Dorsal Capital Management LP Acquires 525,000 Shares of Wix.com Ltd. $WIX

Dorsal Capital Management LP increased its stake in shares of Wix.com Ltd. (NASDAQ:WIX) by 50.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,575,000 shares of the information services provider’s stock after purchasing an additional 525,000 shares during the period. Wix.com accounts for about 7.5% of Dorsal Capital Management LP’s holdings, making the stock its 2nd biggest position. Dorsal Capital Management LP owned about 2.81% of Wix.com worth $279,767,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of WIX. Westside Investment Management Inc. grew its holdings in Wix.com by 100.0% during the 3rd 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 during the last quarter. Asset Management One Co. Ltd. raised its holdings in shares of Wix.com by 0.8% in the third quarter. Asset Management One Co. Ltd. now owns 19,837 shares of the information services provider’s stock worth $3,524,000 after acquiring an additional 154 shares during the last quarter. Cerity Partners LLC lifted its position in shares of Wix.com by 13.4% in the second quarter. Cerity Partners LLC now owns 1,484 shares of the information services provider’s stock valued at $235,000 after acquiring an additional 175 shares in the last quarter. MAI Capital Management lifted its position 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 valued at $65,000 after acquiring an additional 191 shares in the last quarter. Finally, TD Private Client Wealth LLC boosted its stake in shares of Wix.com by 32.7% during the third quarter. TD Private Client Wealth LLC now owns 792 shares of the information services provider’s stock valued at $141,000 after acquiring an additional 195 shares during the last quarter. Hedge funds and other institutional investors own 81.52% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Needham & Company LLC cut their target price on shares of Wix.com from $140.00 to $115.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. UBS Group reaffirmed a “buy” rating and set a $145.00 price target on shares of Wix.com in a research note on Friday, March 6th. Robert W. Baird downgraded shares of Wix.com from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $115.00 to $90.00 in a report on Monday, March 9th. Weiss Ratings lowered shares of Wix.com from a “hold (c-)” rating to a “sell (d)” rating in a research report on Friday, March 6th. Finally, Bank of America reduced their price objective on shares of Wix.com from $210.00 to $170.00 and set a “buy” rating on the stock in a research note on Wednesday, November 19th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $134.90.

Wix.com Stock Up 1.4%

WIX stock opened at $88.09 on Friday. The company has a market cap of $5.14 billion, a price-to-earnings ratio of 108.75, a PEG ratio of 2.83 and a beta of 1.39. The business has a fifty day simple moving average of $81.63 and a 200-day simple moving average of $114.26. Wix.com Ltd. has a 52 week low of $60.22 and a 52 week high of $191.24.

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

Wix.com announced that its Board of Directors has initiated a share buyback 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 generally a sign that the company’s board believes its shares are undervalued.

Wix.com 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.