Dorsey Asset Management LLC Has $52.18 Million Stock Position in Wix.com Ltd. $WIX

Key Points

• Dorsey Asset Management LLC reduced its stake in Wix.com by 44.8% during Q1, now holding approximately 319,382 shares valued at about $52.18 million.
• Wix.com has received a consensus rating of Buy from analysts, with three giving a Strong Buy rating and an average price target of $215.63.
• The company reported earnings of $2.28 per share for the last quarter, surpassing estimates and showing a 12.4% revenue increase year-over-year.

Dorsey Asset Management LLC reduced its position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 44.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 319,382 shares of the information services provider's stock after selling 259,359 shares during the period. Wix.com makes up approximately 5.5% of Dorsey Asset Management LLC's investment portfolio, making the stock its 8th biggest position. Dorsey Asset Management LLC owned 0.57% of Wix.com worth $52,181,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in WIX. Northwestern Mutual Wealth Management Co. raised its position 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 valued at $28,000 after purchasing an additional 66 shares in the last quarter. Twin Tree Management LP acquired a new position in Wix.com during the first quarter valued at approximately $29,000. TD Private Client Wealth LLC raised its position 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 valued at $78,000 after purchasing an additional 308 shares in the last quarter. Advisors Asset Management Inc. raised its position in Wix.com by 28.4% during the first quarter. Advisors Asset Management Inc. now owns 493 shares of the information services provider's stock valued at $81,000 after purchasing an additional 109 shares in the last quarter. Finally, SVB Wealth LLC acquired a new position in Wix.com during the first quarter valued at approximately $82,000. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Wix.com Stock Performance

Shares of NASDAQ WIX traded up $5.95 during trading on Friday, hitting $153.10. 1,819,965 shares of the company traded hands, compared to its average volume of 1,352,813. The business's fifty day moving average is $142.43 and its 200 day moving average is $158.53. Wix.com Ltd. has a fifty-two week low of $114.89 and a fifty-two week high of $247.11. The firm has a market capitalization of $8.59 billion, a price-to-earnings ratio of 54.48, a P/E/G ratio of 2.94 and a beta of 1.30.

Wix.com (NASDAQ:WIX - Get Free Report) last posted its 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 net margin of 8.90% and a negative return on equity of 136.43%. The company had revenue of $489.93 million for the quarter, compared to analyst estimates of $487.62 million. During the same quarter in the prior year, the business posted $1.67 EPS. The firm's revenue was up 12.4% compared to the same quarter last year. On average, analysts predict that Wix.com Ltd. will post 3.65 EPS for the current year.

Wix.com announced that its board has authorized a share buyback program on Monday, August 11th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the information services provider to buy up to 2.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have commented on WIX. Wells Fargo & Company upgraded shares of Wix.com from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $173.00 to $216.00 in a research report on Monday, June 16th. JMP Securities upped their price target on shares of Wix.com from $160.00 to $200.00 and gave the company a "market outperform" rating in a research report on Monday, August 18th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Wix.com in a research report on Thursday, August 7th. B. Riley reaffirmed a "buy" rating and set a $230.00 price target (down previously from $240.00) on shares of Wix.com in a research report on Wednesday, May 28th. Finally, Wall Street Zen upgraded shares of Wix.com from a "buy" rating to a "strong-buy" rating in a report on Friday. Three research 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's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $215.63.

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.