Alliancebernstein L.P. Raises Stake in Wix.com Ltd. $WIX

Key Points

• Alliancebernstein L.P. has increased its holdings in Wix.com Ltd. by 115.8% during the first quarter, now owning approximately 1.00% of the company worth $91.5 million.
• Wix.com reported earnings of $2.28 per share for the latest quarter, beating estimates, with a revenue increase of 12.4% year-over-year.
• The company has authorized a $200 million share buyback plan, indicating that its board believes the stock is currently undervalued.

Alliancebernstein L.P. increased its holdings in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 115.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 560,214 shares of the information services provider's stock after purchasing an additional 300,565 shares during the quarter. Alliancebernstein L.P. owned approximately 1.00% of Wix.com worth $91,528,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. boosted its holdings in Wix.com by 63.5% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider's stock valued at $28,000 after acquiring an additional 66 shares during the last quarter. Twin Tree Management LP bought a new stake in shares of Wix.com in the 1st quarter valued at $29,000. TD Private Client Wealth LLC increased its position in shares of Wix.com by 183.3% during the first quarter. TD Private Client Wealth LLC now owns 476 shares of the information services provider's stock worth $78,000 after buying an additional 308 shares during the period. Advisors Asset Management Inc. raised its stake in Wix.com by 28.4% during the first quarter. Advisors Asset Management Inc. now owns 493 shares of the information services provider's stock worth $81,000 after buying an additional 109 shares during the last quarter. Finally, SVB Wealth LLC bought a new position in Wix.com during the first quarter worth $82,000. 81.52% of the stock is currently owned by institutional investors.

Wix.com Stock Up 9.1%

NASDAQ WIX traded up $13.96 on Tuesday, reaching $167.04. The company had a trading volume of 7,462,126 shares, compared to its average volume of 1,051,046. The company's fifty day moving average is $142.45 and its 200 day moving average is $157.97. Wix.com Ltd. has a 52-week low of $114.89 and a 52-week high of $247.11. The stock has a market capitalization 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.

Wix.com (NASDAQ:WIX - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $489.93 million during the quarter, compared to analyst estimates of $487.62 million. During the same quarter last year, the business posted $1.67 EPS. The company's revenue for the quarter was up 12.4% on a year-over-year basis. On average, research analysts expect that Wix.com Ltd. will post 3.65 EPS for the current year.

Wix.com announced that its Board of Directors has approved a share buyback program on Monday, August 11th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the information services provider to repurchase up to 2.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have weighed in on WIX. JMP Securities increased their price target on Wix.com from $160.00 to $200.00 and gave the stock a "market outperform" rating in a report on Monday, August 18th. Piper Sandler decreased their target price on Wix.com from $262.00 to $225.00 and set an "overweight" rating for the company in a research note on Thursday, May 22nd. Wells Fargo & Company upgraded Wix.com from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $173.00 to $216.00 in a report on Monday, June 16th. Baird R W upgraded shares of Wix.com from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 23rd. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of Wix.com in a research note on Thursday, August 7th. Three equities research 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 company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price 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.