Ethic Inc. Decreases Stake in Wix.com Ltd. $WIX

Ethic Inc. lowered its position in shares of Wix.com Ltd. (NASDAQ:WIX) by 13.2% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 7,397 shares of the information services provider’s stock after selling 1,125 shares during the quarter. Ethic Inc.’s holdings in Wix.com were worth $1,169,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. grew 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 purchasing an additional 66 shares during the period. Twin Tree Management LP purchased a new stake in shares of Wix.com during the 1st quarter worth about $29,000. Geneos Wealth Management Inc. grew its holdings in shares of Wix.com by 632.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after purchasing an additional 215 shares during the period. Blue Trust Inc. grew its holdings in shares of Wix.com by 47.8% during the 2nd quarter. Blue Trust Inc. now owns 408 shares of the information services provider’s stock worth $65,000 after purchasing an additional 132 shares during the period. Finally, TD Private Client Wealth LLC lifted its position in Wix.com by 183.3% during the 1st 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. Hedge funds and other institutional investors own 81.52% of the company’s stock.

Wix.com Stock Up 0.5%

Shares of WIX opened at $140.91 on Monday. The business’s 50 day moving average is $150.61 and its two-hundred day moving average is $153.65. Wix.com Ltd. has a 52-week low of $114.89 and a 52-week high of $247.11. The firm has a market cap of $7.91 billion, a price-to-earnings ratio of 50.15, a PEG ratio of 2.63 and a beta of 1.32.

Wix.com (NASDAQ:WIX) last announced its earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $487.62 million. During the same period in the prior year, the company posted $1.67 EPS. Wix.com’s quarterly 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 announced that its Board of Directors has authorized a share 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 purchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms recently commented on WIX. Zacks Research raised Wix.com from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 20th. Cfra Research raised Wix.com from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, August 12th. Piper Sandler boosted their price target on Wix.com from $206.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 26th. Needham & Company LLC reduced their price target on Wix.com from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, August 6th. Finally, JMP Securities reissued a “market outperform” rating and set a $210.00 price target on shares of Wix.com in a research report on Friday, October 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus 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.