Phoenix Financial Ltd. Purchases 57,000 Shares of Wix.com Ltd. $WIX

Key Points

• Phoenix Financial Ltd. increased its holdings in Wix.com Ltd. by 38.4%, acquiring an additional 57,000 shares, bringing its total stake to 205,258 shares valued at approximately $32.5 million.
• Wix.com recently reported an earnings per share (EPS) of $2.28 for the last quarter, exceeding analysts' expectations of $1.79, alongside a revenue of approximately $489.93 million.
• The company's Board has authorized a stock buyback plan of up to $200 million, indicating a belief that their shares are currently undervalued.

Phoenix Financial Ltd. grew its position in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 38.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 205,258 shares of the information services provider's stock after acquiring an additional 57,000 shares during the period. Phoenix Financial Ltd. owned 0.37% of Wix.com worth $32,525,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. DekaBank Deutsche Girozentrale grew its position in Wix.com by 261.5% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 10,459 shares of the information services provider's stock worth $1,654,000 after acquiring an additional 7,566 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Wix.com in the second quarter worth $2,551,000. VELA Investment Management LLC grew its holdings in shares of Wix.com by 61.3% during the second quarter. VELA Investment Management LLC now owns 30,432 shares of the information services provider's stock worth $4,822,000 after purchasing an additional 11,560 shares during the last quarter. Nordea Investment Management AB raised its holdings in shares of Wix.com by 45.8% in the second quarter. Nordea Investment Management AB now owns 12,653 shares of the information services provider's stock valued at $2,017,000 after buying an additional 3,973 shares during the last quarter. Finally, WCM Investment Management LLC lifted its position in Wix.com by 420.2% during the 2nd quarter. WCM Investment Management LLC now owns 149,643 shares of the information services provider's stock worth $23,645,000 after buying an additional 120,878 shares in the last quarter. 81.52% of the stock is owned by institutional investors and hedge funds.

Wix.com Stock Up 5.2%

Shares of Wix.com stock opened at $137.58 on Tuesday. The business has a fifty day simple moving average of $149.26 and a 200 day simple moving average of $154.07. The stock has a market cap of $7.72 billion, a PE ratio of 48.96, a price-to-earnings-growth ratio of 2.44 and a beta of 1.32. Wix.com Ltd. has a 12 month low of $114.89 and a 12 month high of $247.11.

Wix.com (NASDAQ:WIX - Get Free Report) last issued its earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.79 by $0.49. The firm had revenue of $489.93 million for the quarter, compared to analysts' expectations of $487.62 million. Wix.com had a negative return on equity of 136.43% and a net margin of 8.90%.The company's revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.67 earnings per share. Analysts expect that Wix.com Ltd. will post 3.65 EPS for the current fiscal year.

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

Analysts Set New Price Targets

WIX has been the topic of a number of research analyst reports. Raymond James Financial restated a "strong-buy" rating on shares of Wix.com in a research report on Thursday, August 7th. Cfra Research raised shares of Wix.com from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, August 12th. Royal Bank Of Canada reissued an "outperform" rating and issued a $210.00 price target on shares of Wix.com in a report on Tuesday, August 19th. Wall Street Zen raised Wix.com from a "buy" rating to a "strong-buy" rating in a report on Saturday, October 11th. Finally, Needham & Company LLC decreased their price objective on Wix.com from $250.00 to $200.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target 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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