Wix.com Ltd. $WIX Shares Bought by ARK Investment Management LLC

Key Points

• ARK Investment Management LLC increased its holdings in Wix.com Ltd. by 28.2% during Q2, owning 10,290 shares worth approximately $1.63 million.
• Wix.com reported earnings of <$strong>$2.28 per share, outperforming analyst expectations of $1.79, with revenue up 12.4% year-over-year.
• The company announced a $200 million share buyback plan, suggesting that its board believes the shares are undervalued.

ARK Investment Management LLC grew its position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 28.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 10,290 shares of the information services provider's stock after purchasing an additional 2,266 shares during the quarter. ARK Investment Management LLC's holdings in Wix.com were worth $1,631,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of WIX. Northwestern Mutual Wealth Management Co. grew its holdings in Wix.com by 63.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider's stock worth $28,000 after acquiring an additional 66 shares during the period. Twin Tree Management LP acquired a new position in Wix.com during the first quarter worth about $29,000. Geneos Wealth Management Inc. grew its holdings in Wix.com by 632.4% during the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider's stock worth $41,000 after acquiring an additional 215 shares during the period. Blue Trust Inc. grew its holdings in Wix.com by 47.8% during the second quarter. Blue Trust Inc. now owns 408 shares of the information services provider's stock worth $65,000 after acquiring an additional 132 shares during the period. Finally, TD Private Client Wealth LLC grew its holdings in Wix.com by 183.3% during the first quarter. TD Private Client Wealth LLC now owns 476 shares of the information services provider's stock worth $78,000 after acquiring an additional 308 shares during the period. 81.52% of the stock is owned by institutional investors and hedge funds.

Wix.com Price Performance

WIX opened at $135.58 on Thursday. Wix.com Ltd. has a fifty-two week low of $114.89 and a fifty-two week high of $247.11. The business has a 50-day moving average of $149.88 and a 200-day moving average of $153.81. The company has a market capitalization of $7.61 billion, a PE ratio of 48.25, a price-to-earnings-growth ratio of 2.50 and a beta of 1.32.

Wix.com (NASDAQ:WIX - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $489.93 million during the quarter, compared to the consensus estimate of $487.62 million. During the same period last year, the business earned $1.67 EPS. The business's quarterly revenue was up 12.4% on a year-over-year basis. On average, equities research analysts expect that Wix.com Ltd. will post 3.65 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

A number of research firms recently issued reports on WIX. Wall Street Zen raised Wix.com from a "buy" rating to a "strong-buy" rating in a report on Saturday, October 11th. Cfra Research raised Wix.com from a "hold" rating to a "moderate buy" rating in a report on Tuesday, August 12th. JMP Securities reaffirmed a "market outperform" rating and set a $210.00 target price on shares of Wix.com in a report on Friday, October 3rd. JPMorgan Chase & Co. decreased their price target on Wix.com from $189.00 to $166.00 and set a "neutral" rating for the company in a research report on Wednesday, August 6th. Finally, Raymond James Financial reiterated a "strong-buy" rating on shares of Wix.com in a research report on Thursday, August 7th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $215.37.

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.

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