Maverick Capital Ltd. Acquires 11,800 Shares of Wix.com Ltd. $WIX

Key Points

• Maverick Capital Ltd. increased its holdings in Wix.com Ltd. by 678.6% during the first quarter, acquiring a total of 13,539 shares worth approximately $2.21 million.
• Wix.com reported $2.28 earnings per share for the last quarter, exceeding analysts’ estimates by $0.49, while its revenue grew by 12.4% year-over-year to $489.93 million.
• Several investment analysts have raised their price targets for Wix.com, with an average target of $215.63 and a consensus rating of "Buy".

Maverick Capital Ltd. lifted its position in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 678.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,539 shares of the information services provider's stock after buying an additional 11,800 shares during the quarter. Maverick Capital Ltd.'s holdings in Wix.com were worth $2,212,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. grew its stake in shares of Wix.com by 63.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider's stock valued at $28,000 after buying an additional 66 shares in the last quarter. Twin Tree Management LP acquired a new stake in Wix.com in the 1st quarter worth approximately $29,000. TD Private Client Wealth LLC lifted its holdings in Wix.com by 183.3% in the 1st quarter. TD Private Client Wealth LLC now owns 476 shares of the information services provider's stock worth $78,000 after purchasing an additional 308 shares during the last quarter. SVB Wealth LLC acquired a new stake in Wix.com in the 1st quarter worth approximately $82,000. Finally, New Age Alpha Advisors LLC acquired a new stake in Wix.com in the 1st quarter worth approximately $110,000. Institutional investors own 81.52% of the company's stock.

Wix.com Stock Up 1.7%

Wix.com stock traded up $2.50 during mid-day trading on Thursday, hitting $147.15. 1,902,434 shares of the company were exchanged, compared to its average volume of 988,834. The business has a fifty day moving average of $142.53 and a 200 day moving average of $159.45. Wix.com Ltd. has a 1-year low of $114.89 and a 1-year high of $247.11. The company has a market capitalization of $8.26 billion, a PE ratio of 52.37, a price-to-earnings-growth ratio of 2.71 and a beta of 1.30.

Wix.com (NASDAQ:WIX - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The information services provider reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $489.93 million during the quarter, compared to analyst estimates of $487.62 million. During the same period in the prior year, the company posted $1.67 earnings per share. The business's revenue for the quarter was up 12.4% compared to the same quarter last year. Research analysts expect that Wix.com Ltd. will post 3.65 earnings per share for the current year.

Wix.com announced that its Board of Directors has approved a stock repurchase program on Monday, August 11th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the information services provider to buy up to 2.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Raymond James Financial restated a "strong-buy" rating on shares of Wix.com in a report on Thursday, August 7th. Baird R W upgraded Wix.com from a "hold" rating to a "strong-buy" rating in a report 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. Cantor Fitzgerald reiterated an "overweight" rating and set a $200.00 price target on shares of Wix.com in a report on Wednesday, June 18th. Finally, Benchmark cut their price target on Wix.com from $260.00 to $245.00 and set a "buy" rating for the company in a report on Monday, May 19th. Three 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 stock. According to data from MarketBeat.com, Wix.com currently has an average rating of "Buy" and a consensus target price 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.