Acadian Asset Management LLC Sells 5,759 Shares of Wix.com Ltd. $WIX

Key Points

• Acadian Asset Management LLC reduced its stake in Wix.com by 0.3% during the first quarter, now holding 2,112,076 shares valued at approximately $345 million, making it the firm's 23rd largest holding.
• Wix.com reported better-than-expected earnings for the quarter, with $2.28 earnings per share, surpassing the consensus estimate by $0.49, and a year-over-year revenue growth of 12.4% to $489.93 million.
• The company has initiated a $200 million share repurchase program, indicating leadership's belief that the stock is undervalued, as well as forecasted earnings per share of 3.65 for the current fiscal year.

Acadian Asset Management LLC cut its position in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 0.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,112,076 shares of the information services provider's stock after selling 5,759 shares during the quarter. Wix.com comprises about 1.0% of Acadian Asset Management LLC's portfolio, making the stock its 23rd biggest holding. Acadian Asset Management LLC owned approximately 3.76% of Wix.com worth $345,025,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Whale Rock Capital Management LLC boosted its stake in Wix.com by 55.1% in the 4th quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider's stock valued at $229,904,000 after purchasing an additional 380,800 shares during the period. Goldman Sachs Group Inc. boosted its stake in Wix.com by 25.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 761,566 shares of the information services provider's stock valued at $124,425,000 after purchasing an additional 155,977 shares during the period. Man Group plc boosted its stake in Wix.com by 1.5% in the 4th quarter. Man Group plc now owns 643,651 shares of the information services provider's stock valued at $138,095,000 after purchasing an additional 9,706 shares during the period. Durable Capital Partners LP boosted its stake in Wix.com by 38.7% in the 1st quarter. Durable Capital Partners LP now owns 580,808 shares of the information services provider's stock valued at $94,892,000 after purchasing an additional 162,075 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in Wix.com by 115.8% in the 1st quarter. Alliancebernstein L.P. now owns 560,214 shares of the information services provider's stock valued at $91,528,000 after purchasing an additional 300,565 shares during the period. 81.52% of the stock is currently owned by institutional investors.

Wix.com Stock Up 9.1%

Shares of WIX stock opened at $167.04 on Wednesday. Wix.com Ltd. has a twelve month low of $114.89 and a twelve month high of $247.11. The company has a market cap of $9.37 billion, a P/E ratio of 59.45, a P/E/G ratio of 2.94 and a beta of 1.30. The business has a fifty day simple moving average of $142.45 and a 200 day simple moving average of $157.97.

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, topping the consensus estimate of $1.79 by $0.49. Wix.com had a negative return on equity of 136.43% and a net margin of 8.90%.The business had revenue of $489.93 million during the quarter, compared to the consensus estimate of $487.62 million. During the same period in the prior year, the company earned $1.67 EPS. Wix.com's revenue for the quarter was up 12.4% on a year-over-year basis. As a group, equities research analysts anticipate that Wix.com Ltd. will post 3.65 earnings per share for the current fiscal year.

Wix.com declared that its Board of Directors has initiated a share repurchase program on Monday, August 11th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the information services provider to reacquire up to 2.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on WIX. JPMorgan Chase & Co. cut their target price on Wix.com from $189.00 to $166.00 and set a "neutral" rating for the company in a research report on Wednesday, August 6th. Baird R W upgraded Wix.com from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 23rd. Citigroup reiterated an "outperform" rating on shares of Wix.com in a research report on Monday, August 18th. JMP Securities upped their target price on Wix.com from $160.00 to $200.00 and gave the company a "market outperform" rating in a research report on Monday, August 18th. Finally, Benchmark cut their target price on Wix.com from $260.00 to $245.00 and set a "buy" rating for the company in a research report on Monday, May 19th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $215.63.

Wix.com 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.

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