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 position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 3.4% in the first quarter, according to the company in its most recent Form 13F filing 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 period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned 0.57% of Wix.com worth $52,013,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of WIX. Mirae Asset Global Investments Co. Ltd. boosted its stake in Wix.com by 31.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,989 shares of the information services provider's stock valued at $830,000 after acquiring an additional 1,204 shares in the last quarter. Yousif Capital Management LLC boosted its stake in Wix.com by 4.9% in the first quarter. Yousif Capital Management LLC now owns 1,833 shares of the information services provider's stock valued at $299,000 after acquiring an additional 85 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in Wix.com in the first quarter valued at $5,367,000. Envestnet Asset Management Inc. boosted its stake in Wix.com by 27.1% in the first quarter. Envestnet Asset Management Inc. now owns 35,177 shares of the information services provider's stock valued at $5,747,000 after acquiring an additional 7,507 shares in the last quarter. Finally, KBC Group NV boosted its stake in Wix.com by 148.8% in the first quarter. KBC Group NV now owns 1,513 shares of the information services provider's stock valued at $247,000 after acquiring an additional 905 shares in the last quarter. Institutional investors and hedge funds own 81.52% of the company's stock.

Wix.com Price Performance

Shares of WIX opened at $171.63 on Monday. The firm has a 50 day simple moving average of $142.69 and a 200-day simple moving average of $156.99. Wix.com Ltd. has a 1-year low of $114.89 and a 1-year high of $247.11. The stock has a market cap of $9.63 billion, a price-to-earnings ratio of 61.08, a price-to-earnings-growth ratio of 3.30 and a beta of 1.30.

Wix.com (NASDAQ:WIX - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $489.93 million during the quarter, compared to analysts' expectations of $487.62 million. During the same period last year, the company posted $1.67 EPS. The company's revenue was up 12.4% on a year-over-year basis. On average, equities analysts expect that Wix.com Ltd. will post 3.65 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

Several research firms have issued reports on WIX. Needham & Company LLC decreased their price objective on shares of Wix.com from $250.00 to $200.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Scotiabank set a $255.00 price objective on shares of Wix.com and gave the company a "sector outperform" rating in a research note on Thursday, August 7th. Barclays set a $235.00 price objective on shares of Wix.com and gave the company an "overweight" rating in a research note on Thursday, August 7th. Piper Sandler decreased their target price on shares of Wix.com from $262.00 to $225.00 and set an "overweight" rating for the company in a research note on Thursday, May 22nd. Finally, Cfra Research upgraded shares of Wix.com from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, August 12th. Three analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus 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.

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