JPMorgan Chase & Co. Has $94.50 Million Position in Wix.com Ltd. $WIX

JPMorgan Chase & Co. lessened its position in Wix.com Ltd. (NASDAQ:WIX) by 88.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 532,030 shares of the information services provider’s stock after selling 4,203,981 shares during the period. JPMorgan Chase & Co. owned approximately 0.95% of Wix.com worth $94,504,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of WIX. Westside Investment Management Inc. grew its holdings 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 buying an additional 77 shares during the period. Geneos Wealth Management Inc. raised its stake in 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 buying an additional 215 shares during the period. National Bank of Canada FI bought a new position in Wix.com during the third quarter worth about $54,000. MAI Capital Management lifted its holdings in Wix.com by 109.1% during the third quarter. MAI Capital Management now owns 366 shares of the information services provider’s stock worth $65,000 after acquiring an additional 191 shares in the last quarter. Finally, Wexford Capital LP acquired a new position in Wix.com in the third quarter valued at about $88,000. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Wix.com Stock Up 1.8%

Shares of WIX opened at $89.52 on Wednesday. Wix.com Ltd. has a twelve month low of $60.22 and a twelve month high of $191.24. The stock has a market capitalization of $5.22 billion, a P/E ratio of 110.52, a P/E/G ratio of 3.11 and a beta of 1.39. The company has a 50 day moving average of $81.13 and a 200-day moving average of $113.39.

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

Wix.com declared that its Board of Directors has approved a stock repurchase plan on Wednesday, January 28th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the information services provider to purchase up to 40.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Scotiabank cut their price objective on Wix.com from $175.00 to $125.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 5th. Royal Bank Of Canada dropped their target price on shares of Wix.com from $155.00 to $112.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. Robert W. Baird cut shares of Wix.com from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $115.00 to $90.00 in a report on Monday, March 9th. Needham & Company LLC dropped their price objective on shares of Wix.com from $140.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, March 5th. Finally, Evercore reduced their target price on shares of Wix.com from $250.00 to $160.00 and set an “outperform” rating for the company in a research note on Thursday, November 20th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Wix.com presently has a consensus rating of “Moderate Buy” and a consensus price target of $134.90.

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.