Massachusetts Financial Services Co. MA Raises Stock Holdings in Wix.com Ltd. $WIX

Key Points

• Massachusetts Financial Services Co. boosted its stake in Wix by 70.3% in Q4 to 520,633 shares, worth about $54.09 million and representing roughly 0.93% of the company.
• Wix's board approved a $2.0 billion share buyback program, authorizing repurchases of up to 40.5% of outstanding shares.
• Wix beat EPS expectations ($1.81 vs. $1.36) but slightly missed revenue, and the stock trades near $63.84 with a $3.72 billion market cap and a consensus "Moderate Buy" target of $128.45.

Massachusetts Financial Services Co. MA boosted its stake in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 70.3% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 520,633 shares of the information services provider's stock after purchasing an additional 214,864 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.93% of Wix.com worth $54,089,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WIX. Westside Investment Management Inc. grew its position in Wix.com by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider's stock worth $27,000 after purchasing an additional 77 shares during the period. Flagship Harbor Advisors LLC acquired a new stake in Wix.com during the 4th quarter worth about $27,000. Geneos Wealth Management Inc. grew its position in Wix.com by 632.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider's stock worth $41,000 after purchasing an additional 215 shares during the period. National Bank of Canada FI acquired a new stake in Wix.com during the 3rd quarter worth about $54,000. Finally, MAI Capital Management grew its position in Wix.com by 109.1% during the 3rd quarter. MAI Capital Management now owns 366 shares of the information services provider's stock worth $65,000 after purchasing an additional 191 shares during the period. 81.52% of the stock is owned by institutional investors and hedge funds.

Wix.com Stock Down 1.7%

NASDAQ:WIX opened at $63.84 on Wednesday. Wix.com Ltd. has a 52 week low of $60.22 and a 52 week high of $191.24. The stock has a market capitalization of $3.72 billion, a PE ratio of 78.81, a price-to-earnings-growth ratio of 2.24 and a beta of 1.26. The stock's 50-day moving average price is $79.13 and its 200-day moving average price is $101.46.

Wix.com (NASDAQ:WIX - Get Free Report) last posted its earnings results on Wednesday, March 4th. The information services provider reported $1.81 EPS for the quarter, beating analysts' consensus estimates of $1.36 by $0.45. Wix.com had a negative return on equity of 70.04% and a net margin of 2.54%.The firm had revenue of $524.27 million for the quarter, compared to analysts' expectations of $527.69 million. During the same period last year, the firm earned $2.10 EPS. The company's quarterly revenue was up 13.9% on a year-over-year basis. Sell-side 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 approved a share buyback plan on Wednesday, January 28th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the information services provider to purchase up to 40.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on WIX shares. Oppenheimer cut their price target on Wix.com from $160.00 to $130.00 and set an "outperform" rating on the stock in a research report on Monday, February 2nd. Citigroup cut their price target on Wix.com from $150.00 to $105.00 and set a "buy" rating on the stock in a research report on Thursday, March 5th. Wells Fargo & Company cut their price target on Wix.com from $176.00 to $137.00 and set an "overweight" rating on the stock in a research report on Thursday, March 5th. JPMorgan Chase & Co. downgraded Wix.com from a "neutral" rating to an "underweight" rating and cut their price target for the stock from $114.00 to $91.00 in a research report on Friday, March 27th. Finally, Zacks Research raised Wix.com from a "strong sell" rating to a "hold" rating in a research report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Wix.com currently has an average rating of "Moderate Buy" and a consensus target price of $128.45.

Wix.com Profile

Wix.com Ltd. operates a cloud-based platform that enables individuals and businesses to create, manage and develop professional web presences through an intuitive drag-and-drop interface. The company's software-as-a-service model provides hosting, customizable templates and a range of design tools, eliminating the need for coding expertise. Users can choose from a variety of premium plans to access custom domains, enhanced storage, and advanced performance features tailored to personal projects, small businesses and online storefronts.

Beyond its core website builder, Wix offers a suite of complementary services designed to support digital growth and marketing.

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