Allianz Asset Management GmbH Has $2.09 Million Stock Holdings in Wix.com Ltd. $WIX

Key Points

• Allianz Asset Management GmbH reduced its holdings in Wix.com by 27.6%, owning 13,161 shares valued at approximately $2.09 million at the end of Q2.
• Multiple hedge funds, including Goldman Sachs and Durable Capital Partners, have increased their stakes in Wix.com, reflecting institutional interest in the company.
• The stock has an average rating of "Buy" with a consensus price target of $215.37 among analysts, despite recent target price adjustments from various firms.

Allianz Asset Management GmbH decreased its holdings in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 27.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,161 shares of the information services provider's stock after selling 5,013 shares during the quarter. Allianz Asset Management GmbH's holdings in Wix.com were worth $2,085,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Goldman Sachs Group Inc. lifted its holdings in Wix.com by 25.8% during 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 last quarter. Durable Capital Partners LP lifted its holdings in Wix.com by 38.7% during 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 last quarter. Alliancebernstein L.P. lifted its holdings in Wix.com by 115.8% during 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 last quarter. Westfield Capital Management Co. LP lifted its holdings in Wix.com by 43.7% during the 1st quarter. Westfield Capital Management Co. LP now owns 364,332 shares of the information services provider's stock valued at $59,525,000 after purchasing an additional 110,739 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Wix.com by 15.1% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 361,595 shares of the information services provider's stock valued at $59,077,000 after purchasing an additional 47,556 shares during the last quarter. Institutional investors and hedge funds own 81.52% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on WIX. JMP Securities reissued a "market outperform" rating and set a $210.00 target price on shares of Wix.com in a report on Friday, October 3rd. UBS Group dropped their target price on Wix.com from $230.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, August 7th. JPMorgan Chase & Co. dropped their target price on Wix.com from $189.00 to $166.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. Piper Sandler lifted their target price on Wix.com from $206.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, September 26th. Finally, Needham & Company LLC dropped their target price on Wix.com from $250.00 to $200.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Wix.com currently has an average rating of "Buy" and a consensus price target of $215.37.

Wix.com Stock Up 0.5%

WIX stock opened at $140.91 on Friday. The company has a market cap of $7.91 billion, a PE ratio of 50.15, a price-to-earnings-growth ratio of 2.62 and a beta of 1.32. The business has a 50-day simple moving average of $150.61 and a 200 day simple moving average of $153.70. Wix.com Ltd. has a 52 week low of $114.89 and a 52 week high of $247.11.

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 analysts' consensus estimates of $1.79 by $0.49. The business had revenue of $489.93 million during the quarter, compared to the consensus estimate of $487.62 million. Wix.com had a negative return on equity of 136.43% and a net margin of 8.90%.Wix.com's revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.67 earnings per share. On average, analysts anticipate that Wix.com Ltd. will post 3.65 EPS for the current fiscal year.

Wix.com declared that its board has approved a share buyback plan on Monday, August 11th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the information services provider to buy up to 2.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are 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.

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