Strs Ohio Takes Position in Wix.com Ltd. $WIX

Key Points

• Strs Ohio purchased a stake of 93,749 shares in Wix.com Ltd., valued at approximately $15.3 million, representing about 0.17% ownership in the company as per its latest SEC filing.
• Several institutional investors have significantly increased their holdings in Wix.com, with Whale Rock Capital Management raising their stake by 55.1% in the last quarter, totaling over $229 million in shares.
• Wix.com reported a Q2 EPS of $2.28, exceeding estimates by $0.49, and announced a $200 million stock buyback program, indicating confidence in its valuation.

Strs Ohio acquired a new position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 93,749 shares of the information services provider's stock, valued at approximately $15,317,000. Strs Ohio owned approximately 0.17% of Wix.com at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Wix.com by 31.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,989 shares of the information services provider's stock worth $830,000 after purchasing an additional 1,204 shares in the last quarter. Yousif Capital Management LLC lifted its position in shares of Wix.com by 4.9% during the 1st quarter. Yousif Capital Management LLC now owns 1,833 shares of the information services provider's stock worth $299,000 after buying an additional 85 shares during the period. Janney Montgomery Scott LLC bought a new position in shares of Wix.com during the 1st quarter worth approximately $5,367,000. Goldman Sachs Group Inc. lifted its position in shares of Wix.com by 25.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 761,566 shares of the information services provider's stock worth $124,425,000 after buying an additional 155,977 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in shares of Wix.com by 27.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 35,177 shares of the information services provider's stock worth $5,747,000 after buying an additional 7,507 shares during the period. Institutional investors and hedge funds own 81.52% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on WIX shares. Bank of America cut their target price on Wix.com from $270.00 to $230.00 and set a "buy" rating for the company in a research report on Wednesday, May 21st. Wells Fargo & Company upgraded Wix.com from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $173.00 to $216.00 in a research report on Monday, June 16th. JPMorgan Chase & Co. cut their target price on Wix.com from $189.00 to $166.00 and set a "neutral" rating for the company in a research report on Wednesday, August 6th. Cantor Fitzgerald restated an "overweight" rating and set a $200.00 target price on shares of Wix.com in a research report on Wednesday, June 18th. Finally, UBS Group cut their target price on Wix.com from $230.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $215.63.

Wix.com Stock Up 1.3%

WIX traded up $2.31 during trading on Thursday, hitting $183.30. The company's stock had a trading volume of 2,939,899 shares, compared to its average volume of 2,020,907. The firm's 50 day moving average price is $144.17 and its two-hundred day moving average price is $157.05. Wix.com Ltd. has a 12 month low of $114.89 and a 12 month high of $247.11. The stock has a market capitalization of $10.28 billion, a price-to-earnings ratio of 65.23, a price-to-earnings-growth ratio of 3.48 and a beta of 1.30.

Wix.com (NASDAQ:WIX - Get Free Report) last issued its quarterly earnings data 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. Wix.com had a negative return on equity of 136.43% and a net margin of 8.90%.The firm had revenue of $489.93 million during the quarter, compared to the consensus estimate of $487.62 million. During the same quarter in the previous year, the company posted $1.67 EPS. The business's revenue for the quarter was up 12.4% compared to the same quarter last year. On average, sell-side analysts forecast that Wix.com Ltd. will post 3.65 earnings per share for the current year.

Wix.com announced that its board has approved a stock buyback plan on Monday, August 11th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the information services provider to purchase up to 2.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

Wix.com Company 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.