Meitav Investment House Ltd. Sells 51,807 Shares of Wix.com Ltd. $WIX

Key Points

• Meitav Investment House Ltd. decreased its stake in Wix.com Ltd. by 32.4%, selling 51,807 shares and retaining 107,993 shares worth approximately $17.1 million.
• Wix.com reported a quarterly earnings per share (EPS) of $2.28, surpassing estimates by $0.49, with revenues of $489.93 million.
• The company's board has approved a $200 million stock repurchase plan, indicating confidence in the stock's undervaluation.

Meitav Investment House Ltd. lessened its stake in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 32.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 107,993 shares of the information services provider's stock after selling 51,807 shares during the period. Meitav Investment House Ltd. owned about 0.19% of Wix.com worth $17,117,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Wix.com by 4.4% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,210 shares of the information services provider's stock worth $826,000 after buying an additional 221 shares during the period. GC Wealth Management RIA LLC purchased a new stake in Wix.com during the second quarter worth $417,000. TD Private Client Wealth LLC lifted its holdings in Wix.com by 25.4% during the second quarter. TD Private Client Wealth LLC now owns 597 shares of the information services provider's stock worth $95,000 after buying an additional 121 shares during the period. Counterpoint Mutual Funds LLC purchased a new stake in Wix.com during the second quarter worth $339,000. Finally, Diversified Trust Co lifted its holdings in Wix.com by 14.7% during the second quarter. Diversified Trust Co now owns 18,618 shares of the information services provider's stock worth $2,950,000 after buying an additional 2,380 shares during the period. Institutional investors own 81.52% of the company's stock.

Wix.com Price Performance

NASDAQ WIX opened at $146.15 on Tuesday. The stock's fifty day moving average price is $148.38 and its 200 day moving average price is $156.16. Wix.com Ltd. has a 1 year low of $114.89 and a 1 year high of $247.11. The company has a market cap of $8.20 billion, a price-to-earnings ratio of 52.01, a PEG ratio of 2.92 and a beta of 1.32.

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

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

Analyst Upgrades and Downgrades

WIX has been the subject of a number of analyst reports. Raymond James Financial restated a "strong-buy" rating on shares of Wix.com in a report on Thursday, August 7th. Scotiabank set a $255.00 price target on Wix.com and gave the stock a "sector outperform" rating in a research report on Thursday, August 7th. Cfra Research raised Wix.com from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 12th. Piper Sandler upped their price target on Wix.com from $206.00 to $210.00 and gave the stock an "overweight" rating in a research report on Friday, September 26th. Finally, Wells Fargo & Company raised 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. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $215.37.

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.

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