Intech Investment Management LLC lowered its position in shares of Wix.com Ltd. (NASDAQ:WIX – Free Report) by 50.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,149 shares of the information services provider’s stock after selling 17,635 shares during the quarter. Intech Investment Management LLC’s holdings in Wix.com were worth $1,782,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the company. Ameriprise Financial Inc. increased its position in shares of Wix.com by 128.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,637,795 shares of the information services provider’s stock worth $823,813,000 after purchasing an additional 2,606,204 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Wix.com by 90.4% during the 3rd quarter. Wellington Management Group LLP now owns 3,390,589 shares of the information services provider’s stock worth $602,270,000 after purchasing an additional 1,609,989 shares in the last quarter. Dorsal Capital Management LP increased its position in shares of Wix.com by 50.0% during the 3rd quarter. Dorsal Capital Management LP now owns 1,575,000 shares of the information services provider’s stock worth $279,767,000 after purchasing an additional 525,000 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in shares of Wix.com during the 4th quarter worth about $150,622,000. Finally, Principal Financial Group Inc. increased its position in shares of Wix.com by 47.4% during the 4th quarter. Principal Financial Group Inc. now owns 1,397,962 shares of the information services provider’s stock worth $145,238,000 after purchasing an additional 449,699 shares in the last quarter. Institutional investors and hedge funds own 81.52% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on WIX. Wells Fargo & Company cut shares of Wix.com from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $137.00 to $54.00 in a research report on Thursday, May 14th. Scotiabank dropped their target price on shares of Wix.com from $135.00 to $110.00 and set an “outperform” rating for the company in a research report on Thursday, May 14th. Morgan Stanley dropped their target price on shares of Wix.com from $125.00 to $112.00 and set an “overweight” rating for the company in a research report on Monday, May 18th. Bank of America dropped their target price on shares of Wix.com from $136.00 to $109.00 and set a “buy” rating for the company in a research report on Tuesday, April 21st. Finally, Weiss Ratings cut shares of Wix.com from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $100.90.
Wix.com Trading Down 2.5%
WIX opened at $53.70 on Friday. The stock has a market capitalization of $3.13 billion, a PE ratio of -68.85 and a beta of 0.91. Wix.com Ltd. has a 1-year low of $51.40 and a 1-year high of $190.93. The firm has a 50-day moving average price of $69.79 and a two-hundred day moving average price of $83.01.
Wix.com (NASDAQ:WIX – Get Free Report) last issued its earnings results on Wednesday, May 13th. The information services provider reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.53). The business had revenue of $541.17 million during the quarter, compared to the consensus estimate of $544.04 million. Wix.com had a negative net margin of 1.97% and a negative return on equity of 33.28%. The firm’s revenue for the quarter was up 14.2% compared to the same quarter last year. During the same period last year, the business posted $1.69 EPS. On average, research analysts predict that Wix.com Ltd. will post -0.27 EPS for the current year.
About Wix.com
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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