Northern Trust Corp Purchases 5,268 Shares of Wix.com Ltd. $WIX

Key Points

• Northern Trust Corp increased its stake in Wix.com Ltd. by 1.9% during the first quarter, owning a total of 283,073 shares valued at approximately $46.2 million.
• Wix.com reported earnings of $2.28 per share for the previous quarter, surpassing analyst expectations, and experienced a year-over-year revenue growth of 12.4% to $489.93 million.
• The company has initiated a stock repurchase plan, allowing it to buy back up to $200 million in shares, indicating that management believes its stock is undervalued.

Northern Trust Corp lifted its position in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 283,073 shares of the information services provider's stock after buying an additional 5,268 shares during the quarter. Northern Trust Corp owned about 0.50% of Wix.com worth $46,248,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in WIX. Procyon Advisors LLC boosted its position in Wix.com by 5.1% during the first quarter. Procyon Advisors LLC now owns 1,385 shares of the information services provider's stock worth $226,000 after purchasing an additional 67 shares during the period. Yousif Capital Management LLC boosted its position 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. Nissay Asset Management Corp Japan ADV boosted its position in Wix.com by 1.5% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 6,424 shares of the information services provider's stock worth $1,402,000 after purchasing an additional 96 shares during the period. Signaturefd LLC boosted its position in Wix.com by 3.3% during the first quarter. Signaturefd LLC now owns 3,402 shares of the information services provider's stock worth $556,000 after purchasing an additional 109 shares during the period. Finally, Cetera Investment Advisers boosted its position in Wix.com by 9.9% during the first quarter. Cetera Investment Advisers now owns 1,558 shares of the information services provider's stock worth $255,000 after purchasing an additional 140 shares during the period. 81.52% of the stock is owned by institutional investors.

Wix.com Stock Up 3.6%

WIX stock opened at $136.38 on Thursday. Wix.com Ltd. has a 12 month low of $114.89 and a 12 month high of $247.11. The firm has a market cap of $7.65 billion, a P/E ratio of 48.53, a P/E/G ratio of 2.53 and a beta of 1.27. The company's 50-day moving average price is $144.64 and its two-hundred day moving average price is $162.94.

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, 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 firm had revenue of $489.93 million for the quarter, compared to analyst estimates of $487.62 million. During the same period last year, the firm earned $1.67 EPS. The business's quarterly revenue was up 12.4% compared to the same quarter last year. Equities analysts predict that Wix.com Ltd. will post 3.65 EPS for the current year.

Wix.com declared that its board has approved a stock 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 purchase up to 2.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have commented on WIX shares. Barclays set a $235.00 price objective on shares of Wix.com and gave the stock an "overweight" rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. reduced their price objective on shares of Wix.com from $189.00 to $166.00 and set a "neutral" rating for the company in a research report on Wednesday, August 6th. Wells Fargo & Company upgraded shares of Wix.com from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $173.00 to $216.00 in a research note on Monday, June 16th. UBS Group decreased their price target on shares of Wix.com from $230.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Finally, Piper Sandler decreased their price target on shares of Wix.com from $262.00 to $225.00 and set an "overweight" rating on the stock in a research note on Thursday, May 22nd. Three analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $215.63.

About Wix.com

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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