State of New Jersey Common Pension Fund D Boosts Stock Holdings in Wix.com Ltd. $WIX

Key Points

• The State of New Jersey Common Pension Fund D increased its investment in Wix.com Ltd. by 9.4% in the first quarter, acquiring a total of 24,405 shares worth approximately $3.99 million.
• Wix.com reported a 12.4% year-over-year revenue increase, with earnings per share of $2.28, exceeding analysts' estimates by $0.49.
• The company approved a $200 million share buyback program, indicating that its board believes the stock is undervalued.

State of New Jersey Common Pension Fund D raised its holdings in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 9.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,405 shares of the information services provider's stock after purchasing an additional 2,100 shares during the period. State of New Jersey Common Pension Fund D's holdings in Wix.com were worth $3,987,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Ethic Inc. increased its stake in shares of Wix.com by 11.9% in the first quarter. Ethic Inc. now owns 8,522 shares of the information services provider's stock worth $1,398,000 after purchasing an additional 905 shares in the last quarter. Aberdeen Group plc increased its stake in shares of Wix.com by 15.3% in the first quarter. Aberdeen Group plc now owns 3,998 shares of the information services provider's stock worth $653,000 after purchasing an additional 530 shares in the last quarter. Fox Run Management L.L.C. increased its stake in shares of Wix.com by 651.9% in the first quarter. Fox Run Management L.L.C. now owns 7,128 shares of the information services provider's stock worth $1,165,000 after purchasing an additional 6,180 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Wix.com by 11.6% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 15,797 shares of the information services provider's stock worth $2,581,000 after purchasing an additional 1,648 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its stake in shares of Wix.com by 1,101.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 769 shares of the information services provider's stock worth $126,000 after purchasing an additional 705 shares in the last quarter. Hedge funds and other institutional investors own 81.52% of the company's stock.

Wix.com Trading Down 1.7%

WIX stock opened at $126.62 on Wednesday. The firm has a 50 day moving average of $147.55 and a 200-day moving average of $166.43. Wix.com Ltd. has a 12 month low of $114.89 and a 12 month high of $247.11. The firm has a market capitalization of $7.10 billion, a P/E ratio of 45.06, a price-to-earnings-growth ratio of 2.47 and a beta of 1.27.

Wix.com (NASDAQ:WIX - Get Free Report) last released its quarterly earnings data 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. Wix.com had a net margin of 8.90% and a negative return on equity of 136.43%. The company had revenue of $489.93 million during the quarter, compared to analyst estimates of $487.62 million. During the same period last year, the business earned $1.67 earnings per share. Wix.com's revenue was up 12.4% compared to the same quarter last year. Sell-side analysts predict that Wix.com Ltd. will post 3.65 EPS for the current year.

Wix.com declared that its board has approved a share buyback program on Monday, August 11th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the information services provider to buy up to 2.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on WIX shares. Bank of America reduced their target price on shares of Wix.com from $270.00 to $230.00 and set a "buy" rating for the company in a research note on Wednesday, May 21st. Piper Sandler cut their price objective on shares of Wix.com from $262.00 to $225.00 and set an "overweight" rating for the company in a research report on Thursday, May 22nd. Wall Street Zen lowered shares of Wix.com from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. Scotiabank set a $255.00 price objective on shares of Wix.com and gave the company a "sector outperform" rating in a research report on Thursday, August 7th. Finally, Cfra Research upgraded shares of Wix.com from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 12th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $215.63.

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.

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