Russell Investments Group Ltd. Boosts Stake in Wix.com Ltd. (NASDAQ:WIX)

Key Points

• Russell Investments Group Ltd. raised its stake in Wix.com by 17.8%, now owning approximately 0.34% and valued at $31 million.
• Wix.com reported strong quarterly earnings with $2.28 EPS, surpassing analyst estimates of $1.79, and showed a 12.4% year-over-year revenue increase.
• The company has authorized a $200 million share buyback program, reflecting management's belief that the shares are currently undervalued.

Russell Investments Group Ltd. raised its position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 17.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 188,379 shares of the information services provider's stock after acquiring an additional 28,472 shares during the period. Russell Investments Group Ltd. owned approximately 0.34% of Wix.com worth $31,028,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in WIX. LPL Financial LLC boosted its position in shares of Wix.com by 24.4% in the fourth quarter. LPL Financial LLC now owns 7,277 shares of the information services provider's stock worth $1,561,000 after buying an additional 1,429 shares during the period. Invesco Ltd. boosted its position in shares of Wix.com by 66.0% in the fourth quarter. Invesco Ltd. now owns 57,932 shares of the information services provider's stock worth $12,429,000 after buying an additional 23,037 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Wix.com in the fourth quarter worth about $8,066,000. Mariner LLC boosted its position in shares of Wix.com by 39.2% in the fourth quarter. Mariner LLC now owns 10,737 shares of the information services provider's stock worth $2,304,000 after buying an additional 3,022 shares during the period. Finally, MetLife Investment Management LLC boosted its position in shares of Wix.com by 35.6% in the fourth quarter. MetLife Investment Management LLC now owns 6,100 shares of the information services provider's stock worth $1,309,000 after buying an additional 1,600 shares during the period. Hedge funds and other institutional investors own 81.52% of the company's stock.

Wix.com Stock Up 3.3%

Shares of NASDAQ WIX opened at $124.35 on Friday. The stock's 50 day moving average price is $148.69 and its two-hundred day moving average price is $168.51. Wix.com Ltd. has a 52-week low of $114.89 and a 52-week high of $247.11. The stock has a market capitalization of $6.98 billion, a P/E ratio of 44.25, a PEG ratio of 2.31 and a beta of 1.27.

Wix.com (NASDAQ:WIX - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.79 by $0.49. The business 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 business's quarterly revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.67 EPS. On average, analysts anticipate that Wix.com Ltd. will post 3.65 EPS for the current year.

Wix.com announced that its Board of Directors has authorized a share repurchase program on Monday, August 11th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the information services provider to purchase up to 2.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

WIX has been the subject of several analyst reports. Citigroup decreased their target price on Wix.com from $280.00 to $238.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Wells Fargo & Company raised Wix.com from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $173.00 to $216.00 in a research report on Monday, June 16th. Piper Sandler cut their price target on Wix.com from $262.00 to $225.00 and set an "overweight" rating on the stock in a research note on Thursday, May 22nd. UBS Group cut their price target on 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, Royal Bank Of Canada cut their price target on Wix.com from $245.00 to $210.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. One equities research analyst has rated the stock with a hold rating, eighteen have issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, Wix.com currently has an average rating of "Buy" and a consensus price target of $213.53.

Wix.com 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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