Virtu Financial LLC Takes Position in Wix.com Ltd. (NASDAQ:WIX)

Key Points

• Virtu Financial LLC has acquired a new position in Wix.com Ltd., purchasing 5,831 shares valued at approximately $953,000 in the first quarter, as reported in their 13F filing.
• Wix.com reported earnings of $2.28 EPS for the last quarter, beating expectations and showing a revenue increase of 12.4% year-over-year.
• The company's board has authorized a $200 million share repurchase plan, indicating confidence in the stock's valuation.

Virtu Financial LLC purchased a new stake in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 5,831 shares of the information services provider's stock, valued at approximately $953,000.

A number of other hedge funds also recently made changes to their positions in WIX. LPL Financial LLC raised its holdings in shares of Wix.com by 24.4% during the fourth quarter. LPL Financial LLC now owns 7,277 shares of the information services provider's stock valued at $1,561,000 after buying an additional 1,429 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Wix.com by 66.0% during the fourth quarter. Invesco Ltd. now owns 57,932 shares of the information services provider's stock valued at $12,429,000 after buying an additional 23,037 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of Wix.com during the fourth quarter valued at approximately $550,000. Raymond James Financial Inc. bought a new stake in shares of Wix.com during the fourth quarter valued at approximately $8,066,000. Finally, Bessemer Group Inc. raised its holdings in shares of Wix.com by 9.7% during the fourth quarter. Bessemer Group Inc. now owns 871 shares of the information services provider's stock valued at $188,000 after buying an additional 77 shares during the last quarter. Institutional investors own 81.52% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on WIX shares. Citigroup dropped their target price on Wix.com from $280.00 to $238.00 and set a "buy" rating on the stock in a report on Friday, April 25th. Benchmark dropped their target price on Wix.com from $260.00 to $245.00 and set a "buy" rating on the stock in a report on Monday, May 19th. Scotiabank set a $255.00 target price on Wix.com and gave the stock a "sector outperform" rating in a report on Thursday, August 7th. Cfra Research cut Wix.com from a "moderate buy" rating to a "hold" rating in a report on Tuesday, April 15th. Finally, Barclays dropped their target price on Wix.com from $240.00 to $235.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Two analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Wix.com currently has an average rating of "Buy" and a consensus price target of $213.53.

Wix.com Stock Up 2.9%

Shares of Wix.com stock traded up $3.40 on Wednesday, hitting $120.73. 1,886,503 shares of the company traded hands, compared to its average volume of 1,368,844. The company has a 50-day moving average price of $149.91 and a 200 day moving average price of $170.14. Wix.com Ltd. has a 12-month low of $114.89 and a 12-month high of $247.11. The company has a market cap of $6.77 billion, a PE ratio of 42.96, a PEG ratio of 1.88 and a beta of 1.27.

Wix.com (NASDAQ:WIX - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The information services provider reported $2.28 EPS 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 business had revenue of $489.93 million for the quarter, compared to analysts' expectations of $487.62 million. During the same period in the previous year, the company posted $1.67 EPS. Wix.com's revenue was up 12.4% on a year-over-year basis. Equities research analysts anticipate that Wix.com Ltd. will post 3.65 EPS for the current year.

Wix.com declared that its board has approved 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 purchase up to 2.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its stock is undervalued.

About Wix.com

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.