Allspring Global Investments Holdings LLC Reduces Stock Holdings in Wix.com Ltd. $WIX

Key Points

• Allspring Global Investments Holdings LLC reduced its holdings in Wix.com Ltd. by 74.8% during the second quarter, cutting its ownership to 0.08%, valued at approximately $7.37 million.
• Wix.com reported a positive earnings surprise for the last quarter, posting $2.28 EPS, surpassing analysts' expectations by $0.49, with revenue increasing by 12.4% year-over-year.
• Wix.com announced a $200 million share repurchase program, indicating management's belief that the stock may be undervalued, as it seeks to reacquire up to 2.9% of its shares.

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 74.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,780 shares of the information services provider's stock after selling 135,536 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.08% of Wix.com worth $7,372,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GC Wealth Management RIA LLC purchased a new position in Wix.com during the 2nd quarter worth $417,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Wix.com by 31.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,989 shares of the information services provider's stock worth $830,000 after buying an additional 1,204 shares during the last quarter. Harbor Capital Advisors Inc. grew its stake in Wix.com by 5.8% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 32,720 shares of the information services provider's stock worth $5,185,000 after buying an additional 1,794 shares during the last quarter. Yousif Capital Management LLC grew its stake in Wix.com by 4.9% during the 1st quarter. Yousif Capital Management LLC now owns 1,833 shares of the information services provider's stock worth $299,000 after buying an additional 85 shares during the last quarter. Finally, Janney Montgomery Scott LLC purchased a new stake in Wix.com during the 1st quarter valued at about $5,367,000. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on WIX. Raymond James Financial reiterated a "strong-buy" rating on shares of Wix.com in a research note on Thursday, August 7th. Cfra Research upgraded Wix.com from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, August 12th. Barclays set a $235.00 price target on Wix.com and gave the company an "overweight" rating in a research note on Thursday, August 7th. Citigroup reiterated an "outperform" rating on shares of Wix.com in a research note on Tuesday, September 23rd. Finally, JPMorgan Chase & Co. dropped their price target on Wix.com from $189.00 to $166.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Wix.com has an average rating of "Buy" and a consensus price target of $215.37.

Wix.com Stock Down 1.2%

Shares of WIX opened at $130.82 on Monday. Wix.com Ltd. has a 52 week low of $114.89 and a 52 week high of $247.11. The company has a market capitalization of $7.34 billion, a price-to-earnings ratio of 46.56, a PEG ratio of 2.44 and a beta of 1.32. The stock's 50-day moving average price is $148.82 and its 200-day moving average price is $154.16.

Wix.com (NASDAQ:WIX - Get Free Report) last issued its earnings results on Wednesday, August 6th. The information services provider reported $2.28 EPS for the quarter, topping 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 firm had revenue of $489.93 million for the quarter, compared to the consensus estimate of $487.62 million. During the same quarter in the prior year, the business earned $1.67 earnings per share. The company's revenue was up 12.4% compared to the same quarter last year. As a group, equities analysts anticipate that Wix.com Ltd. will post 3.65 EPS for the current fiscal year.

Wix.com declared that its board has authorized a share repurchase program on Monday, August 11th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the information services provider to reacquire up to 2.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

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.

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