Swedbank AB Has $584,000 Stock Position in Wix.com Ltd. $WIX

Key Points

• Swedbank AB cut its Wix.com stake by 93% in the fourth quarter, selling 74,600 shares and leaving it with 5,624 shares worth about $584,000.
• Wix.com reported stronger-than-expected quarterly earnings of $1.81 per share, topping estimates, while revenue rose 13.9% year over year to $524.27 million.
• The company approved a massive $2 billion share buyback, which could cover up to 40.5% of its outstanding shares and may signal management believes the stock is undervalued.

Swedbank AB decreased its stake in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 93.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,624 shares of the information services provider's stock after selling 74,600 shares during the period. Swedbank AB's holdings in Wix.com were worth $584,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of WIX. AQR Capital Management LLC grew its stake in shares of Wix.com by 36.6% in the first quarter. AQR Capital Management LLC now owns 1,627 shares of the information services provider's stock worth $266,000 after acquiring an additional 436 shares during the last quarter. Woodline Partners LP grew its stake in shares of Wix.com by 9.7% in the first quarter. Woodline Partners LP now owns 2,292 shares of the information services provider's stock worth $374,000 after acquiring an additional 202 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in shares of Wix.com by 632.4% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider's stock worth $41,000 after acquiring an additional 215 shares during the last quarter. Cetera Investment Advisers boosted its stake in Wix.com by 18.9% during the second quarter. Cetera Investment Advisers now owns 1,853 shares of the information services provider's stock worth $294,000 after buying an additional 295 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Wix.com by 29.5% during the second quarter. American Century Companies Inc. now owns 6,930 shares of the information services provider's stock worth $1,098,000 after buying an additional 1,580 shares in the last quarter. Institutional investors and hedge funds own 81.52% of the company's stock.

Wix.com Price Performance

WIX opened at $80.12 on Monday. Wix.com Ltd. has a fifty-two week low of $60.22 and a fifty-two week high of $191.24. The firm's fifty day moving average price is $80.31 and its two-hundred day moving average price is $93.98. The company has a market capitalization of $4.67 billion, a P/E ratio of 98.91, a P/E/G ratio of 2.37 and a beta of 1.01.

Wix.com (NASDAQ:WIX - Get Free Report) last issued its earnings results on Wednesday, March 4th. The information services provider reported $1.81 EPS for the quarter, beating the consensus estimate of $1.36 by $0.45. Wix.com had a net margin of 2.54% and a negative return on equity of 70.04%. The company had revenue of $524.27 million for the quarter, compared to the consensus estimate of $527.69 million. During the same quarter in the previous year, the company earned $2.10 EPS. The firm's revenue for the quarter was up 13.9% compared to the same quarter last year. On average, equities research analysts expect that Wix.com Ltd. will post 1.63 EPS for the current fiscal year.

Wix.com announced that its Board of Directors has approved a stock buyback plan on Wednesday, January 28th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the information services provider to buy up to 40.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on WIX shares. Needham & Company LLC decreased their price target on shares of Wix.com from $140.00 to $115.00 and set a "buy" rating on the stock in a research note on Thursday, March 5th. Morgan Stanley decreased their price target on shares of Wix.com from $181.00 to $160.00 and set an "overweight" rating on the stock in a research note on Thursday, January 15th. Benchmark decreased their price target on shares of Wix.com from $185.00 to $140.00 and set a "buy" rating on the stock in a research note on Monday, March 2nd. Citizens Jmp downgraded shares of Wix.com from a "market outperform" rating to a "market perform" rating in a research note on Tuesday, April 7th. Finally, Royal Bank Of Canada decreased their price target on shares of Wix.com from $155.00 to $112.00 and set an "outperform" rating on the stock in a research note on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $124.65.

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.

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