Dorsal Capital Management LP Acquires 525,000 Shares of Wix.com Ltd. $WIX

Dorsal Capital Management LP grew its holdings in shares of Wix.com Ltd. (NASDAQ:WIX) by 50.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,575,000 shares of the information services provider’s stock after buying an additional 525,000 shares during the quarter. Wix.com accounts for 7.5% of Dorsal Capital Management LP’s portfolio, making the stock its 2nd largest position. Dorsal Capital Management LP’s holdings in Wix.com were worth $279,767,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Westside Investment Management Inc. raised its stake in shares of Wix.com by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock valued at $27,000 after acquiring an additional 77 shares during the period. Asset Management One Co. Ltd. boosted its position in Wix.com by 0.8% during the 3rd quarter. Asset Management One Co. Ltd. now owns 19,837 shares of the information services provider’s stock worth $3,524,000 after purchasing an additional 154 shares during the period. Cerity Partners LLC increased its holdings in Wix.com by 13.4% in the 2nd quarter. Cerity Partners LLC now owns 1,484 shares of the information services provider’s stock valued at $235,000 after purchasing an additional 175 shares in the last quarter. MAI Capital Management increased its holdings in Wix.com by 109.1% in the 3rd quarter. MAI Capital Management now owns 366 shares of the information services provider’s stock valued at $65,000 after purchasing an additional 191 shares in the last quarter. Finally, TD Private Client Wealth LLC raised its position in Wix.com by 32.7% in the third quarter. TD Private Client Wealth LLC now owns 792 shares of the information services provider’s stock valued at $141,000 after purchasing an additional 195 shares during the period. Institutional investors and hedge funds own 81.52% of the company’s stock.

Analysts Set New Price Targets

WIX has been the subject of several analyst reports. Citigroup decreased their target price on Wix.com from $150.00 to $105.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. B. Riley Financial reiterated a “buy” rating and set a $200.00 target price (down from $230.00) on shares of Wix.com in a report on Thursday, November 20th. Morgan Stanley decreased their price target on Wix.com from $181.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, January 15th. Benchmark lowered their price objective on shares of Wix.com from $185.00 to $140.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Finally, Barclays dropped their price objective on shares of Wix.com from $205.00 to $160.00 and set an “overweight” rating on the stock in a research note on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $134.90.

Wix.com Stock Performance

NASDAQ:WIX opened at $88.09 on Friday. The stock has a market cap of $5.14 billion, a price-to-earnings ratio of 108.75, a price-to-earnings-growth ratio of 2.83 and a beta of 1.39. Wix.com Ltd. has a one year low of $60.22 and a one year high of $191.24. The business’s 50-day simple moving average is $81.63 and its 200 day simple moving average is $114.26.

Wix.com (NASDAQ:WIX) last issued its quarterly earnings data on Wednesday, March 4th. The information services provider reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.45. Wix.com had a negative return on equity of 70.04% and a net margin of 2.54%.The firm had revenue of $524.27 million during the quarter, compared to analyst estimates of $527.69 million. During the same quarter last year, the firm earned $2.10 EPS. Wix.com’s quarterly revenue was up 13.9% on a year-over-year basis. On average, equities research analysts predict that Wix.com Ltd. will post 3.65 EPS for the current year.

Wix.com announced that its Board of Directors has initiated a share repurchase program on Wednesday, January 28th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the information services provider to buy up to 40.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Wix.com Company Profile

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.