Driehaus Capital Management LLC Sells 8,035 Shares of Wix.com Ltd. $WIX

Key Points

• Driehaus Capital Management LLC reduced its stake in Wix.com Ltd. by 3.2%, now holding approximately 0.43% of the company, valued at $39.2 million.
• Wix.com reported earnings of $2.28 per share, surpassing estimates by $0.49, with revenue growth of 12.4% year-over-year.
• The company has announced a $200 million buyback program, indicating the board believes its shares may be undervalued.

Driehaus Capital Management LLC trimmed its holdings in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 3.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 239,777 shares of the information services provider's stock after selling 8,035 shares during the quarter. Driehaus Capital Management LLC owned 0.43% of Wix.com worth $39,175,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. boosted its position in shares of 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 period. Procyon Advisors LLC boosted its position in shares of Wix.com by 5.1% in the first quarter. Procyon Advisors LLC now owns 1,385 shares of the information services provider's stock valued at $226,000 after acquiring an additional 67 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of Wix.com by 8.9% in the first quarter. Smartleaf Asset Management LLC now owns 966 shares of the information services provider's stock valued at $161,000 after acquiring an additional 79 shares during the period. Yousif Capital Management LLC boosted its position in shares of 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 acquiring an additional 85 shares during the period. Finally, Nissay Asset Management Corp Japan ADV boosted its position in shares of Wix.com by 1.5% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 6,424 shares of the information services provider's stock valued at $1,402,000 after acquiring an additional 96 shares during the period. 81.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on WIX. JPMorgan Chase & Co. cut their target price on Wix.com from $189.00 to $166.00 and set a "neutral" rating for the company in a research note on Wednesday, August 6th. Zacks Research upgraded Wix.com from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 20th. Needham & Company LLC cut their target price on Wix.com from $250.00 to $200.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Cantor Fitzgerald restated an "overweight" rating and issued a $200.00 target price on shares of Wix.com in a research note on Wednesday, June 18th. Finally, Raymond James Financial restated 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 assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Wix.com currently has an average rating of "Buy" and an average target price of $215.63.

Wix.com Price Performance

Shares of NASDAQ:WIX traded up $2.21 during midday trading on Monday, reaching $141.08. The company's stock had a trading volume of 1,407,653 shares, compared to its average volume of 1,695,481. Wix.com Ltd. has a fifty-two week low of $114.89 and a fifty-two week high of $247.11. The company has a market capitalization of $7.92 billion, a P/E ratio of 50.21, a P/E/G ratio of 2.71 and a beta of 1.30. The business's fifty day simple moving average is $143.91 and its 200-day simple moving average is $160.82.

Wix.com (NASDAQ:WIX - Get Free Report) last announced its earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share for the quarter, beating 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 company had revenue of $489.93 million during the quarter, compared to analyst estimates of $487.62 million. During the same period last year, the company posted $1.67 earnings per share. The firm's quarterly revenue was up 12.4% compared to the same quarter last year. On average, analysts forecast that Wix.com Ltd. will post 3.65 earnings per share for the current fiscal year.

Wix.com declared that its board has initiated a stock repurchase plan on Monday, August 11th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the information services provider to reacquire up to 2.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are 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.