Goldman Sachs Group Inc. Boosts Stake 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. boosted its stake in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 25.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 761,566 shares of the information services provider's stock after acquiring an additional 155,977 shares during the period. Goldman Sachs Group Inc. owned 1.36% of Wix.com worth $124,425,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its position in Wix.com by 31.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,989 shares of the information services provider's stock valued at $830,000 after acquiring an additional 1,204 shares during the period. Yousif Capital Management LLC increased its position in Wix.com by 4.9% in the 1st quarter. Yousif Capital Management LLC now owns 1,833 shares of the information services provider's stock valued at $299,000 after acquiring an additional 85 shares during the period. Janney Montgomery Scott LLC acquired a new position in Wix.com during the 1st quarter worth approximately $5,367,000. Envestnet Asset Management Inc. increased its position 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 purchasing an additional 7,507 shares during the period. Finally, KBC Group NV increased its position in Wix.com by 148.8% during the 1st quarter. KBC Group NV now owns 1,513 shares of the information services provider's stock worth $247,000 after purchasing an additional 905 shares during the period. Institutional investors and hedge funds own 81.52% of the company's stock.

Wix.com Stock Up 1.3%

Shares of WIX traded up $2.18 on Friday, reaching $171.63. The stock had a trading volume of 2,007,338 shares, compared to its average volume of 1,849,587. The firm has a market capitalization of $9.63 billion, a PE ratio of 61.08, a PEG ratio of 3.26 and a beta of 1.30. The firm has a 50-day moving average of $142.69 and a 200 day moving average of $156.99. Wix.com Ltd. has a twelve month low of $114.89 and a twelve month high of $247.11.

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, topping analysts' consensus estimates of $1.79 by $0.49. Wix.com had a negative return on equity of 136.43% and a net margin of 8.90%.The business had revenue of $489.93 million for the quarter, compared to analysts' expectations of $487.62 million. During the same quarter in the prior year, the firm posted $1.67 EPS. The company's revenue was up 12.4% compared to the same quarter last year. On average, sell-side analysts anticipate 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 share repurchase plan on Monday, August 11th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the information services provider to reacquire up to 2.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Zacks Research upgraded Wix.com from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 20th. Raymond James Financial reiterated a "strong-buy" rating on shares of Wix.com in a research report on Thursday, August 7th. Benchmark dropped their target price on Wix.com from $260.00 to $245.00 and set a "buy" rating on the stock in a research report on Monday, May 19th. Cantor Fitzgerald reiterated an "overweight" rating and set a $200.00 target price on shares of Wix.com in a research report on Wednesday, June 18th. Finally, Barclays set a $235.00 target price on Wix.com and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Wix.com currently has a consensus rating of "Buy" and a consensus target price of $215.63.

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.