Fred Alger Management LLC Sells 17,686 Shares of Wix.com Ltd. $WIX

Key Points

• Fred Alger Management LLC has reduced its stake in Wix.com Ltd. by 39.8%, selling 17,686 shares and now holding 26,789 shares valued at approximately $4.4 million.
• Several institutional investors have modified their holdings in Wix.com, with Northwestern Mutual raising its stake by 63.5% and other firms like TD Private Client Wealth boosting holdings by over 183%.
• Wix.com reported stronger-than-expected earnings, with $2.28 EPS exceeding the consensus estimate of $1.79 and it has initiated a $200 million stock buyback plan, indicating confidence in its valuation.

Fred Alger Management LLC trimmed its holdings in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 39.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,789 shares of the information services provider's stock after selling 17,686 shares during the period. Fred Alger Management LLC's holdings in Wix.com were worth $4,377,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of WIX. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Wix.com by 63.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider's stock valued at $28,000 after purchasing an additional 66 shares during the last quarter. Twin Tree Management LP acquired a new stake in shares of Wix.com in the first quarter worth about $29,000. TD Private Client Wealth LLC boosted its stake in shares of 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 acquiring an additional 308 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Wix.com by 28.4% during the 1st quarter. Advisors Asset Management Inc. now owns 493 shares of the information services provider's stock worth $81,000 after acquiring an additional 109 shares in the last quarter. Finally, SVB Wealth LLC acquired a new position in shares of Wix.com during the 1st quarter valued at about $82,000. Institutional investors and hedge funds own 81.52% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on WIX shares. Scotiabank set a $255.00 target price on Wix.com and gave the stock a "sector outperform" rating in a report on Thursday, August 7th. Robert W. Baird upgraded shares of Wix.com from a "neutral" rating to an "outperform" rating and reduced their price objective for the stock from $215.00 to $190.00 in a research note on Friday, May 23rd. Piper Sandler decreased their price objective on shares of Wix.com from $262.00 to $225.00 and set an "overweight" rating for the company in a report on Thursday, May 22nd. Baird R W upgraded shares of Wix.com from a "hold" rating to a "strong-buy" rating in a report on Friday, May 23rd. Finally, 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 research report on Wednesday, August 6th. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $215.63.

Wix.com Trading Up 9.1%

Shares of NASDAQ:WIX opened at $167.04 on Wednesday. The firm has a market capitalization of $9.37 billion, a PE ratio of 59.45, a PEG ratio of 2.94 and a beta of 1.30. Wix.com Ltd. has a 1-year low of $114.89 and a 1-year high of $247.11. The business's 50 day moving average is $142.45 and its 200-day moving average is $157.97.

Wix.com (NASDAQ:WIX - Get Free Report) last issued its earnings results on Wednesday, August 6th. The information services provider reported $2.28 EPS for the quarter, topping the consensus estimate of $1.79 by $0.49. The firm had revenue of $489.93 million during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period last year, the business earned $1.67 earnings per share. On average, sell-side analysts predict that Wix.com Ltd. will post 3.65 EPS for the current year.

Wix.com announced that its Board of Directors has authorized a stock repurchase plan 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 plans are generally an indication that the company's board 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.

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