Panagora Asset Management Inc. Has $3.55 Million Holdings in Wix.com Ltd. $WIX

Key Points

• Panagora Asset Management Inc. increased its holdings in Wix.com by 141%, owning 21,711 shares valued at $3,547,000 at the end of the first quarter.
• Wix.com reported a quarterly earnings per share of $2.28, surpassing estimates, along with revenue growth of 12.4% year-over-year.
• The company approved a $200 million stock buyback plan, indicating that its board believes the shares are undervalued.

Panagora Asset Management Inc. lifted its holdings in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 141.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,711 shares of the information services provider's stock after buying an additional 12,702 shares during the quarter. Panagora Asset Management Inc.'s holdings in Wix.com were worth $3,547,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Tower Research Capital LLC TRC grew its holdings in Wix.com by 44.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 630 shares of the information services provider's stock valued at $135,000 after purchasing an additional 193 shares during the period. Stifel Financial Corp acquired a new position in shares of Wix.com in the 4th quarter valued at $2,471,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Wix.com by 29.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,992 shares of the information services provider's stock valued at $3,647,000 after buying an additional 3,897 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Wix.com by 3.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 19,518 shares of the information services provider's stock valued at $4,188,000 after buying an additional 657 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Wix.com by 61.7% during the 4th quarter. Northern Trust Corp now owns 277,805 shares of the information services provider's stock worth $59,603,000 after buying an additional 106,022 shares during the period. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Wix.com Price Performance

Wix.com stock traded up $5.95 during trading hours on Friday, hitting $153.10. The company had a trading volume of 1,819,965 shares, compared to its average volume of 993,855. The firm has a 50-day moving average of $142.53 and a 200 day moving average of $159.45. The firm has a market cap of $8.59 billion, a PE ratio of 54.48, a PEG ratio of 2.78 and a beta of 1.30. Wix.com Ltd. has a one year low of $114.89 and a one year high of $247.11.

Wix.com (NASDAQ:WIX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The information services provider reported $2.28 earnings per share 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 for the quarter, compared to analysts' expectations of $487.62 million. During the same quarter last year, the business earned $1.67 EPS. The company's quarterly revenue was up 12.4% compared to the same quarter last year. As a group, research analysts expect that Wix.com Ltd. will post 3.65 earnings per share for the current year.

Wix.com declared that its Board of Directors has approved a stock buyback program on Monday, August 11th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the information services provider to reacquire up to 2.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms have issued reports on WIX. Barclays set a $235.00 target price on Wix.com and gave the company an "overweight" rating in a research note on Thursday, August 7th. Citigroup reiterated an "outperform" rating on shares of Wix.com in a research report on Monday, August 18th. Cantor Fitzgerald restated an "overweight" rating and set a $200.00 target price on shares of Wix.com in a report on Wednesday, June 18th. Benchmark lowered their price objective on shares of Wix.com from $260.00 to $245.00 and set a "buy" rating on the stock in a report on Monday, May 19th. Finally, Wall Street Zen lowered Wix.com from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target 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.