Scientech Research LLC Purchases 9,865 Shares of Wix.com Ltd. $WIX

Key Points

• Scientech Research LLC significantly increased its holdings in Wix.com Ltd. by 383.4% in the first quarter, acquiring a total of 12,438 shares now valued at approximately $2,032,000.
• Wix.com recently reported a quarterly earnings per share (EPS) of $2.28, exceeding analysts' expectations of $1.79 and marking a 12.4% increase in revenue year-over-year.
• The company has initiated a share repurchase plan allowing for the buyback of up to $200 million in shares, indicating the board's belief that the stock is undervalued.

Scientech Research LLC lifted its position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 383.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,438 shares of the information services provider's stock after acquiring an additional 9,865 shares during the quarter. Wix.com makes up about 0.5% of Scientech Research LLC's investment portfolio, making the stock its 16th largest position. Scientech Research LLC's holdings in Wix.com were worth $2,032,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Whale Rock Capital Management LLC grew its stake in shares of Wix.com by 55.1% during the fourth quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider's stock worth $229,904,000 after purchasing an additional 380,800 shares during the period. Assenagon Asset Management S.A. grew its stake in shares of Wix.com by 1,209.4% during the first quarter. Assenagon Asset Management S.A. now owns 344,713 shares of the information services provider's stock worth $56,319,000 after purchasing an additional 318,387 shares during the period. Alliancebernstein L.P. grew its stake in shares of Wix.com by 115.8% during the first quarter. Alliancebernstein L.P. now owns 560,214 shares of the information services provider's stock worth $91,528,000 after purchasing an additional 300,565 shares during the period. Two Sigma Investments LP grew its stake in shares of Wix.com by 93.8% during the fourth quarter. Two Sigma Investments LP now owns 345,389 shares of the information services provider's stock worth $74,103,000 after purchasing an additional 167,143 shares during the period. Finally, Menora Mivtachim Holdings LTD. acquired a new stake in shares of Wix.com during the first quarter worth $26,737,000. Institutional investors own 81.52% of the company's stock.

Wall Street Analysts Forecast Growth

WIX has been the subject of a number of analyst reports. Bank of America decreased their price objective on Wix.com from $270.00 to $230.00 and set a "buy" rating for the company in a research note on Wednesday, May 21st. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $200.00 price objective on shares of Wix.com in a research note on Wednesday, June 18th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Wix.com in a research note on Thursday, August 7th. B. Riley reaffirmed a "buy" rating and set a $230.00 price objective (down from $240.00) on shares of Wix.com in a research note on Wednesday, May 28th. Finally, Zacks Research raised Wix.com from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 20th. Three analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $215.63.

Wix.com Trading Up 9.1%

Shares of Wix.com stock traded up $13.96 during trading on Tuesday, reaching $167.04. The stock had a trading volume of 7,462,126 shares, compared to its average volume of 1,457,783. The company has a market capitalization of $9.37 billion, a price-to-earnings ratio of 59.45, a P/E/G ratio of 2.94 and a beta of 1.30. The stock has a fifty day moving average price of $142.45 and a two-hundred day moving average price of $157.97. Wix.com Ltd. has a 52 week low of $114.89 and a 52 week high of $247.11.

Wix.com (NASDAQ:WIX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The information services provider reported $2.28 EPS for the quarter, beating analysts' consensus estimates of $1.79 by $0.49. The company had revenue of $489.93 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 12.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.67 earnings per share. On average, equities analysts forecast 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 share repurchase plan on Monday, August 11th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the information services provider to repurchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

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.