG ratio of 2.60 and a beta of 1.26.

Wix.com (NASDAQ:WIX - Get Free Report) last issued its quarterly earnings results on Wednesday, March 4th. The information services provider reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.45. Wix.com had a negative return on equity of 70.04% and a net margin of 2.54%.The company had revenue of $524.27 million for the quarter, compared to analyst estimates of $527.69 million. During the same quarter last year, the company posted $2.10 EPS. The company's revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, research analysts forecast that Wix.com Ltd. will post 1.39 EPS for the current fiscal year.

Wix.com announced that its Board of Directors has authorized a share repurchase program on Wednesday, January 28th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the information services provider to reacquire up to 40.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Wix.com Profile

Wix.com Ltd. operates a cloud-based platform that enables individuals and businesses to create, manage and develop professional web presences through an intuitive drag-and-drop interface. The company's software-as-a-service model provides hosting, customizable templates and a range of design tools, eliminating the need for coding expertise. Users can choose from a variety of premium plans to access custom domains, enhanced storage, and advanced performance features tailored to personal projects, small businesses and online storefronts.

Beyond its core website builder, Wix offers a suite of complementary services designed to support digital growth and marketing.

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