United Services Automobile Association Acquires New Position in Wix.com Ltd. $WIX

Key Points

• The United Services Automobile Association acquired 1,723 shares of Wix.com Ltd., valued at approximately $287,000, during the first quarter.
• Wix.com recently reported earnings that surpassed analyst expectations, with $2.28 earnings per share for the quarter, compared to a consensus estimate of $1.79.
• The company has initiated a stock repurchase plan to buy back $200 million worth of its own shares, which often indicates that the board considers the stock to be undervalued.

United Services Automobile Association bought a new position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,723 shares of the information services provider's stock, valued at approximately $287,000.

Several other large investors have also modified their holdings of WIX. Whale Rock Capital Management LLC grew its position in shares of Wix.com by 55.1% in the fourth quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider's stock valued at $229,904,000 after purchasing an additional 380,800 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Wix.com by 1,209.4% in the first quarter. Assenagon Asset Management S.A. now owns 344,713 shares of the information services provider's stock valued at $56,319,000 after purchasing an additional 318,387 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Wix.com by 115.8% in the first quarter. Alliancebernstein L.P. now owns 560,214 shares of the information services provider's stock valued at $91,528,000 after purchasing an additional 300,565 shares during the last quarter. Two Sigma Investments LP grew its position in shares of Wix.com by 93.8% in the fourth quarter. Two Sigma Investments LP now owns 345,389 shares of the information services provider's stock valued at $74,103,000 after purchasing an additional 167,143 shares during the last quarter. Finally, Menora Mivtachim Holdings LTD. acquired a new stake in Wix.com during the first quarter worth approximately $26,737,000. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

WIX has been the topic of a number of analyst reports. Scotiabank set a $255.00 target price on shares of Wix.com and gave the stock a "sector outperform" rating in a research report on Thursday, August 7th. UBS Group decreased their target price on shares of 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. cut their price target on shares of Wix.com from $189.00 to $166.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Wells Fargo & Company raised shares of Wix.com from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $173.00 to $216.00 in a research note on Monday, June 16th. Finally, Robert W. Baird raised shares of Wix.com from a "neutral" rating to an "outperform" rating and cut their target price for the company from $215.00 to $190.00 in a research note on Friday, May 23rd. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $215.63.

Wix.com Stock Performance

Shares of WIX stock traded up $7.28 during midday trading on Thursday, reaching $188.27. 1,307,921 shares of the company were exchanged, compared to its average volume of 1,095,336. Wix.com Ltd. has a 12 month low of $114.89 and a 12 month high of $247.11. The company has a market cap of $10.56 billion, a P/E ratio of 67.03, a PEG ratio of 3.42 and a beta of 1.30. The company's 50 day moving average price is $143.62 and its two-hundred day moving average price is $157.10.

Wix.com (NASDAQ:WIX - Get Free Report) last released its earnings results on Wednesday, August 6th. The information services provider reported $2.28 EPS for the quarter, topping 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 business had revenue of $489.93 million for the quarter, compared to the consensus estimate of $487.62 million. During the same period in the previous year, the firm earned $1.67 EPS. The business's revenue for the quarter was up 12.4% on a year-over-year basis. As a group, sell-side analysts predict that Wix.com Ltd. will post 3.65 earnings per share for the current year.

Wix.com declared that its board has authorized a stock repurchase program on Monday, August 11th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the information services provider to purchase up to 2.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its stock is undervalued.

Wix.com 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.