Principal Financial Group Inc. Has $25.94 Million Stake in Wix.com Ltd. $WIX

Key Points

• Principal Financial Group cut its Wix.com stake by 79.4% in the first quarter, selling more than 1.1 million shares and leaving it with 288,018 shares worth about $25.94 million.
• Other institutional investors were mixed on Wix.com: some, like HSBC Holdings, sharply increased their holdings, while overall institutional ownership remained high at 81.52%.
• Wall Street sentiment has turned cautious, with several analysts lowering ratings or price targets; the stock currently carries a Hold consensus and an average target price of $96.70.

Principal Financial Group Inc. reduced its position in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 79.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 288,018 shares of the information services provider's stock after selling 1,109,944 shares during the quarter. Principal Financial Group Inc. owned about 0.49% of Wix.com worth $25,942,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hsbc Holdings PLC increased its stake in Wix.com by 11,894.0% in the first quarter. Hsbc Holdings PLC now owns 3,529,474 shares of the information services provider's stock valued at $318,676,000 after acquiring an additional 3,500,047 shares during the last quarter. Taylor Frigon Capital Management LLC lifted its stake in Wix.com by 32.8% during the first quarter. Taylor Frigon Capital Management LLC now owns 23,532 shares of the information services provider's stock worth $2,120,000 after purchasing an additional 5,812 shares during the last quarter. Meitav Investment House Ltd. lifted its stake in Wix.com by 108.7% during the first quarter. Meitav Investment House Ltd. now owns 182,667 shares of the information services provider's stock worth $16,452,000 after purchasing an additional 95,139 shares during the last quarter. Collaborative Fund Advisors LLC acquired a new stake in shares of Wix.com in the 1st quarter valued at $2,002,000. Finally, USS Investment Management Ltd boosted its holdings in shares of Wix.com by 4.8% in the 1st quarter. USS Investment Management Ltd now owns 12,902 shares of the information services provider's stock valued at $1,162,000 after purchasing an additional 591 shares in the last quarter. Institutional investors own 81.52% of the company's stock.

Wall Street Analyst Weigh In

WIX has been the subject of a number of research analyst reports. Morgan Stanley cut Wix.com from an "overweight" rating to an "equal weight" rating in a report on Tuesday. Citigroup reduced their price objective on Wix.com from $66.00 to $59.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 9th. JPMorgan Chase & Co. lowered their target price on Wix.com from $86.00 to $62.00 and set an "underweight" rating for the company in a research note on Thursday, June 18th. Wells Fargo & Company dropped their target price on shares of Wix.com from $47.00 to $46.00 and set an "equal weight" rating for the company in a report on Thursday. Finally, Cantor Fitzgerald reduced their price target on shares of Wix.com from $110.00 to $70.00 and set an "overweight" rating on the stock in a research note on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $96.70.

Wix.com Stock Performance

WIX stock opened at $53.36 on Tuesday. The company has a fifty day moving average price of $50.51 and a 200-day moving average price of $70.56. The company has a market capitalization of $3.11 billion, a P/E ratio of -68.41 and a beta of 0.93. Wix.com Ltd. has a 52-week low of $40.16 and a 52-week high of $190.93.

Wix.com (NASDAQ:WIX - Get Free Report) last issued its quarterly earnings results on Wednesday, May 13th. The information services provider reported $0.68 EPS for the quarter, missing analysts' consensus estimates of $1.21 by ($0.53). The business had revenue of $541.17 million for the quarter, compared to analyst estimates of $544.04 million. Wix.com had a negative return on equity of 33.28% and a negative net margin of 1.97%.Wix.com's revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.69 EPS. As a group, sell-side analysts forecast that Wix.com Ltd. will post -0.17 earnings per share for the current fiscal year.

About Wix.com

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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