State of Wyoming Cuts Position in Wix.com Ltd. $WIX

Key Points

• The State of Wyoming has reduced its stake in **Wix.com Ltd.** by **19.5%**, now holding **9,650 shares** valued at **$1.577 million** after selling **2,335 shares** in the first quarter.
• Wix.com reported a **quarterly EPS** of **$2.28**, exceeding analyst estimates of **$1.79**, with a **12.4%** revenue increase year-over-year, totaling **$489.93 million**.
• The company has initiated a **$200 million share repurchase plan**, enabling it to buy back up to **2.9%** of its outstanding shares, indicating a belief in its stock's undervaluation.

State of Wyoming decreased its position in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 19.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,650 shares of the information services provider's stock after selling 2,335 shares during the period. State of Wyoming's holdings in Wix.com were worth $1,577,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its stake in Wix.com by 63.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider's stock worth $28,000 after acquiring an additional 66 shares during the last quarter. Procyon Advisors LLC raised its stake in Wix.com by 5.1% in the 1st quarter. Procyon Advisors LLC now owns 1,385 shares of the information services provider's stock worth $226,000 after acquiring an additional 67 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Wix.com by 8.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 966 shares of the information services provider's stock valued at $161,000 after buying an additional 79 shares during the last quarter. Yousif Capital Management LLC lifted its holdings in shares of Wix.com by 4.9% in the 1st quarter. Yousif Capital Management LLC now owns 1,833 shares of the information services provider's stock valued at $299,000 after buying an additional 85 shares during the period. Finally, Nissay Asset Management Corp Japan ADV grew its holdings in Wix.com by 1.5% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 6,424 shares of the information services provider's stock worth $1,402,000 after acquiring an additional 96 shares during the period. Hedge funds and other institutional investors own 81.52% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on WIX. JMP Securities raised their target price on Wix.com from $160.00 to $200.00 and gave the stock a "market outperform" rating in a report on Monday, August 18th. Citigroup restated an "outperform" rating on shares of Wix.com in a research report on Monday, August 18th. UBS Group dropped their target price on Wix.com from $230.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. JPMorgan Chase & Co. dropped their target price on Wix.com from $189.00 to $166.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th. Finally, B. Riley restated a "buy" rating and set a $230.00 target price (down from $240.00) on shares of Wix.com in a research report on Wednesday, May 28th. Three equities research 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 company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $215.63.

Wix.com Stock Performance

Shares of WIX stock traded up $2.21 during trading hours on Monday, reaching $141.08. The company had a trading volume of 1,407,653 shares, compared to its average volume of 1,695,481. The stock has a fifty day moving average of $143.91 and a 200-day moving average of $160.82. The company has a market capitalization of $7.92 billion, a price-to-earnings ratio of 50.21, a PEG ratio of 2.71 and a beta of 1.30. Wix.com Ltd. has a 12-month low of $114.89 and a 12-month high of $247.11.

Wix.com (NASDAQ:WIX - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.79 by $0.49. Wix.com had a negative return on equity of 136.43% and a net margin of 8.90%.The business had revenue of $489.93 million during the quarter, compared to analyst estimates of $487.62 million. During the same period in the prior year, the business earned $1.67 earnings per share. The business's revenue was up 12.4% compared to the same quarter last year. On average, analysts forecast that Wix.com Ltd. will post 3.65 EPS for the current year.

Wix.com declared that its board has approved a share repurchase 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 repurchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board 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.