Canada Pension Plan Investment Board Acquires 49,713 Shares of Wix.com Ltd. $WIX

Key Points

• The Canada Pension Plan Investment Board significantly increased its stake in Wix.com by 1,503.3% during the first quarter, now owning 53,020 shares valued at approximately $8,662,000.
• Wix.com reported earnings of $2.28 per share for the last quarter, exceeding estimates by $0.49, with revenue rising 12.4% year-over-year.
• The company initiated a $200 million share buyback plan, indicating management's belief that the stock is currently undervalued.

Canada Pension Plan Investment Board raised its position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 1,503.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 53,020 shares of the information services provider's stock after purchasing an additional 49,713 shares during the quarter. Canada Pension Plan Investment Board owned 0.09% of Wix.com worth $8,662,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Wix.com by 63.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider's stock valued at $28,000 after acquiring an additional 66 shares in the last quarter. TD Private Client Wealth LLC grew its holdings in shares of Wix.com by 183.3% during the 1st quarter. TD Private Client Wealth LLC now owns 476 shares of the information services provider's stock valued at $78,000 after acquiring an additional 308 shares in the last quarter. SVB Wealth LLC purchased a new position in shares of Wix.com during the 1st quarter valued at $82,000. Tower Research Capital LLC TRC grew its holdings in shares of Wix.com by 44.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 630 shares of the information services provider's stock valued at $135,000 after acquiring an additional 193 shares in the last quarter. Finally, New Age Alpha Advisors LLC purchased a new position in shares of Wix.com during the 1st quarter valued at $110,000. 81.52% of the stock is owned by institutional investors and hedge funds.

Wix.com Stock Up 4.0%

WIX stock traded up $5.95 during mid-day trading on Friday, reaching $153.10. 1,819,965 shares of the stock traded hands, compared to its average volume of 1,352,813. Wix.com Ltd. has a 52 week low of $114.89 and a 52 week high of $247.11. The business has a 50-day moving average of $142.43 and a two-hundred day moving average of $158.94. The firm has a market capitalization of $8.59 billion, a PE ratio of 54.48, a P/E/G ratio of 2.83 and a beta of 1.30.

Wix.com (NASDAQ:WIX - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates 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 revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.67 earnings per share. 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 approved a stock buyback plan on Monday, August 11th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the information services provider to repurchase up to 2.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have recently commented on WIX. Bank of America lowered their price target on shares of Wix.com from $270.00 to $230.00 and set a "buy" rating on the stock in a report on Wednesday, May 21st. Cantor Fitzgerald restated an "overweight" rating and set a $200.00 price target on shares of Wix.com in a report on Wednesday, June 18th. Raymond James Financial reiterated a "strong-buy" rating on shares of Wix.com in a report on Thursday, August 7th. Piper Sandler decreased their price objective on shares of Wix.com from $262.00 to $225.00 and set an "overweight" rating for the company in a report on Thursday, May 22nd. Finally, Wells Fargo & Company upgraded shares of Wix.com from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $173.00 to $216.00 in a report on Monday, June 16th. Three analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $215.63.

Wix.com Company 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.