Neuberger Berman Group LLC Reduces Stock Position in Wix.com Ltd. (NASDAQ:WIX)

Key Points

• Neuberger Berman Group LLC has reduced its stake in Wix.com by 13.7%, holding approximately 306,980 shares valued at $50.2 million after selling 48,536 shares during the first quarter.
• The company's Board of Directors authorized a $200 million stock buyback plan, indicating confidence in Wix.com's undervalued shares.
• Wix.com reported earnings per share (EPS) of $2.28, surpassing analysts' expectations, with a revenue of $489.93 million for the last quarter.

Neuberger Berman Group LLC lowered its position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 13.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 306,980 shares of the information services provider's stock after selling 48,536 shares during the quarter. Neuberger Berman Group LLC owned 0.55% of Wix.com worth $50,223,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. TD Private Client Wealth LLC raised its holdings in shares of Wix.com by 183.3% in the 1st quarter. TD Private Client Wealth LLC now owns 476 shares of the information services provider's stock worth $78,000 after purchasing an additional 308 shares during the period. New Age Alpha Advisors LLC bought a new stake in shares of Wix.com in the 1st quarter worth approximately $110,000. ASR Vermogensbeheer N.V. bought a new stake in shares of Wix.com in the 1st quarter worth approximately $115,000. Versant Capital Management Inc raised its holdings in shares of Wix.com by 676.1% in the 1st quarter. Versant Capital Management Inc now owns 714 shares of the information services provider's stock worth $117,000 after purchasing an additional 622 shares during the period. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Wix.com by 1,101.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 769 shares of the information services provider's stock worth $126,000 after purchasing an additional 705 shares during the period. Institutional investors own 81.52% of the company's stock.

Wix.com Stock Performance

WIX traded up $3.96 during trading on Friday, reaching $124.35. The stock had a trading volume of 1,276,354 shares, compared to its average volume of 1,455,054. The stock has a market cap of $6.98 billion, a PE ratio of 44.25, a PEG ratio of 2.31 and a beta of 1.27. Wix.com Ltd. has a one year low of $114.89 and a one year high of $247.11. The business has a 50-day moving average of $148.69 and a 200-day moving average of $168.51.

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, beating analysts' consensus estimates of $1.79 by $0.49. The business had revenue of $489.93 million for the quarter, compared to analysts' expectations of $487.62 million. Wix.com had a negative return on equity of 136.43% and a net margin of 8.90%. The firm's revenue was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.67 earnings per share. Equities research analysts forecast that Wix.com Ltd. will post 3.65 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

A number of research firms recently commented on WIX. Royal Bank Of Canada lowered their price target on shares of Wix.com from $245.00 to $210.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. UBS Group reduced their price objective on shares of Wix.com from $230.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Needham & Company LLC reduced their price objective on shares of Wix.com from $250.00 to $200.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Scotiabank set a $255.00 price objective on shares of Wix.com and gave the company a "sector outperform" rating in a research note on Thursday, August 7th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $200.00 price objective on shares of Wix.com in a research note on Wednesday, June 18th. One research analyst has rated the stock with a hold rating, eighteen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, Wix.com currently has a consensus rating of "Buy" and an average target price of $213.53.

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.