Acadian Asset Management LLC Cuts Stock Holdings in 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 decreased its stake in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 0.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,112,076 shares of the information services provider's stock after selling 5,759 shares during the period. Wix.com accounts for approximately 1.0% of Acadian Asset Management LLC's holdings, making the stock its 23rd biggest holding. Acadian Asset Management LLC owned about 3.76% of Wix.com worth $345,025,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Ameriprise Financial Inc. raised its position in shares of Wix.com by 63.7% during the fourth quarter. Ameriprise Financial Inc. now owns 30,746 shares of the information services provider's stock worth $6,597,000 after purchasing an additional 11,966 shares during the period. Ensign Peak Advisors Inc acquired a new position in shares of Wix.com in the fourth quarter valued at approximately $1,555,000. Maytus Capital Management LLC bought a new stake in Wix.com in the 4th quarter valued at about $4,291,000. Numerai GP LLC bought a new stake in Wix.com during the fourth quarter worth about $822,000. Finally, Nuveen Asset Management LLC lifted its position in shares of Wix.com by 6.3% during the 4th quarter. Nuveen Asset Management LLC now owns 142,460 shares of the information services provider's stock worth $30,565,000 after buying an additional 8,422 shares during the last quarter. 81.52% of the stock is owned by institutional investors.

Wix.com Price Performance

NASDAQ:WIX traded up $0.99 during mid-day trading on Monday, reaching $172.62. 1,021,517 shares of the company's stock traded hands, compared to its average volume of 1,075,104. The firm has a market capitalization of $9.69 billion, a price-to-earnings ratio of 61.32, a PEG ratio of 3.30 and a beta of 1.30. The company has a 50 day moving average price of $142.69 and a 200-day moving average price of $156.99. Wix.com Ltd. has a 12-month low of $114.89 and a 12-month high of $247.11.

Wix.com (NASDAQ:WIX - Get Free Report) last released its earnings results on Wednesday, August 6th. The information services provider reported $2.28 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $489.93 million during the quarter, compared to analysts' expectations of $487.62 million. During the same quarter last year, the business posted $1.67 EPS. The firm's revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, analysts forecast that Wix.com Ltd. will post 3.65 EPS for the current year.

Wix.com announced that its board has approved a share repurchase plan on Monday, August 11th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the information services provider to reacquire up to 2.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms recently commented on WIX. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Wix.com in a research note on Thursday, August 7th. B. Riley reissued a "buy" rating and set a $230.00 target price (down from $240.00) on shares of Wix.com in a research report on Wednesday, May 28th. Benchmark lowered their target price on shares of Wix.com from $260.00 to $245.00 and set a "buy" rating for the company in a report on Monday, May 19th. Scotiabank set a $255.00 target price on Wix.com and gave the company a "sector outperform" rating in a research report on Thursday, August 7th. Finally, Baird R W raised Wix.com from a "hold" rating to a "strong-buy" rating in a report on Friday, May 23rd. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Wix.com currently has a consensus rating of "Buy" and a consensus target price of $215.63.

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.