Wix.com Ltd. $WIX is Shannon River Fund Management LLC's 4th Largest Position

Key Points

• Shannon River Fund Management increased its Wix stake by 42.1% to 330,083 shares, making WIX about 9.4% of the fund's portfolio and its fourth-largest holding (roughly 0.59% of Wix, worth $58.63M).
• Other institutions aggressively added exposure—Lone Pine, Ameriprise, Senvest and Norges Bank among them—leaving roughly 81.5% of Wix owned by hedge funds and other institutional investors.
• Wix beat quarterly EPS estimates ($1.81 vs. $1.36) with revenue up 13.9% YoY but low profitability (net margin 2.54%, negative ROE), the board authorized a $2.0 billion buyback (up to 40.5% of shares), and analysts hold a consensus "Moderate Buy" with a $140.50 target.

Shannon River Fund Management LLC boosted its position in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 42.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 330,083 shares of the information services provider's stock after purchasing an additional 97,835 shares during the quarter. Wix.com makes up approximately 9.4% of Shannon River Fund Management LLC's investment portfolio, making the stock its 4th largest holding. Shannon River Fund Management LLC owned about 0.59% of Wix.com worth $58,633,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of WIX. Lone Pine Capital LLC purchased a new stake in Wix.com during the 2nd quarter valued at about $342,485,000. Ameriprise Financial Inc. raised its holdings in shares of Wix.com by 879.0% during the second quarter. Ameriprise Financial Inc. now owns 2,031,591 shares of the information services provider's stock worth $321,926,000 after purchasing an additional 1,824,070 shares during the last quarter. Senvest Management LLC boosted its holdings in Wix.com by 32.2% in the second quarter. Senvest Management LLC now owns 2,040,910 shares of the information services provider's stock valued at $323,403,000 after purchasing an additional 496,770 shares during the last quarter. Norges Bank acquired a new stake in Wix.com during the 2nd quarter worth about $66,132,000. Finally, Lazard Asset Management LLC grew its position in Wix.com by 27.4% during the 2nd quarter. Lazard Asset Management LLC now owns 1,542,153 shares of the information services provider's stock worth $244,368,000 after purchasing an additional 331,283 shares during the period. 81.52% of the stock is owned by hedge funds and other institutional investors.

Wix.com Price Performance

Wix.com stock opened at $89.91 on Thursday. The stock has a market capitalization of $5.24 billion, a PE ratio of 111.00, a price-to-earnings-growth ratio of 1.93 and a beta of 1.39. The business has a 50 day simple moving average of $82.23 and a 200-day simple moving average of $114.89. Wix.com Ltd. has a 12 month low of $60.22 and a 12 month high of $191.24.

Wix.com (NASDAQ:WIX - Get Free Report) last released its quarterly earnings results on Wednesday, March 4th. The information services provider reported $1.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.36 by $0.45. The firm had revenue of $524.27 million for the quarter, compared to analysts' expectations of $527.69 million. Wix.com had a net margin of 2.54% and a negative return on equity of 70.04%. The firm's revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.10 EPS. On average, equities research analysts anticipate that Wix.com Ltd. will post 3.65 EPS for the current fiscal year.

Wix.com announced that its board has initiated a stock buyback program 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 repurchase up to 40.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

WIX has been the subject of several recent research reports. Scotiabank reduced their price target on Wix.com from $175.00 to $125.00 and set a "sector outperform" rating for the company in a research report on Thursday, March 5th. B. Riley Financial reaffirmed a "buy" rating and set a $200.00 price objective (down from $230.00) on shares of Wix.com in a research note on Thursday, November 20th. Bank of America cut their target price on shares of Wix.com from $210.00 to $170.00 and set a "buy" rating for the company in a report on Wednesday, November 19th. Morgan Stanley lowered their price target on shares of Wix.com from $181.00 to $160.00 and set an "overweight" rating on the stock in a report on Thursday, January 15th. Finally, Oppenheimer dropped their price target on shares of Wix.com from $160.00 to $130.00 and set an "outperform" rating on the stock in a research report on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Wix.com presently has an average rating of "Moderate Buy" and a consensus price target of $140.50.

About Wix.com

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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