Wix.com Ltd. $WIX Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company cut its Wix.com stake by 88.9% in the first quarter, selling 21,353 shares and retaining 2,676 shares valued at approximately $235,000. Institutional investors and hedge funds collectively own 81.52% of WIX.
• Analyst sentiment is mixed: 11 analysts rate WIX a Buy, nine a Hold and two a Sell, producing an overall “Hold” rating and a consensus price target of $91.10. Several firms recently reduced their price targets.
• Wix.com exceeded quarterly earnings and revenue expectations, reporting $1.39 in EPS and $563.06 million in revenue, with revenue up 14.9% year over year. However, the company continues to report a negative net margin and negative return on equity.

The Manufacturers Life Insurance Company reduced its stake in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 88.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,676 shares of the information services provider's stock after selling 21,353 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Wix.com were worth $235,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of WIX. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Wix.com in the 4th quarter worth $4,087,000. Principal Financial Group Inc. boosted its holdings in Wix.com by 47.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,397,962 shares of the information services provider's stock worth $145,238,000 after buying an additional 449,699 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its position in Wix.com by 216.4% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 52,837 shares of the information services provider's stock worth $5,489,000 after buying an additional 36,140 shares during the period. Temasek Holdings Private Ltd grew its position in Wix.com by 82.4% during the fourth quarter. Temasek Holdings Private Ltd now owns 756,866 shares of the information services provider's stock worth $78,631,000 after buying an additional 341,869 shares during the period. Finally, Phoenix Financial Ltd. increased its holdings in Wix.com by 7,119.2% in the fourth quarter. Phoenix Financial Ltd. now owns 656,438 shares of the information services provider's stock valued at $68,197,000 after buying an additional 647,345 shares in the last quarter. Institutional investors and hedge funds own 81.52% of the company's stock.

Wall Street Analysts Forecast Growth

WIX has been the subject of several research analyst reports. Bank of America dropped their price objective on Wix.com from $136.00 to $109.00 and set a "buy" rating for the company in a research note on Tuesday, April 21st. Weiss Ratings lowered Wix.com from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, May 29th. Oppenheimer dropped their price target on Wix.com from $115.00 to $85.00 and set an "outperform" rating for the company in a research report on Thursday, May 14th. JPMorgan Chase & Co. cut their price target on Wix.com from $86.00 to $62.00 and set an "underweight" rating for the company in a research note on Thursday, June 18th. Finally, Barclays decreased their price objective on shares of Wix.com from $155.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, May 14th. Eleven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $91.10.

Wix.com Stock Down 0.6%

Shares of WIX opened at $73.72 on Tuesday. The company's fifty day moving average is $52.76 and its two-hundred day moving average is $66.31. Wix.com Ltd. has a fifty-two week low of $40.16 and a fifty-two week high of $190.93. The firm has a market cap of $4.30 billion, a PE ratio of -20.82, a price-to-earnings-growth ratio of 35.23 and a beta of 0.90.

Wix.com (NASDAQ:WIX - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The information services provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.13 by $0.26. The company had revenue of $563.06 million during the quarter, compared to analyst estimates of $552.56 million. Wix.com had a negative return on equity of 1.61% and a negative net margin of 8.19%.The firm's revenue was up 14.9% on a year-over-year basis. During the same period in the prior year, the firm posted $2.28 earnings per share. As a group, equities research analysts anticipate that Wix.com Ltd. will post 0.24 earnings per share for the current year.

Trending Headlines about Wix.com

Here are the key news stories impacting Wix.com this week:

• Neutral Sentiment: The lawsuit alleges violations of U.S. securities laws by Wix.com and certain officers, reportedly involving statements or omissions related to the capabilities of the company’s Wix Harmony web-development platform. The allegations have not been proven, and the litigation’s financial impact remains uncertain. Levi & Korsinsky Wix.com lawsuit notice
• Negative Sentiment: The unusually large number of law-firm announcements may amplify investor concern, potentially increasing legal expenses, management distraction, reputational risk, and any eventual settlement or damages exposure. Wix.com securities fraud class action announcement

Wix.com Profile

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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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