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 raised its stake in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 383.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,438 shares of the information services provider's stock after buying an additional 9,865 shares during the period. Wix.com makes up 0.5% of Scientech Research LLC's portfolio, making the stock its 16th biggest position. Scientech Research LLC's holdings in Wix.com were worth $2,032,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Ameriprise Financial Inc. grew its stake in shares of Wix.com by 63.7% in the 4th quarter. Ameriprise Financial Inc. now owns 30,746 shares of the information services provider's stock worth $6,597,000 after purchasing an additional 11,966 shares during the last quarter. Ensign Peak Advisors Inc bought a new stake in Wix.com during the fourth quarter worth approximately $1,555,000. Ellevest Inc. acquired a new position in Wix.com in the fourth quarter worth approximately $204,000. Maytus Capital Management LLC bought a new position in shares of Wix.com in the fourth quarter valued at $4,291,000. Finally, Numerai GP LLC acquired a new stake in shares of Wix.com during the 4th quarter valued at $822,000. 81.52% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on WIX shares. Robert W. Baird upgraded shares of Wix.com from a "neutral" rating to an "outperform" rating and cut their price target for the company from $215.00 to $190.00 in a report on Friday, May 23rd. Citigroup reaffirmed an "outperform" rating on shares of Wix.com in a research note on Monday, August 18th. Bank of America decreased their price target 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 reissued an "overweight" rating and issued a $200.00 price objective on shares of Wix.com in a research note on Wednesday, June 18th. Finally, JPMorgan Chase & Co. reduced their target price on Wix.com from $189.00 to $166.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $215.63.

Wix.com Stock Performance

Shares of NASDAQ:WIX traded up $1.17 on Friday, hitting $170.62. 599,523 shares of the company were exchanged, compared to its average volume of 1,067,410. The company's 50 day moving average price is $142.54 and its two-hundred day moving average price is $157.78. The firm has a market capitalization of $9.57 billion, a price-to-earnings ratio of 60.73, a PEG ratio of 3.15 and a beta of 1.30. Wix.com Ltd. has a one year low of $114.89 and a one year 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.49. The firm 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. Research analysts predict that Wix.com Ltd. will post 3.65 earnings per share for the current year.

Wix.com announced that its board has authorized a share buyback plan on Monday, August 11th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the information services provider to buy up to 2.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

About Wix.com

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.