SVB Wealth LLC Buys Shares of 504 Wix.com Ltd. $WIX

SVB Wealth LLC bought a new position in shares of Wix.com Ltd. (NASDAQ:WIX) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 504 shares of the information services provider’s stock, valued at approximately $82,000.

A number of other institutional investors and hedge funds also recently modified their holdings of WIX. Northwestern Mutual Wealth Management Co. raised its position in shares of Wix.com by 63.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock valued at $28,000 after acquiring an additional 66 shares during the period. TD Private Client Wealth LLC grew its holdings 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 valued at $78,000 after purchasing an additional 308 shares during the period. New Age Alpha Advisors LLC bought a new stake in Wix.com in the first quarter valued at approximately $110,000. ASR Vermogensbeheer N.V. acquired a new stake in Wix.com in the first quarter worth $115,000. Finally, Versant Capital Management Inc boosted its position in shares of Wix.com by 676.1% during the first quarter. Versant Capital Management Inc now owns 714 shares of the information services provider’s stock worth $117,000 after purchasing an additional 622 shares in the last quarter. 81.52% of the stock is owned by institutional investors.

Wix.com Stock Up 0.4%

Shares of WIX stock opened at $132.37 on Tuesday. Wix.com Ltd. has a 12 month low of $114.89 and a 12 month high of $247.11. The company’s fifty day simple moving average is $145.59 and its 200-day simple moving average is $163.34. The firm has a market cap of $7.43 billion, a PE ratio of 47.11, a P/E/G ratio of 2.53 and a beta of 1.27.

Wix.com (NASDAQ:WIX) last released its earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share for the quarter, beating 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 the consensus estimate of $487.62 million. During the same quarter last year, the firm earned $1.67 earnings per share. The firm’s revenue for the quarter was up 12.4% compared to the same quarter last year. On average, equities analysts predict that Wix.com Ltd. will post 3.65 earnings per share for the current fiscal year.

Wix.com announced that its board has initiated a stock repurchase program 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 buy up to 2.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts recently commented on WIX shares. Wells Fargo & Company upgraded shares of Wix.com from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $173.00 to $216.00 in a research report on Monday, June 16th. Zacks Research upgraded Wix.com from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 20th. JMP Securities raised their price target on Wix.com from $160.00 to $200.00 and gave the stock a “market outperform” rating in a research report on Monday, August 18th. Scotiabank set a $255.00 price objective on Wix.com and gave the company a “sector outperform” rating in a research report on Thursday, August 7th. Finally, Raymond James Financial reissued a “strong-buy” rating on shares of Wix.com in a research note on Thursday, August 7th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $215.63.

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.