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 cut its stake in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 39.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,789 shares of the information services provider's stock after selling 17,686 shares during the quarter. Fred Alger Management LLC's holdings in Wix.com were worth $4,377,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Whale Rock Capital Management LLC grew its stake in shares of Wix.com by 55.1% during 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 period. Goldman Sachs Group Inc. boosted its stake in Wix.com by 25.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 761,566 shares of the information services provider's stock worth $124,425,000 after purchasing an additional 155,977 shares during the period. Man Group plc boosted its stake in Wix.com by 1.5% in the 4th quarter. Man Group plc now owns 643,651 shares of the information services provider's stock worth $138,095,000 after purchasing an additional 9,706 shares during the period. Durable Capital Partners LP boosted its stake in Wix.com by 38.7% in the 1st quarter. Durable Capital Partners LP now owns 580,808 shares of the information services provider's stock worth $94,892,000 after purchasing an additional 162,075 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in Wix.com by 115.8% in the 1st quarter. Alliancebernstein L.P. now owns 560,214 shares of the information services provider's stock worth $91,528,000 after purchasing an additional 300,565 shares during the period. 81.52% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on WIX shares. Barclays set a $235.00 price target on Wix.com and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Cantor Fitzgerald restated an "overweight" rating and issued a $200.00 price target on shares of Wix.com in a research note on Wednesday, June 18th. JMP Securities upped their price target on Wix.com from $160.00 to $200.00 and gave the stock a "market outperform" rating in a research note on Monday, August 18th. Piper Sandler dropped their price target on Wix.com from $262.00 to $225.00 and set an "overweight" rating for the company in a research note on Thursday, May 22nd. Finally, B. Riley restated a "buy" rating and issued a $230.00 price target (down from $240.00) on shares of Wix.com in a research note on Wednesday, May 28th. Three investment 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $215.63.

Wix.com Stock Performance

Wix.com stock traded up $3.47 during mid-day trading on Monday, hitting $175.10. The company's stock had a trading volume of 533,449 shares, compared to its average volume of 1,072,371. The company has a 50 day moving average of $142.69 and a 200-day moving average of $156.99. The stock has a market cap of $9.82 billion, a PE ratio of 62.31, a P/E/G ratio of 3.30 and a beta of 1.30. Wix.com Ltd. has a one year low of $114.89 and a one year high of $247.11.

Wix.com (NASDAQ:WIX - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $489.93 million for the quarter, compared to the consensus estimate 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 prior year, the company posted $1.67 EPS. On average, equities research analysts forecast that Wix.com Ltd. will post 3.65 EPS for the current fiscal year.

Wix.com declared that its Board of Directors has approved a stock buyback plan on Monday, August 11th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the information services provider to buy up to 2.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is 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.