Kodai Capital Management LP Acquires New Stake in Wix.com Ltd. $WIX

Key Points

• Kodai Capital Management LP has invested approximately $22.53 million in Wix.com, acquiring 137,901 shares during the first quarter.
• Wix.com has received multiple **price target upgrades** from analysts, with JMP Securities setting a new target at **$200** and Wells Fargo raising theirs to **$216**.
• The company has approved a **share buyback plan** allowing for the repurchase of up to **$200 million** in shares, indicating confidence in its stock value.

Kodai Capital Management LP bought a new position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 137,901 shares of the information services provider's stock, valued at approximately $22,530,000. Kodai Capital Management LP owned approximately 0.25% of Wix.com as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in WIX. Mirae Asset Global Investments Co. Ltd. lifted its stake in 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 worth $830,000 after purchasing an additional 1,204 shares during the period. Yousif Capital Management LLC lifted its stake in Wix.com by 4.9% during the first quarter. Yousif Capital Management LLC now owns 1,833 shares of the information services provider's stock worth $299,000 after purchasing an additional 85 shares during the period. Janney Montgomery Scott LLC bought a new position in Wix.com during the first quarter worth about $5,367,000. Envestnet Asset Management Inc. lifted its stake in Wix.com by 27.1% during the first 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 lifted its stake in Wix.com by 148.8% during the first 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. 81.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on WIX shares. Barclays set a $235.00 price target on shares of Wix.com and gave the stock an "overweight" rating in a research note on Thursday, August 7th. UBS Group cut their target price on shares of Wix.com from $230.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $200.00 target price on shares of Wix.com in a research note on Wednesday, June 18th. Raymond James Financial reiterated a "strong-buy" rating on shares of Wix.com in a research note on Thursday, August 7th. Finally, Bank of America cut their target price on shares of Wix.com from $270.00 to $230.00 and set a "buy" rating for the company in a research note on Wednesday, May 21st. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $215.63.

Wix.com Stock Up 1.6%

WIX stock traded up $2.21 during trading on Monday, hitting $141.08. The company had a trading volume of 1,407,653 shares, compared to its average volume of 1,695,481. The firm has a 50-day moving average price of $143.56 and a 200-day moving average price of $160.25. Wix.com Ltd. has a 12 month low of $114.89 and a 12 month high of $247.11. The stock has a market cap of $7.92 billion, a price-to-earnings ratio of 50.21, a PEG ratio of 2.71 and a beta of 1.30.

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

Wix.com declared that its board has initiated a share repurchase plan on Monday, August 11th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the information services provider to purchase up to 2.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are 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.