JAT Capital Mgmt LP Invests $9.12 Million in Wix.com Ltd. $WIX

Key Points

• JAT Capital Management LP has recently acquired a position in Wix.com Ltd., purchasing 55,802 shares valued at approximately $9.12 million, making Wix.com their 9th largest holding.
• Multiple institutional investors, including Durable Capital Partners and Whale Rock Capital Management, have increased their stakes in Wix.com, demonstrating strong interest in the company.
• Wix.com reported a quarterly EPS of $2.28, exceeding analysts' expectations, and announced a $200 million stock buyback plan, which typically indicates that the board believes the stock is undervalued.

JAT Capital Mgmt LP acquired a new position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 55,802 shares of the information services provider's stock, valued at approximately $9,117,000. Wix.com comprises about 3.2% of JAT Capital Mgmt LP's investment portfolio, making the stock its 9th largest position. JAT Capital Mgmt LP owned approximately 0.10% of Wix.com as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. boosted its holdings in Wix.com by 63.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider's stock worth $28,000 after buying an additional 66 shares in the last quarter. Twin Tree Management LP purchased a new stake in Wix.com during the first quarter worth about $29,000. TD Private Client Wealth LLC boosted its holdings in Wix.com by 183.3% during the first quarter. TD Private Client Wealth LLC now owns 476 shares of the information services provider's stock worth $78,000 after buying an additional 308 shares in the last quarter. SVB Wealth LLC purchased a new stake in Wix.com during the first quarter worth about $82,000. Finally, Tower Research Capital LLC TRC boosted its holdings in Wix.com by 44.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 630 shares of the information services provider's stock worth $135,000 after buying an additional 193 shares in the last quarter. Institutional investors and hedge funds own 81.52% of the company's stock.

Wix.com Trading Up 4.0%

NASDAQ:WIX traded up $5.95 during midday trading on Friday, hitting $153.10. 1,819,965 shares of the stock were exchanged, compared to its average volume of 1,352,813. The company has a market capitalization of $8.59 billion, a price-to-earnings ratio of 54.48, a P/E/G ratio of 2.83 and a beta of 1.30. The business has a 50-day moving average price of $142.43 and a two-hundred day moving average price of $158.94. 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 issued 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 company had revenue of $489.93 million during the quarter, compared to the consensus estimate of $487.62 million. During the same period in the prior year, the company earned $1.67 EPS. Wix.com's revenue was up 12.4% on a year-over-year basis. Sell-side 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 share repurchase plan on Monday, August 11th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the information services provider to reacquire up to 2.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

WIX has been the subject of a number of research reports. Benchmark cut their target price on shares of Wix.com from $260.00 to $245.00 and set a "buy" rating for the company in a research report on Monday, May 19th. Raymond James Financial reissued a "strong-buy" rating on shares of Wix.com in a research report on Thursday, August 7th. Wells Fargo & Company raised shares of Wix.com from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $173.00 to $216.00 in a research report on Monday, June 16th. Robert W. Baird raised shares of Wix.com from a "neutral" rating to an "outperform" rating and dropped their price target for the stock from $215.00 to $190.00 in a research report on Friday, May 23rd. Finally, Citigroup reiterated an "outperform" rating on shares of Wix.com in a research note on Monday, August 18th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target 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.