PNC Financial Services Group Inc. Has $836,000 Stock Holdings in Wix.com Ltd. (NASDAQ:WIX)

PNC Financial Services Group Inc. lifted its holdings in Wix.com Ltd. (NASDAQ:WIX) by 42.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 5,116 shares of the information services provider’s stock after buying an additional 1,524 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Wix.com were worth $836,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. TD Private Client Wealth LLC grew its position in shares of Wix.com by 183.3% in the 1st quarter. TD Private Client Wealth LLC now owns 476 shares of the information services provider’s stock valued at $78,000 after purchasing an additional 308 shares during the period. Tower Research Capital LLC TRC grew its position in shares of Wix.com by 44.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 630 shares of the information services provider’s stock valued at $135,000 after purchasing an additional 193 shares during the period. Versant Capital Management Inc grew its position in shares of Wix.com by 676.1% in the 1st quarter. Versant Capital Management Inc now owns 714 shares of the information services provider’s stock valued at $117,000 after purchasing an additional 622 shares during the period. Bessemer Group Inc. grew its position in shares of Wix.com by 9.7% in the 4th quarter. Bessemer Group Inc. now owns 871 shares of the information services provider’s stock valued at $188,000 after purchasing an additional 77 shares during the period. Finally, Ellevest Inc. acquired a new position in shares of Wix.com in the 4th quarter valued at approximately $204,000. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Wix.com Stock Down 6.0%

Shares of Wix.com stock opened at $115.43 on Tuesday. Wix.com Ltd. has a 12-month low of $114.89 and a 12-month high of $247.11. The stock has a market cap of $6.48 billion, a P/E ratio of 41.08, a P/E/G ratio of 1.97 and a beta of 1.27. The business’s 50 day moving average is $151.25 and its 200-day moving average is $170.86.

Wix.com (NASDAQ:WIX) last posted its quarterly earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.49. Wix.com had a negative return on equity of 136.43% and a net margin of 8.90%. The business had revenue of $489.93 million for the quarter, compared to analysts’ expectations of $487.62 million. During the same quarter in the prior year, the business earned $1.67 EPS. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. On average, sell-side analysts expect that Wix.com Ltd. will post 3.65 EPS for the current year.

Wix.com announced that its board has authorized a share repurchase plan on Monday, August 11th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the information services provider to buy up to 2.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

WIX has been the subject of a number of recent research reports. Robert W. Baird raised Wix.com from a “neutral” rating to an “outperform” rating and reduced their price target for the stock from $215.00 to $190.00 in a research report on Friday, May 23rd. Baird R W raised Wix.com from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 23rd. Cfra Research downgraded Wix.com from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, April 15th. Citigroup reduced their price target on Wix.com from $280.00 to $238.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Finally, JPMorgan Chase & Co. reduced their price target on Wix.com from $189.00 to $166.00 and set a “neutral” rating for the company in a research report on Wednesday, August 6th. Two equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, Wix.com presently has an average rating of “Buy” and an average price target of $213.53.

Wix.com Profile

Wix.com Ltd., together with its subsidiaries, operates as a cloud-based web development platform for registered users and creators worldwide. The company offers Wix Editor, a drag-and-drop visual development and website editing environment platform; and Wix ADI that enables users to have the freedom of customization that the classic editor offers.