Goldman Sachs Group Inc. Raises Stake in Wix.com Ltd. $WIX

Goldman Sachs Group Inc. raised its position in shares of Wix.com Ltd. (NASDAQ:WIX) by 25.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 761,566 shares of the information services provider’s stock after purchasing an additional 155,977 shares during the quarter. Goldman Sachs Group Inc. owned 1.36% of Wix.com worth $124,425,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Scientech Research LLC lifted its holdings in Wix.com by 383.4% during the first quarter. Scientech Research LLC now owns 12,438 shares of the information services provider’s stock valued at $2,032,000 after purchasing an additional 9,865 shares in the last quarter. Petrus Trust Company LTA bought a new stake in shares of Wix.com during the first quarter valued at approximately $419,000. Alliancebernstein L.P. raised its position in shares of Wix.com by 115.8% during the first quarter. Alliancebernstein L.P. now owns 560,214 shares of the information services provider’s stock valued at $91,528,000 after buying an additional 300,565 shares during the last quarter. AQR Capital Management LLC raised its position in shares of 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 valued at $266,000 after buying an additional 436 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its position in shares of Wix.com by 28.4% during the first quarter. Advisors Asset Management Inc. now owns 493 shares of the information services provider’s stock valued at $81,000 after buying an additional 109 shares during the last quarter. Hedge funds and other institutional investors own 81.52% of the company’s stock.

Wix.com Stock Performance

Shares of WIX opened at $169.45 on Friday. The company’s fifty day moving average is $142.54 and its 200 day moving average is $157.78. Wix.com Ltd. has a fifty-two week low of $114.89 and a fifty-two week high of $247.11. The stock has a market capitalization of $9.51 billion, a PE ratio of 60.30, a P/E/G ratio of 3.15 and a beta of 1.30.

Wix.com (NASDAQ:WIX) last announced its quarterly earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.49. Wix.com had a net margin of 8.90% and a negative return on equity of 136.43%. The company had revenue of $489.93 million for the quarter, compared to analysts’ expectations of $487.62 million. During the same quarter in the previous year, the business posted $1.67 earnings per share. Wix.com’s quarterly revenue was up 12.4% on a year-over-year basis. As a group, research analysts forecast that Wix.com Ltd. will post 3.65 earnings per share for the current year.

Wix.com declared that its board has authorized a share buyback plan on Monday, August 11th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the information services provider to buy up to 2.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

WIX has been the topic of several recent analyst reports. Cfra Research upgraded shares of Wix.com from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, August 12th. JMP Securities lifted their price objective on shares of Wix.com from $160.00 to $200.00 and gave the company a “market outperform” rating in a research report on Monday, August 18th. Piper Sandler reduced their price objective on shares of Wix.com from $262.00 to $225.00 and set an “overweight” rating on the stock in a research report on Thursday, May 22nd. Zacks Research upgraded shares of Wix.com from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 20th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price target on shares of Wix.com in a research report on Wednesday, June 18th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Wix.com has an average rating of “Buy” and a consensus target price of $215.63.

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.