Wix.com Ltd. $WIX Shares Purchased by Durable Capital Partners LP

Key Points

• Durable Capital Partners LP increased its holdings in Wix.com by 38.7% during the 1st quarter, acquiring an additional 162,075 shares to bring its total ownership to 580,808 shares, valued at approximately $94.89 million.
• Several brokerages have recently revised price targets for Wix.com, with UBS reducing their target from $230.00 to $200.00 while maintaining a "buy" rating, indicating a mixed outlook from analysts.
• Wix.com reported earnings of $2.28 per share for the last quarter, surpassing estimates, and announced a new $200 million share buyback plan aimed at potentially increasing shareholder value.

Durable Capital Partners LP increased its stake in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 38.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 580,808 shares of the information services provider's stock after purchasing an additional 162,075 shares during the quarter. Durable Capital Partners LP owned approximately 1.04% of Wix.com worth $94,892,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WIX. Northwestern Mutual Wealth Management Co. increased its position in Wix.com by 63.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider's stock worth $28,000 after purchasing an additional 66 shares in the last quarter. Twin Tree Management LP purchased a new stake in Wix.com during the 1st quarter worth about $29,000. TD Private Client Wealth LLC increased its position in Wix.com by 183.3% during the 1st quarter. TD Private Client Wealth LLC now owns 476 shares of the information services provider's stock worth $78,000 after purchasing an additional 308 shares in the last quarter. SVB Wealth LLC purchased a new stake in Wix.com during the 1st quarter worth about $82,000. Finally, New Age Alpha Advisors LLC purchased a new stake in Wix.com in the 1st quarter valued at about $110,000. Hedge funds and other institutional investors own 81.52% of the company's stock.

Wall Street Analysts Forecast Growth

WIX has been the topic of several research analyst reports. Benchmark reduced their price objective on Wix.com from $260.00 to $245.00 and set a "buy" rating on the stock in a research note on Monday, May 19th. Zacks Research upgraded Wix.com from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. B. Riley reiterated a "buy" rating and set a $230.00 target price (down previously from $240.00) on shares of Wix.com in a report on Wednesday, May 28th. Needham & Company LLC decreased 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. Finally, Baird R W upgraded Wix.com from a "hold" rating to a "strong-buy" rating in a report on Friday, May 23rd. 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 company. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $215.63.

Wix.com Trading Up 1.7%

Wix.com stock traded up $2.50 during mid-day trading on Thursday, reaching $147.15. The company's stock had a trading volume of 1,902,434 shares, compared to its average volume of 988,834. Wix.com Ltd. has a twelve month low of $114.89 and a twelve month high of $247.11. The business has a 50 day moving average price of $142.53 and a 200-day moving average price of $159.45. The firm has a market cap of $8.26 billion, a price-to-earnings ratio of 52.37, a PEG ratio of 2.71 and a beta of 1.30.

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 the consensus estimate of $1.79 by $0.49. The business had revenue of $489.93 million during the quarter, compared to analyst estimates of $487.62 million. Wix.com had a net margin of 8.90% and a negative return on equity of 136.43%. The company's quarterly revenue was up 12.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.67 EPS. On average, equities analysts expect 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 authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the information services provider to purchase up to 2.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its shares are undervalued.

Wix.com 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.