Crescent Park Management L.P. Has $12.48 Million Position in Wix.com Ltd. $WIX

Key Points

• Crescent Park Management L.P. increased its stake in Wix.com Ltd. by 3.4% in Q1, now owning 76,405 shares, which represent 5.8% of its portfolio.
• Wix.com recently reported strong earnings for the quarter, with an earnings per share of $2.28, exceeding analysts' expectations of $1.79.
• The company's board authorized a $200 million share repurchase program, indicating confidence in its undervaluation.

Crescent Park Management L.P. raised its position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 3.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,405 shares of the information services provider's stock after buying an additional 2,514 shares during the quarter. Wix.com comprises 5.8% of Crescent Park Management L.P.'s portfolio, making the stock its 7th biggest holding. Crescent Park Management L.P. owned approximately 0.14% of Wix.com worth $12,483,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Durable Capital Partners LP purchased a new position in shares of Wix.com in the fourth quarter valued at $89,839,000. Whale Rock Capital Management LLC lifted its holdings in shares of Wix.com by 55.1% in the 4th quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider's stock valued at $229,904,000 after acquiring an additional 380,800 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Wix.com by 1,209.4% in the first quarter. Assenagon Asset Management S.A. now owns 344,713 shares of the information services provider's stock worth $56,319,000 after acquiring an additional 318,387 shares in the last quarter. Two Sigma Investments LP grew its position in Wix.com by 93.8% in the fourth quarter. Two Sigma Investments LP now owns 345,389 shares of the information services provider's stock worth $74,103,000 after acquiring an additional 167,143 shares in the last quarter. Finally, Menora Mivtachim Holdings LTD. bought a new stake in Wix.com during the first quarter worth approximately $26,737,000. 81.52% of the stock is owned by hedge funds and other institutional investors.

Wix.com Price Performance

WIX stock traded up $4.73 during mid-day trading on Wednesday, reaching $136.38. The company had a trading volume of 1,034,074 shares, compared to its average volume of 973,101. The company has a market capitalization of $7.65 billion, a PE ratio of 48.53, a price-to-earnings-growth ratio of 2.54 and a beta of 1.27. The firm has a 50 day moving average of $145.08 and a 200 day moving average of $163.12. 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 announced its quarterly earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.79 by $0.49. The firm had revenue of $489.93 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.67 earnings per share. Analysts anticipate that Wix.com Ltd. will post 3.65 EPS for the current year.

Wix.com declared that its Board of Directors has initiated a stock 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 generally an indication that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

WIX has been the subject of several analyst reports. B. Riley reaffirmed a "buy" rating and issued a $230.00 price objective (down from $240.00) on shares of Wix.com in a research note on Wednesday, May 28th. Wall Street Zen lowered shares of Wix.com from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Bank of America reduced their target price on shares of Wix.com from $270.00 to $230.00 and set a "buy" rating on the stock in a research note on Wednesday, May 21st. Cantor Fitzgerald restated an "overweight" rating and issued a $200.00 target price on shares of Wix.com in a report on Wednesday, June 18th. Finally, Citigroup reiterated an "outperform" rating on shares of Wix.com in a report on Monday, August 18th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have given 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 $215.63.

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.