Russell Investments Group Ltd. Sells 16,292 Shares of Wix.com Ltd. $WIX

Key Points

• Russell Investments Group reduced its stake in Wix by 9.7%, selling 16,292 shares and now holds 151,442 shares (~0.27% of the company) valued at about $27.12 million.
• Other institutions repositioned heavily: Lone Pine initiated a roughly $342 million stake and Ameriprise increased holdings 879% to 2,031,591 shares (~$322 million), leaving institutional ownership at 81.52%.
• Wix beat EPS estimates ($1.81 vs. $1.36) though revenue slightly missed, the board authorized a $2.0 billion share repurchase (up to 40.5% of shares), and analysts have a consensus "Moderate Buy" with a $134.90 target amid recent price-target cuts.

Russell Investments Group Ltd. reduced its stake in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 9.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 151,442 shares of the information services provider's stock after selling 16,292 shares during the period. Russell Investments Group Ltd. owned 0.27% of Wix.com worth $27,123,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Lone Pine Capital LLC acquired a new stake in shares of Wix.com during the 2nd quarter worth about $342,485,000. Ameriprise Financial Inc. grew its stake in Wix.com by 879.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,031,591 shares of the information services provider's stock valued at $321,926,000 after buying an additional 1,824,070 shares during the last quarter. Senvest Management LLC raised its holdings in Wix.com by 32.2% in the 2nd quarter. Senvest Management LLC now owns 2,040,910 shares of the information services provider's stock valued at $323,403,000 after acquiring an additional 496,770 shares during the period. Norges Bank acquired a new stake in Wix.com during the second quarter worth approximately $66,132,000. Finally, Lazard Asset Management LLC lifted its position in Wix.com by 27.4% during the second quarter. Lazard Asset Management LLC now owns 1,542,153 shares of the information services provider's stock worth $244,368,000 after acquiring an additional 331,283 shares during the last quarter. 81.52% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Evercore decreased their target price on Wix.com from $250.00 to $160.00 and set an "outperform" rating on the stock in a research report on Thursday, November 20th. Zacks Research raised Wix.com from a "strong sell" rating to a "hold" rating in a report on Friday, January 30th. B. Riley Financial restated a "buy" rating and issued a $200.00 price target (down from $230.00) on shares of Wix.com in a research note on Thursday, November 20th. Robert W. Baird cut Wix.com from an "outperform" rating to a "neutral" rating and lowered their price objective for the stock from $115.00 to $90.00 in a research report on Monday. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $130.00 price objective on shares of Wix.com in a research report on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $134.90.

Wix.com Price Performance

Shares of NASDAQ WIX opened at $86.91 on Friday. The business has a fifty day moving average price of $81.89 and a two-hundred day moving average price of $114.69. The stock has a market capitalization of $5.07 billion, a PE ratio of 107.30, a P/E/G ratio of 1.93 and a beta of 1.39. Wix.com Ltd. has a fifty-two week low of $60.22 and a fifty-two week high of $191.24.

Wix.com (NASDAQ:WIX - Get Free Report) last released its earnings results on Wednesday, March 4th. The information services provider reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $524.27 million for the quarter, compared to analyst estimates of $527.69 million. During the same period in the prior year, the firm posted $2.10 EPS. Wix.com's quarterly revenue was up 13.9% on a year-over-year basis. On average, equities analysts expect that Wix.com Ltd. will post 3.65 EPS for the current year.

Wix.com declared that its board has approved a stock repurchase plan on Wednesday, January 28th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the information services provider to purchase up to 40.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Wix.com Company 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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