Goldman Sachs Group Inc. Has $124.43 Million Stock Position in Wix.com Ltd. $WIX

Key Points

• Goldman Sachs raised its investment in Wix.com by 25.8%, acquiring an additional 155,977 shares, leading to a total of 761,566 shares worth approximately $124.4 million.
• Wix.com reported better-than-expected quarterly earnings of $2.28 per share, exceeding estimates by $0.49, with revenues reaching $489.93 million—up 12.4% year-over-year.
• The company has initiated a $200 million share buyback plan, signaling confidence in its stock value, as hedge funds and institutional investors collectively own 81.52% of its shares.

Goldman Sachs Group Inc. lifted its holdings in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 25.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 761,566 shares of the information services provider's stock after buying an additional 155,977 shares during the quarter. Goldman Sachs Group Inc. owned approximately 1.36% of Wix.com worth $124,425,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of WIX. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Wix.com by 31.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,989 shares of the information services provider's stock valued at $830,000 after purchasing an additional 1,204 shares during the last quarter. Yousif Capital Management LLC boosted its position in Wix.com by 4.9% during the 1st quarter. Yousif Capital Management LLC now owns 1,833 shares of the information services provider's stock valued at $299,000 after purchasing an additional 85 shares during the period. Janney Montgomery Scott LLC acquired a new position in Wix.com during the 1st quarter valued at approximately $5,367,000. Envestnet Asset Management Inc. grew its stake in Wix.com by 27.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 35,177 shares of the information services provider's stock worth $5,747,000 after buying an additional 7,507 shares during the last quarter. Finally, KBC Group NV increased its position in Wix.com by 148.8% in the first quarter. KBC Group NV now owns 1,513 shares of the information services provider's stock worth $247,000 after buying an additional 905 shares during the period. Institutional investors own 81.52% of the company's stock.

Wix.com Stock Up 0.6%

Shares of WIX traded up $1.08 during midday trading on Wednesday, reaching $179.08. 368,216 shares of the stock were exchanged, compared to its average volume of 1,086,432. The company has a market cap of $10.05 billion, a price-to-earnings ratio of 63.85, a P/E/G ratio of 3.28 and a beta of 1.30. Wix.com Ltd. has a 12-month low of $114.89 and a 12-month high of $247.11. The firm has a 50 day simple moving average of $143.16 and a 200-day simple moving average of $156.93.

Wix.com (NASDAQ:WIX - Get Free Report) last released its quarterly 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 net margin of 8.90% and a negative return on equity of 136.43%. The business had revenue of $489.93 million for the quarter, compared to the consensus estimate of $487.62 million. During the same quarter last year, the firm earned $1.67 EPS. Wix.com's revenue for the quarter was up 12.4% on a year-over-year basis. Research analysts expect that Wix.com Ltd. will post 3.65 earnings per share for the current fiscal year.

Wix.com announced that its board has initiated a stock buyback program on Monday, August 11th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the information services provider to repurchase up to 2.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Zacks Research raised shares of Wix.com from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. Barclays set a $235.00 price target on Wix.com and gave the company an "overweight" rating in a report on Thursday, August 7th. Cfra Research raised Wix.com from a "hold" rating to a "moderate buy" rating in a report on Tuesday, August 12th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $200.00 target price on shares of Wix.com in a research note on Wednesday, June 18th. Finally, Baird R W raised Wix.com from a "hold" rating to a "strong-buy" rating in a research note 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 issued a Hold rating to the stock. According to MarketBeat, Wix.com has a consensus rating of "Buy" and an average target price of $215.63.

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.