Intech Investment Management LLC Acquires New Position in Wix.com Ltd. $WIX

Intech Investment Management LLC acquired a new stake in Wix.com Ltd. (NASDAQ:WIX) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 34,784 shares of the information services provider’s stock, valued at approximately $6,179,000. Intech Investment Management LLC owned about 0.06% of Wix.com as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Lone Pine Capital LLC bought a new position in shares of Wix.com in the 2nd quarter worth $342,485,000. Ameriprise Financial Inc. lifted its stake in Wix.com by 879.0% in the second quarter. Ameriprise Financial Inc. now owns 2,031,591 shares of the information services provider’s stock valued at $321,926,000 after buying an additional 1,824,070 shares during the period. Senvest Management LLC boosted its holdings in Wix.com by 32.2% during the second quarter. Senvest Management LLC now owns 2,040,910 shares of the information services provider’s stock worth $323,403,000 after buying an additional 496,770 shares during the last quarter. Norges Bank bought a new position in Wix.com during the second quarter worth about $66,132,000. Finally, Lazard Asset Management LLC grew its position in shares of Wix.com by 27.4% during the 2nd quarter. Lazard Asset Management LLC now owns 1,542,153 shares of the information services provider’s stock worth $244,368,000 after buying an additional 331,283 shares during the period. Institutional investors own 81.52% of the company’s stock.

Wix.com Trading Down 1.2%

WIX stock opened at $70.46 on Friday. The stock has a 50-day moving average price of $85.23 and a two-hundred day moving average price of $117.10. Wix.com Ltd. has a 1 year low of $60.22 and a 1 year high of $202.65. The stock has a market cap of $3.95 billion, a PE ratio of 30.11, a price-to-earnings-growth ratio of 2.19 and a beta of 1.42.

Wix.com announced that its Board of Directors has approved a share buyback program on Wednesday, January 28th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the information services provider to reacquire up to 40.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Morgan Stanley reduced their price objective on shares of Wix.com from $181.00 to $160.00 and set an “overweight” rating on the stock in a research note on Thursday, January 15th. Cantor Fitzgerald lifted their price target on shares of Wix.com from $135.00 to $140.00 and gave the stock an “overweight” rating in a research report on Thursday, December 11th. Jefferies Financial Group decreased their price target on shares of Wix.com from $200.00 to $130.00 and set a “buy” rating for the company in a report on Monday, February 23rd. UBS Group restated an “overweight” rating on shares of Wix.com in a research report on Thursday, December 11th. Finally, Raymond James Financial set a $74.00 target price on Wix.com in a report on Wednesday, January 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $156.30.

Wix.com 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.