Wix.com Ltd. $WIX Shares Purchased by Fred Alger Management LLC

Fred Alger Management LLC raised its position in Wix.com Ltd. (NASDAQ:WIX) by 72.3% during the third quarter, Holdings Channel reports. The firm owned 46,120 shares of the information services provider’s stock after buying an additional 19,360 shares during the quarter. Fred Alger Management LLC’s holdings in Wix.com were worth $8,192,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Westside Investment Management Inc. grew its stake in shares of Wix.com by 100.0% in the third 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 in the last quarter. Geneos Wealth Management Inc. lifted 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 acquiring an additional 215 shares in the last quarter. MAI Capital Management boosted its holdings in Wix.com by 109.1% during the 3rd quarter. MAI Capital Management now owns 366 shares of the information services provider’s stock valued at $65,000 after acquiring an additional 191 shares during the period. New Age Alpha Advisors LLC boosted its holdings in Wix.com by 100.0% during the 3rd quarter. New Age Alpha Advisors LLC now owns 690 shares of the information services provider’s stock valued at $116,000 after acquiring an additional 345 shares during the period. Finally, Tower Research Capital LLC TRC grew its position in Wix.com by 508.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 779 shares of the information services provider’s stock valued at $123,000 after acquiring an additional 651 shares in the last quarter. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on WIX. Scotiabank reduced their price target on shares of Wix.com from $175.00 to $125.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 5th. Morgan Stanley dropped their price objective on shares of Wix.com from $181.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, January 15th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $100.00 target price on shares of Wix.com in a research note on Wednesday, March 4th. Wells Fargo & Company reduced their target price on shares of Wix.com from $176.00 to $137.00 and set an “overweight” rating on the stock in a report on Thursday, March 5th. Finally, Royal Bank Of Canada dropped their price target on shares of Wix.com from $155.00 to $112.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Wix.com has a consensus rating of “Moderate Buy” and an average target price of $134.90.

Wix.com Stock Performance

WIX stock opened at $87.96 on Tuesday. The company’s 50 day moving average price is $81.36 and its 200 day moving average price is $113.75. The firm has a market capitalization of $5.13 billion, a price-to-earnings ratio of 108.59, a PEG ratio of 2.83 and a beta of 1.40. Wix.com Ltd. has a fifty-two week low of $60.22 and a fifty-two week high of $191.24.

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

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