Wix.com Ltd. (NASDAQ:WIX) Shares Bought by Entropy Technologies LP

Key Points

• Entropy Technologies LP increased its stake in Wix.com by 51.1% in Q1, now holding a total of 9,758 shares worth approximately $1.59 million.
• Wix.com reported a positive earnings surprise for the last quarter, with an EPS of $2.28 versus expectations of $1.79, and revenue up 12.4% year-over-year.
• Institutional investors own 81.52% of Wix.com's shares, indicating strong institutional confidence in the company despite its recent stock price decline of 8.0%.

Entropy Technologies LP boosted its position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 51.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,758 shares of the information services provider's stock after buying an additional 3,300 shares during the quarter. Entropy Technologies LP's holdings in Wix.com were worth $1,594,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Procyon Advisors LLC boosted its holdings in shares of Wix.com by 5.1% during the 1st 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 last quarter. Bessemer Group Inc. grew its position in Wix.com by 9.7% during the fourth quarter. Bessemer Group Inc. now owns 871 shares of the information services provider's stock valued at $188,000 after buying an additional 77 shares during the period. Yousif Capital Management LLC raised its position 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 worth $299,000 after acquiring an additional 85 shares during the period. Nissay Asset Management Corp Japan ADV raised its position in 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 worth $1,402,000 after acquiring an additional 96 shares during the period. Finally, Signaturefd LLC raised its position in Wix.com by 3.3% in the first quarter. Signaturefd LLC now owns 3,402 shares of the information services provider's stock worth $556,000 after acquiring an additional 109 shares during the period. 81.52% of the stock is currently owned by institutional investors.

Wix.com Stock Up 2.9%

Shares of NASDAQ WIX traded up $3.40 during midday trading on Wednesday, reaching $120.73. 1,886,503 shares of the stock were exchanged, compared to its average volume of 1,368,844. Wix.com Ltd. has a twelve month low of $114.89 and a twelve month high of $247.11. The firm has a market cap of $6.77 billion, a price-to-earnings ratio of 42.96, a PEG ratio of 1.88 and a beta of 1.27. The firm has a 50-day simple moving average of $149.91 and a two-hundred day simple moving average of $170.14.

Wix.com (NASDAQ:WIX - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $489.93 million for 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%. The firm's revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.67 EPS. Research 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 initiated a share repurchase program on Monday, August 11th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the information services provider to purchase up to 2.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on WIX shares. JMP Securities reduced their price objective on shares of Wix.com from $250.00 to $160.00 and set a "market outperform" rating on the stock in a research report on Monday. UBS Group cut their target price on shares of Wix.com from $230.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, August 7th. JPMorgan Chase & Co. cut their target price on shares of Wix.com from $189.00 to $166.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. Scotiabank set a $255.00 target price on shares of Wix.com and gave the company a "sector outperform" rating in a report on Thursday, August 7th. Finally, Cfra Research lowered shares of Wix.com from a "moderate buy" rating to a "hold" rating in a report on Tuesday, April 15th. Two investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $213.53.

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.