Pictet Asset Management Holding SA Has $4.93 Million Stock Position in Wix.com Ltd. $WIX

Key Points

• Pictet Asset Management cut its Wix stake by 35% in Q4 and now owns 47,414 shares worth $4.93 million (≈0.08% of the company), and overall institutional investors hold about 81.52% of the stock with several other large funds recently changing positions.
• Wix's board authorized a $2.0 billion share buyback (up to ~40.5% of outstanding shares), while analysts' views have been trimmed but the consensus remains a "Moderate Buy" with an average price target of $124.65 versus the stock trading near $80.60.

Pictet Asset Management Holding SA reduced its stake in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 35.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 47,414 shares of the information services provider's stock after selling 25,547 shares during the quarter. Pictet Asset Management Holding SA owned 0.08% of Wix.com worth $4,926,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Mediolanum International Funds Ltd boosted its stake in Wix.com by 65.9% in the third quarter. Mediolanum International Funds Ltd now owns 55,647 shares of the information services provider's stock valued at $10,054,000 after buying an additional 22,112 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in Wix.com in the third quarter valued at about $54,314,000. Principal Financial Group Inc. boosted its stake in Wix.com by 2.6% in the third quarter. Principal Financial Group Inc. now owns 948,263 shares of the information services provider's stock valued at $168,446,000 after buying an additional 23,836 shares in the last quarter. Dream Peak Capital Ltd acquired a new stake in Wix.com in the fourth quarter valued at about $1,500,000. Finally, Intech Investment Management LLC acquired a new stake in Wix.com in the third quarter valued at about $6,179,000. 81.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on WIX. Jefferies Financial Group reduced their price objective on Wix.com from $200.00 to $130.00 and set a "buy" rating on the stock in a research note on Monday, February 23rd. Piper Sandler began coverage on Wix.com in a research note on Thursday, March 12th. They issued a "neutral" rating and a $98.00 price objective on the stock. Robert W. Baird lowered Wix.com from an "outperform" rating to a "neutral" rating and reduced their price objective for the company from $115.00 to $90.00 in a research note on Monday, March 9th. Citigroup reduced their price objective on Wix.com from $150.00 to $105.00 and set a "buy" rating on the stock in a research note on Thursday, March 5th. Finally, Bank of America reduced their price objective on Wix.com from $136.00 to $109.00 and set a "buy" rating on the stock in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $124.65.

Wix.com Stock Performance

Shares of WIX stock opened at $80.60 on Monday. The business's 50-day moving average price is $79.57 and its 200-day moving average price is $95.16. Wix.com Ltd. has a 12 month low of $60.22 and a 12 month high of $191.24. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of 99.51, a PEG ratio of 2.46 and a beta of 1.01.

Wix.com (NASDAQ:WIX - Get Free Report) last announced its quarterly earnings results on Wednesday, March 4th. The information services provider reported $1.81 EPS for the quarter, beating analysts' consensus estimates of $1.36 by $0.45. Wix.com had a negative return on equity of 70.04% and a net margin of 2.54%.The firm had revenue of $524.27 million for the quarter, compared to analyst estimates of $527.69 million. During the same period last year, the firm posted $2.10 earnings per share. The business's revenue for the quarter was up 13.9% on a year-over-year basis. On average, sell-side analysts predict that Wix.com Ltd. will post 1.57 earnings per share for the current fiscal year.

Wix.com announced that its Board of Directors has approved a share buyback plan on Wednesday, January 28th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the information services provider to repurchase up to 40.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Wix.com Profile

Wix.com Ltd. operates a cloud-based platform that enables individuals and businesses to create, manage and develop professional web presences through an intuitive drag-and-drop interface. The company's software-as-a-service model provides hosting, customizable templates and a range of design tools, eliminating the need for coding expertise. Users can choose from a variety of premium plans to access custom domains, enhanced storage, and advanced performance features tailored to personal projects, small businesses and online storefronts.

Beyond its core website builder, Wix offers a suite of complementary services designed to support digital growth and marketing.

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