Harbor Capital Advisors Inc. Purchases 1,794 Shares of Wix.com Ltd. $WIX

Key Points

• Harbor Capital Advisors Inc. increased its stake in Wix.com Ltd. by 5.8% during the second quarter, owning approximately 0.06% of the company valued at $5.18 million.
• The company's latest quarterly earnings exceeded expectations with an EPS of $2.28, compared to a forecast of $1.79, and reported revenue of $489.93 million.
• Wix.com announced a $200 million share repurchase plan, indicating that the board considers the stock to be undervalued.

Harbor Capital Advisors Inc. raised its stake in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 5.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 32,720 shares of the information services provider's stock after buying an additional 1,794 shares during the quarter. Harbor Capital Advisors Inc. owned 0.06% of Wix.com worth $5,185,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Wix.com by 63.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider's stock worth $28,000 after buying an additional 66 shares during the period. Twin Tree Management LP acquired a new stake in shares of Wix.com in the first quarter valued at approximately $29,000. Geneos Wealth Management Inc. boosted its position in shares of Wix.com by 632.4% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider's stock valued at $41,000 after acquiring an additional 215 shares during the period. TD Private Client Wealth LLC raised its stake 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 worth $78,000 after acquiring an additional 308 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its position in Wix.com by 28.4% during the 1st 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 during the period. Institutional investors and hedge funds own 81.52% of the company's stock.

Wix.com Stock Down 0.6%

Shares of WIX traded down $1.18 during midday trading on Friday, hitting $182.12. The company had a trading volume of 1,915,467 shares, compared to its average volume of 2,128,919. Wix.com Ltd. has a 52 week low of $114.89 and a 52 week high of $247.11. The company's 50 day moving average price is $144.76 and its 200 day moving average price is $156.73. The stock has a market cap of $10.22 billion, a price-to-earnings ratio of 64.81, a PEG ratio of 3.50 and a beta of 1.30.

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

Wix.com announced that its Board of Directors has approved a stock buyback plan on Monday, August 11th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the information services provider to reacquire up to 2.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on WIX. Barclays set a $235.00 target price on Wix.com and gave the stock an "overweight" rating in a research report on Thursday, August 7th. UBS Group decreased their target price on Wix.com from $230.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Cfra Research raised Wix.com from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, August 12th. Citigroup restated an "outperform" rating on shares of Wix.com in a research note on Monday, August 18th. Finally, B. Riley reaffirmed a "buy" rating and issued a $230.00 price target (down from $240.00) on shares of Wix.com in a research note on Wednesday, May 28th. Three analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target 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.