United Services Automobile Association Acquires Shares of 1,723 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 acquired a new stake in Wix.com Ltd. (NASDAQ:WIX - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 1,723 shares of the information services provider's stock, valued at approximately $287,000.

A number of other institutional investors have also recently bought and sold shares of WIX. Ameriprise Financial Inc. boosted its holdings in Wix.com by 63.7% in the 4th quarter. Ameriprise Financial Inc. now owns 30,746 shares of the information services provider's stock valued at $6,597,000 after purchasing an additional 11,966 shares during the period. Ensign Peak Advisors Inc bought a new stake in Wix.com in the 4th quarter valued at about $1,555,000. Nuveen Asset Management LLC boosted its holdings in Wix.com by 6.3% in the 4th quarter. Nuveen Asset Management LLC now owns 142,460 shares of the information services provider's stock valued at $30,565,000 after purchasing an additional 8,422 shares during the period. Nissay Asset Management Corp Japan ADV raised its position in shares of Wix.com by 1.5% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 6,424 shares of the information services provider's stock valued at $1,402,000 after buying an additional 96 shares in the last quarter. Finally, Quantinno Capital Management LP raised its position in shares of Wix.com by 9.7% in the 4th quarter. Quantinno Capital Management LP now owns 11,393 shares of the information services provider's stock valued at $2,444,000 after buying an additional 1,008 shares in the last quarter. Institutional investors own 81.52% of the company's stock.

Wix.com Price Performance

WIX stock opened at $171.63 on Friday. The company has a 50 day simple moving average of $142.69 and a 200 day simple moving average of $157.59. The stock has a market cap of $9.63 billion, a price-to-earnings ratio of 61.08, a P/E/G ratio of 3.26 and a beta of 1.30. Wix.com Ltd. has a 1 year low of $114.89 and a 1 year high of $247.11.

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

Wix.com declared that its Board of Directors has initiated a stock buyback plan on Monday, August 11th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the information services provider to purchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

Analyst Ratings Changes

WIX has been the subject of several analyst reports. Benchmark dropped their target price on shares of Wix.com from $260.00 to $245.00 and set a "buy" rating for the company in a research report on Monday, May 19th. JPMorgan Chase & Co. dropped their target price on shares of Wix.com from $189.00 to $166.00 and set a "neutral" rating for the company in a research report on Wednesday, August 6th. Zacks Research upgraded shares of Wix.com from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 20th. Piper Sandler dropped their target price on shares of Wix.com from $262.00 to $225.00 and set an "overweight" rating for the company in a research report on Thursday, May 22nd. Finally, Robert W. Baird upgraded shares of Wix.com from a "neutral" rating to an "outperform" rating and dropped their target price for the company from $215.00 to $190.00 in a research report on Friday, May 23rd. Three analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Wix.com currently has a consensus rating of "Buy" and a consensus target price of $215.63.

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.

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