Fred Alger Management LLC Increases Position in Wix.com Ltd. $WIX

Fred Alger Management LLC raised its holdings in Wix.com Ltd. (NASDAQ:WIX) by 72.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 46,120 shares of the information services provider’s stock after acquiring an additional 19,360 shares during the period. Fred Alger Management LLC owned approximately 0.08% of Wix.com worth $8,192,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. AQR Capital Management LLC grew its position in shares of Wix.com by 36.6% in the first quarter. AQR Capital Management LLC now owns 1,627 shares of the information services provider’s stock valued at $266,000 after purchasing an additional 436 shares in the last quarter. Woodline Partners LP lifted its position in Wix.com by 9.7% during the first quarter. Woodline Partners LP now owns 2,292 shares of the information services provider’s stock worth $374,000 after buying an additional 202 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in Wix.com by 632.4% during the first 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. Vise Technologies Inc. acquired a new position in Wix.com during the second quarter worth $257,000. Finally, Mitsubishi UFJ Trust & Banking Corp grew its holdings in Wix.com by 111.2% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 54,422 shares of the information services provider’s stock valued at $8,624,000 after buying an additional 28,654 shares in the last quarter. 81.52% of the stock is owned by hedge funds and other institutional investors.

Wix.com Trading Down 0.1%

NASDAQ WIX opened at $87.96 on Tuesday. The stock has a fifty day simple moving average of $81.36 and a 200-day simple moving average of $113.75. The stock has a market cap of $5.13 billion, a PE ratio of 108.59, a P/E/G ratio of 2.83 and a beta of 1.40. Wix.com Ltd. has a twelve month low of $60.22 and a twelve month high of $191.24.

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, beating the consensus estimate 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 firm had revenue of $524.27 million for the quarter, compared to analyst estimates of $527.69 million. During the same period in the previous year, the firm earned $2.10 EPS. Wix.com’s revenue was up 13.9% on a year-over-year basis. 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 repurchase program on Wednesday, January 28th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the information services provider to repurchase up to 40.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on WIX. Oppenheimer cut their target price on Wix.com from $160.00 to $130.00 and set an “outperform” rating for the company in a research note on Monday, February 2nd. Benchmark lowered their price target on shares of Wix.com from $185.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $130.00 price objective on shares of Wix.com in a report on Thursday, March 5th. Morgan Stanley cut their price objective on shares of Wix.com from $181.00 to $160.00 and set an “overweight” rating for the company in a research report on Thursday, January 15th. Finally, Wall Street Zen lowered shares of Wix.com from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $134.90.

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.