38,000 Shares in Wix.com Ltd. (NASDAQ:WIX) Bought by Clal Insurance Enterprises Holdings Ltd

Key Points

• Clal Insurance Enterprises Holdings Ltd has acquired a new stake in Wix.com, purchasing 38,000 shares valued at approximately $6.2 million, representing 0.07% ownership of the company.
• The company announced a $200 million stock buyback program, indicating management's belief that the stock is undervalued and allowing the reacquisition of up to 2.9% of its outstanding shares.
• Wix.com reported quarterly earnings of $2.28 per share, surpassing analysts' expectations of $1.79, with revenue of $489.93 million, marking a 12.4% year-over-year increase.

Clal Insurance Enterprises Holdings Ltd acquired a new position in Wix.com Ltd. (NASDAQ:WIX - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 38,000 shares of the information services provider's stock, valued at approximately $6,208,000. Clal Insurance Enterprises Holdings Ltd owned approximately 0.07% of Wix.com as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. increased its holdings in Wix.com by 31.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,989 shares of the information services provider's stock valued at $830,000 after purchasing an additional 1,204 shares during the last quarter. Yousif Capital Management LLC increased its holdings in Wix.com by 4.9% in the first quarter. Yousif Capital Management LLC now owns 1,833 shares of the information services provider's stock valued at $299,000 after purchasing an additional 85 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in Wix.com in the first quarter valued at about $5,367,000. Envestnet Asset Management Inc. increased its holdings in Wix.com by 27.1% in the first quarter. Envestnet Asset Management Inc. now owns 35,177 shares of the information services provider's stock valued at $5,747,000 after purchasing an additional 7,507 shares during the last quarter. Finally, LPL Financial LLC increased its holdings in Wix.com by 24.4% in the fourth quarter. LPL Financial LLC now owns 7,277 shares of the information services provider's stock valued at $1,561,000 after purchasing an additional 1,429 shares during the last quarter. Institutional investors and hedge funds own 81.52% of the company's stock.

Analyst Ratings Changes

WIX has been the subject of a number of recent analyst reports. Morgan Stanley dropped their price objective on Wix.com from $276.00 to $207.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. UBS Group dropped their price objective on Wix.com from $230.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Piper Sandler dropped their price objective on Wix.com from $262.00 to $225.00 and set an "overweight" rating for the company in a report on Thursday, May 22nd. Robert W. Baird upgraded Wix.com from a "neutral" rating to an "outperform" rating and lowered their price target for the stock from $215.00 to $190.00 in a report on Friday, May 23rd. Finally, Cfra Research downgraded Wix.com from a "moderate buy" rating to a "hold" rating in a report on Tuesday, April 15th. Two equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $213.53.

Wix.com Stock Performance

NASDAQ:WIX traded up $3.40 during mid-day trading on Wednesday, hitting $120.73. 1,886,503 shares of the stock were exchanged, compared to its average volume of 1,368,844. The firm's 50-day simple moving average is $149.91 and its 200 day simple moving average is $170.14. Wix.com Ltd. has a fifty-two week low of $114.89 and a fifty-two week high of $247.11. The stock has a market capitalization of $6.77 billion, a price-to-earnings ratio of 42.96, a price-to-earnings-growth ratio of 1.88 and a beta of 1.27.

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, 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 analyst estimates of $487.62 million. During the same quarter last year, the company earned $1.67 EPS. The company's revenue was up 12.4% on a year-over-year basis. On average, analysts predict that Wix.com Ltd. will post 3.65 EPS for the current fiscal year.

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