Assenagon Asset Management S.A. Sells 139,487 Shares of Wix.com Ltd. $WIX

Key Points

• Assenagon Asset Management S.A. reduced its stake in Wix.com by 40.5%, holding 205,226 shares worth approximately $32.5 million after selling 139,487 shares during the second quarter.
• Wix.com reported quarterly earnings of $2.28 per share, surpassing analysts' expectations and achieving a 12.4% increase in revenue year-over-year.
• Analysts have set target prices for Wix.com stock, with Barclays at $235 and Scotiabank at $255, indicating a generally positive outlook for the company's shares.

Assenagon Asset Management S.A. lessened its position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 40.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 205,226 shares of the information services provider's stock after selling 139,487 shares during the period. Assenagon Asset Management S.A. owned approximately 0.37% of Wix.com worth $32,520,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vident Advisory LLC bought a new position in Wix.com in the fourth quarter valued at about $219,000. Mackenzie Financial Corp grew its holdings in shares of Wix.com by 211.0% during the 4th quarter. Mackenzie Financial Corp now owns 29,395 shares of the information services provider's stock valued at $6,307,000 after purchasing an additional 19,943 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Wix.com by 8.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,468 shares of the information services provider's stock worth $530,000 after purchasing an additional 193 shares in the last quarter. Versant Capital Management Inc lifted its stake in Wix.com by 676.1% in the 1st quarter. Versant Capital Management Inc now owns 714 shares of the information services provider's stock valued at $117,000 after purchasing an additional 622 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Wix.com by 12,771.4% in the first quarter. GAMMA Investing LLC now owns 69,763 shares of the information services provider's stock valued at $11,398,000 after buying an additional 69,221 shares in the last quarter. Institutional investors own 81.52% of the company's stock.

Wix.com Trading Up 1.2%

WIX stock traded up $2.12 during mid-day trading on Monday, reaching $184.24. The company's stock had a trading volume of 935,624 shares, compared to its average volume of 2,163,703. The company has a market cap of $10.34 billion, a price-to-earnings ratio of 65.57, a price-to-earnings-growth ratio of 3.50 and a beta of 1.30. Wix.com Ltd. has a 12 month low of $114.89 and a 12 month high of $247.11. The business's 50 day moving average price is $145.46 and its 200 day moving average price is $156.50.

Wix.com (NASDAQ:WIX - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The information services provider reported $2.28 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.49. The company 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%. Wix.com's revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.67 EPS. As a group, equities analysts expect that Wix.com Ltd. will post 3.65 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of research analysts have recently commented on WIX shares. JPMorgan Chase & Co. dropped their price target on Wix.com from $189.00 to $166.00 and set a "neutral" rating for the company in a research note on Wednesday, August 6th. Cfra Research upgraded Wix.com from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, August 12th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $210.00 price target on shares of Wix.com in a research note on Tuesday, August 19th. Wall Street Zen cut Wix.com from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 13th. Finally, UBS Group dropped their price target on Wix.com from $230.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Wix.com has a consensus rating of "Buy" and an average target price 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.