Russell Investments Group Ltd. Sells 16,292 Shares of Wix.com Ltd. $WIX

Russell Investments Group Ltd. decreased its position in shares of Wix.com Ltd. (NASDAQ:WIX) by 9.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 151,442 shares of the information services provider’s stock after selling 16,292 shares during the period. Russell Investments Group Ltd.’s holdings in Wix.com were worth $27,123,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC lifted its stake in Wix.com by 36.6% during the first quarter. AQR Capital Management LLC now owns 1,627 shares of the information services provider’s stock worth $266,000 after purchasing an additional 436 shares during the last quarter. Woodline Partners LP increased its stake in shares of Wix.com by 9.7% in the 1st quarter. Woodline Partners LP now owns 2,292 shares of the information services provider’s stock valued at $374,000 after purchasing an additional 202 shares during the last quarter. Geneos Wealth Management Inc. raised 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 buying an additional 215 shares in the last quarter. Penserra Capital Management LLC acquired a new position in shares of Wix.com during the 2nd quarter worth $77,000. Finally, Metis Global Partners LLC bought a new stake in shares of Wix.com during the 2nd quarter worth $228,000. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

WIX has been the topic of several research analyst reports. Morgan Stanley reduced their price objective on 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 reissued an “overweight” rating and issued a $130.00 target price on shares of Wix.com in a report on Thursday, March 5th. Oppenheimer reduced their price target on shares of Wix.com from $160.00 to $130.00 and set an “outperform” rating on the stock in a research note on Monday, February 2nd. Needham & Company LLC decreased their price target 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, B. Riley Financial reiterated a “buy” rating and set a $200.00 price objective (down from $230.00) on shares of Wix.com in a research report on Thursday, November 20th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $134.90.

Wix.com Price Performance

WIX opened at $86.91 on Friday. Wix.com Ltd. has a fifty-two week low of $60.22 and a fifty-two week high of $191.24. The firm has a market capitalization of $5.07 billion, a price-to-earnings ratio of 107.30, a PEG ratio of 1.93 and a beta of 1.39. The company’s 50 day moving average price is $81.89 and its two-hundred day moving average price is $114.69.

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

Wix.com declared that its Board of Directors has approved a stock buyback program on Wednesday, January 28th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information services provider to repurchase up to 40.5% of its shares through open market purchases. Shares buyback programs are generally a sign 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.