VIRGINIA RETIREMENT SYSTEMS ET Al Acquires Shares of 16,100 Wix.com Ltd. $WIX

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Wix.com Ltd. (NASDAQ:WIX) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,100 shares of the information services provider’s stock, valued at approximately $2,551,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in WIX. Alliancebernstein L.P. raised its position in Wix.com by 115.8% during the first quarter. Alliancebernstein L.P. now owns 560,214 shares of the information services provider’s stock valued at $91,528,000 after purchasing an additional 300,565 shares during the period. Menora Mivtachim Holdings LTD. purchased a new stake in Wix.com during the first quarter valued at approximately $26,737,000. Durable Capital Partners LP raised its position in Wix.com by 38.7% during the first quarter. Durable Capital Partners LP now owns 580,808 shares of the information services provider’s stock valued at $94,892,000 after purchasing an additional 162,075 shares during the period. Goldman Sachs Group Inc. raised its position in Wix.com by 25.8% during the first quarter. Goldman Sachs Group Inc. now owns 761,566 shares of the information services provider’s stock valued at $124,425,000 after purchasing an additional 155,977 shares during the period. Finally, Federated Hermes Inc. raised its position in Wix.com by 177.4% during the first quarter. Federated Hermes Inc. now owns 238,559 shares of the information services provider’s stock valued at $38,976,000 after purchasing an additional 152,573 shares during the period. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

Wix.com Stock Down 2.7%

Shares of NASDAQ:WIX opened at $133.80 on Wednesday. Wix.com Ltd. has a 52-week low of $114.89 and a 52-week high of $247.11. The stock has a market cap of $7.51 billion, a P/E ratio of 47.62, a price-to-earnings-growth ratio of 2.57 and a beta of 1.32. The business’s 50 day moving average is $149.59 and its 200 day moving average is $153.93.

Wix.com (NASDAQ:WIX) last announced its quarterly earnings data on Wednesday, August 6th. The information services provider reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.49. Wix.com had a negative return on equity of 136.43% and a net margin of 8.90%.The company had revenue of $489.93 million for the quarter, compared to analysts’ expectations of $487.62 million. During the same quarter in the prior year, the firm earned $1.67 earnings per share. Wix.com’s revenue was up 12.4% compared to the same quarter last year. On average, sell-side 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 initiated a stock repurchase plan on Monday, August 11th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the information services provider to reacquire up to 2.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

WIX has been the topic of several recent analyst reports. Cfra Research upgraded Wix.com from a “hold” rating to a “moderate buy” rating in a report on Tuesday, August 12th. Scotiabank set a $255.00 price target on Wix.com and gave the stock a “sector outperform” rating in a report on Thursday, August 7th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $210.00 price target on shares of Wix.com in a report on Tuesday, August 19th. Piper Sandler increased their price target on Wix.com from $206.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 26th. Finally, UBS Group reduced their price target on Wix.com from $230.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Wix.com currently has an average rating of “Buy” and an average price target of $215.37.

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.