Hsbc Holdings PLC Acquires 6,945 Shares of Wix.com Ltd. $WIX

Key Points

• Hsbc Holdings PLC increased its stake in Wix.com by 22.8% during the first quarter, bringing its total ownership to approximately $6 million worth of shares.
• Wix.com recently reported earnings of $2.28 per share, surpassing estimates and showing a year-over-year revenue increase of 12.4%.
• The company has authorized a stock buyback plan of $200 million, indicative of management's belief that its shares are undervalued.

Hsbc Holdings PLC raised its holdings in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 22.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 37,450 shares of the information services provider's stock after acquiring an additional 6,945 shares during the quarter. Hsbc Holdings PLC owned approximately 0.07% of Wix.com worth $6,071,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Wix.com by 31.8% in 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 buying an additional 1,204 shares in the last quarter. Yousif Capital Management LLC grew its stake in shares of 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 valued at $299,000 after buying an additional 85 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in shares of Wix.com in the first quarter valued at $5,367,000. Envestnet Asset Management Inc. grew its stake in shares of Wix.com by 27.1% in the first quarter. Envestnet Asset Management Inc. now owns 35,177 shares of the information services provider's stock valued at $5,747,000 after buying an additional 7,507 shares in the last quarter. Finally, KBC Group NV grew its stake in shares of Wix.com by 148.8% in the first quarter. KBC Group NV now owns 1,513 shares of the information services provider's stock valued at $247,000 after buying an additional 905 shares in the last quarter. 81.52% of the stock is owned by institutional investors.

Wix.com Stock Up 1.8%

Shares of WIX traded up $2.49 during midday trading on Thursday, reaching $138.87. 1,406,080 shares of the stock were exchanged, compared to its average volume of 1,657,286. Wix.com Ltd. has a twelve month low of $114.89 and a twelve month high of $247.11. The company has a market cap of $7.79 billion, a P/E ratio of 49.42, a PEG ratio of 2.62 and a beta of 1.27. The stock's 50 day simple moving average is $144.24 and its 200 day simple moving average is $162.35.

Wix.com (NASDAQ:WIX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The information services provider reported $2.28 EPS 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 company had revenue of $489.93 million for the quarter, compared to analysts' expectations of $487.62 million. During the same quarter last year, the business earned $1.67 earnings per share. Wix.com's revenue was up 12.4% on a year-over-year basis. As a group, analysts predict that Wix.com Ltd. will post 3.65 earnings per share for the current year.

Wix.com declared that its Board of Directors has approved a share buyback program 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 buy up to 2.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts recently weighed in on WIX shares. Needham & Company LLC decreased their target price on shares of Wix.com from $250.00 to $200.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Baird R W raised shares of Wix.com from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 23rd. UBS Group cut their price target on Wix.com from $230.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Zacks Research raised Wix.com from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of Wix.com in a report on Thursday, August 7th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Wix.com presently has an average rating of "Buy" and a consensus price target 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.