Sumitomo Mitsui Trust Group Inc. Sells 75,101 Shares of Wix.com Ltd. $WIX

Key Points

• Sumitomo Mitsui Trust Group cut its Wix.com stake by 86.9% in the first quarter, selling 75,101 shares and leaving it with 11,360 shares valued at about $1.02 million.
• Wix.com reported Q1 earnings of $0.68 per share, missing analyst estimates, while revenue came in at $541.17 million and rose 14.2% year over year.
• Analyst sentiment remains mixed but broadly positive, with a Moderate Buy consensus and an average price target of $96.75, though several firms recently lowered their targets.

Sumitomo Mitsui Trust Group Inc. decreased its position in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 86.9% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 11,360 shares of the information services provider's stock after selling 75,101 shares during the period. Sumitomo Mitsui Trust Group Inc.'s holdings in Wix.com were worth $1,023,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC increased its position in shares of Wix.com by 122.2% in the fourth quarter. Farther Finance Advisors LLC now owns 240 shares of the information services provider's stock valued at $25,000 after acquiring an additional 132 shares during the period. Flagship Harbor Advisors LLC purchased a new stake in shares of Wix.com during the fourth quarter worth about $27,000. Geneos Wealth Management Inc. boosted its holdings in shares of Wix.com by 632.4% during the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider's stock worth $41,000 after purchasing an additional 215 shares during the period. Employees Retirement System of Texas grew its stake in shares of Wix.com by 129.9% in the fourth quarter. Employees Retirement System of Texas now owns 446 shares of the information services provider's stock worth $46,000 after purchasing an additional 252 shares during the last quarter. Finally, Banque Cantonale Vaudoise grew its stake in shares of Wix.com by 464.8% in the fourth quarter. Banque Cantonale Vaudoise now owns 497 shares of the information services provider's stock worth $52,000 after purchasing an additional 409 shares during the last quarter. 81.52% of the stock is owned by hedge funds and other institutional investors.

Wix.com Price Performance

Shares of Wix.com stock opened at $53.23 on Thursday. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of -68.24 and a beta of 0.93. The firm's 50-day moving average is $52.16 and its 200 day moving average is $71.66. Wix.com Ltd. has a 1 year low of $40.16 and a 1 year high of $190.93.

Wix.com (NASDAQ:WIX - Get Free Report) last issued its earnings results on Wednesday, May 13th. The information services provider reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.53). Wix.com had a negative return on equity of 33.28% and a negative net margin of 1.97%.The firm had revenue of $541.17 million during the quarter, compared to analysts' expectations of $544.04 million. During the same period last year, the firm posted $1.69 earnings per share. The firm's quarterly revenue was up 14.2% on a year-over-year basis. On average, equities analysts expect that Wix.com Ltd. will post -0.17 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on WIX. Bank of America lowered their price target on Wix.com from $136.00 to $109.00 and set a "buy" rating for the company in a research report on Tuesday, April 21st. JPMorgan Chase & Co. cut their price objective on Wix.com from $86.00 to $62.00 and set an "underweight" rating on the stock in a research report on Thursday, June 18th. Weiss Ratings cut Wix.com from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, May 29th. Barclays decreased their target price on Wix.com from $155.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, May 14th. Finally, Morgan Stanley cut their price target on shares of Wix.com from $125.00 to $112.00 and set an "overweight" rating on the stock in a report on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Wix.com currently has a consensus rating of "Moderate Buy" and an average target price of $96.75.

Wix.com Company Profile

Wix.com Ltd. operates a cloud-based platform that enables individuals and businesses to create, manage and develop professional web presences through an intuitive drag-and-drop interface. The company's software-as-a-service model provides hosting, customizable templates and a range of design tools, eliminating the need for coding expertise. Users can choose from a variety of premium plans to access custom domains, enhanced storage, and advanced performance features tailored to personal projects, small businesses and online storefronts.

Beyond its core website builder, Wix offers a suite of complementary services designed to support digital growth and marketing.

Want to see what other hedge funds are holding WIX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wix.com Ltd. (NASDAQ:WIX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.