Wix.com Ltd. $WIX Shares Sold by UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC

Key Points

• UBS Asset Management has reduced its stake in Wix.com shares by 3.4%, now holding 318,354 shares valued at approximately $52 million.
• The company reported earnings per share of $2.28 for the last quarter, exceeding expectations and reflecting a 12.4% annual revenue growth to nearly $490 million.
• A buyback program has been approved, allowing Wix.com to repurchase shares worth $200 million, indicating the board's belief that the stock is undervalued.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lowered its holdings in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 3.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 318,354 shares of the information services provider's stock after selling 11,189 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned approximately 0.57% of Wix.com worth $52,013,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of WIX. Ameriprise Financial Inc. boosted its position in Wix.com by 63.7% during the fourth quarter. Ameriprise Financial Inc. now owns 30,746 shares of the information services provider's stock worth $6,597,000 after purchasing an additional 11,966 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of Wix.com by 6.3% in the fourth quarter. Nuveen Asset Management LLC now owns 142,460 shares of the information services provider's stock valued at $30,565,000 after acquiring an additional 8,422 shares in the last quarter. Nissay Asset Management Corp Japan ADV lifted its position in shares of Wix.com by 1.5% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 6,424 shares of the information services provider's stock valued at $1,402,000 after acquiring an additional 96 shares in the last quarter. Quantinno Capital Management LP lifted its position in shares of Wix.com by 9.7% in the fourth quarter. Quantinno Capital Management LP now owns 11,393 shares of the information services provider's stock valued at $2,444,000 after acquiring an additional 1,008 shares in the last quarter. Finally, Strategic Global Advisors LLC lifted its position in shares of Wix.com by 0.5% in the fourth quarter. Strategic Global Advisors LLC now owns 107,570 shares of the information services provider's stock valued at $23,079,000 after acquiring an additional 550 shares in the last quarter. Hedge funds and other institutional investors own 81.52% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $210.00 price target on shares of Wix.com in a report on Tuesday, August 19th. Needham & Company LLC cut their price target on Wix.com from $250.00 to $200.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Wells Fargo & Company raised Wix.com from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $173.00 to $216.00 in a report on Monday, June 16th. Piper Sandler cut their price target on Wix.com from $262.00 to $225.00 and set an "overweight" rating for the company in a report on Thursday, May 22nd. Finally, UBS Group cut their price target on Wix.com from $230.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Three investment 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 stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $215.63.

Wix.com Trading Down 0.6%

NASDAQ:WIX traded down $1.18 during midday trading on Friday, reaching $182.12. The company had a trading volume of 1,915,467 shares, compared to its average volume of 2,128,919. The firm has a market capitalization of $10.22 billion, a price-to-earnings ratio of 64.81, a PEG ratio of 3.52 and a beta of 1.30. The stock's fifty day simple moving average is $144.76 and its 200-day simple moving average is $157.01. Wix.com Ltd. has a 12-month low of $114.89 and a 12-month high of $247.11.

Wix.com (NASDAQ:WIX - Get Free Report) last released its earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.79 by $0.49. The firm had revenue of $489.93 million during the quarter, compared to analyst estimates of $487.62 million. Wix.com had a negative return on equity of 136.43% and a net margin of 8.90%.Wix.com's revenue was up 12.4% compared to the same quarter last year. During the same period last year, the business posted $1.67 earnings per share. As a group, sell-side analysts expect that Wix.com Ltd. will post 3.65 EPS for the current year.

Wix.com declared that its Board of Directors has initiated a stock 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 buy up to 2.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Wix.com 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.