Wix.com Ltd. $WIX Stock Position Boosted by Shannon River Fund Management LLC

Shannon River Fund Management LLC lifted its position in Wix.com Ltd. (NASDAQ:WIX) by 42.1% during the third quarter, HoldingsChannel.com reports. The fund owned 330,083 shares of the information services provider’s stock after acquiring an additional 97,835 shares during the period. Wix.com makes up 9.4% of Shannon River Fund Management LLC’s portfolio, making the stock its 4th largest position. Shannon River Fund Management LLC’s holdings in Wix.com were worth $58,633,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in WIX. Westside Investment Management Inc. lifted its holdings in 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 purchasing an additional 77 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of Wix.com by 632.4% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock valued at $41,000 after buying an additional 215 shares during the last quarter. MAI Capital Management lifted its stake in shares of Wix.com by 109.1% in the third quarter. MAI Capital Management now owns 366 shares of the information services provider’s stock worth $65,000 after buying an additional 191 shares in the last quarter. Penserra Capital Management LLC acquired a new stake in Wix.com in the 2nd quarter valued at about $77,000. Finally, New Age Alpha Advisors LLC boosted its holdings in shares of 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 worth $116,000 after purchasing an additional 345 shares during the last quarter. 81.52% of the stock is owned by institutional investors and hedge funds.

Wix.com Stock Down 0.2%

Shares of Wix.com stock opened at $89.91 on Thursday. The firm has a market cap of $5.24 billion, a PE ratio of 111.00, a price-to-earnings-growth ratio of 1.93 and a beta of 1.39. Wix.com Ltd. has a 52 week low of $60.22 and a 52 week high of $191.24. The business’s fifty day simple moving average is $82.23 and its 200-day simple moving average is $114.89.

Wix.com (NASDAQ:WIX) last issued its quarterly earnings data 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. The firm had revenue of $524.27 million during the quarter, compared to the consensus estimate of $527.69 million. Wix.com had a negative return on equity of 70.04% and a net margin of 2.54%.The company’s quarterly revenue was up 13.9% on a year-over-year basis. During the same period last year, the company earned $2.10 EPS. As a group, equities analysts expect that Wix.com Ltd. will post 3.65 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on WIX shares. Robert W. Baird downgraded Wix.com from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $115.00 to $90.00 in a research report on Monday. Morgan Stanley reduced their price target on Wix.com from $181.00 to $160.00 and set an “overweight” rating on the stock in a report on Thursday, January 15th. Raymond James Financial reissued a “strong-buy” rating and set a $100.00 price target on shares of Wix.com in a research report on Wednesday, March 4th. UBS Group restated a “buy” rating and set a $145.00 price objective on shares of Wix.com in a research report on Friday, March 6th. Finally, Needham & Company LLC reduced their target price on shares of Wix.com from $140.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Wix.com currently has a consensus rating of “Moderate Buy” and an average price target of $140.50.

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.