Global Endowment Management LP Sells 7,218 Shares of Wix.com Ltd. $WIX

Key Points

• Global Endowment Management LP significantly reduced its holdings in Wix.com by 59.8% during the 1st quarter, dropping to 4,846 shares valued at $792,000.
• Wix.com reported $2.28 EPS for the last quarter, exceeding analyst expectations of $1.79, and announced a $200 million share buyback plan.
• Analysts remain optimistic, with a consensus rating of "Buy" and a price target of $213.53, despite some recent adjustments in price objectives from various brokerages.

Global Endowment Management LP reduced its holdings in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 59.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,846 shares of the information services provider's stock after selling 7,218 shares during the quarter. Global Endowment Management LP's holdings in Wix.com were worth $792,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. lifted its holdings in 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 buying an additional 1,204 shares in the last quarter. Yousif Capital Management LLC lifted its holdings in 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 in the last quarter. Janney Montgomery Scott LLC acquired a new position in Wix.com during the 1st quarter worth $5,367,000. Envestnet Asset Management Inc. lifted its holdings in 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 in the last quarter. Finally, LPL Financial LLC lifted its holdings in Wix.com by 24.4% during the 4th quarter. LPL Financial LLC now owns 7,277 shares of the information services provider's stock worth $1,561,000 after buying an additional 1,429 shares in the last quarter. 81.52% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

WIX has been the topic of several research reports. JMP Securities upped their price objective on Wix.com from $160.00 to $200.00 and gave the stock a "market outperform" rating in a report on Monday. Benchmark reduced their price objective on Wix.com from $260.00 to $245.00 and set a "buy" rating on the stock in a report on Monday, May 19th. JPMorgan Chase & Co. reduced their price objective on Wix.com from $189.00 to $166.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. Cfra Research raised Wix.com from a "hold" rating to a "moderate buy" rating in a report on Tuesday, August 12th. Finally, Baird R W raised Wix.com from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 23rd. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Wix.com currently has a consensus rating of "Buy" and an average price target of $215.63.

Wix.com Price Performance

Shares of WIX traded down $2.9450 during midday trading on Thursday, hitting $123.9750. The stock had a trading volume of 269,930 shares, compared to its average volume of 966,293. The company has a 50 day simple moving average of $146.98 and a two-hundred day simple moving average of $166.16. Wix.com Ltd. has a twelve month low of $114.89 and a twelve month high of $247.11. The firm has a market cap of $6.96 billion, a price-to-earnings ratio of 44.16, a price-to-earnings-growth ratio of 2.43 and a beta of 1.27.

Wix.com (NASDAQ:WIX - Get Free Report) last released its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $487.62 million. During the same quarter last year, the business posted $1.67 EPS. The company's revenue for the quarter was up 12.4% on a year-over-year basis. Analysts forecast that Wix.com Ltd. will post 3.65 EPS for the current fiscal year.

Wix.com declared that its Board of Directors has authorized a stock buyback plan on Monday, August 11th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the information services provider to buy up to 2.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

About Wix.com

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.