WCM Investment Management LLC Purchases 120,878 Shares of Wix.com Ltd. $WIX

WCM Investment Management LLC boosted its position in Wix.com Ltd. (NASDAQ:WIX) by 420.2% during the second quarter, Holdings Channel reports. The fund owned 149,643 shares of the information services provider’s stock after acquiring an additional 120,878 shares during the period. WCM Investment Management LLC’s holdings in Wix.com were worth $23,645,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of WIX. Yousif Capital Management LLC grew its stake in shares of Wix.com by 4.9% during the first quarter. Yousif Capital Management LLC now owns 1,833 shares of the information services provider’s stock valued at $299,000 after buying an additional 85 shares during the last quarter. Janney Montgomery Scott LLC bought a new position in shares of Wix.com during the first quarter valued at about $5,367,000. CWA Asset Management Group LLC grew its stake in shares of Wix.com by 243.6% during the first quarter. CWA Asset Management Group LLC now owns 16,688 shares of the information services provider’s stock valued at $2,726,000 after buying an additional 11,831 shares during the last quarter. Retirement Systems of Alabama bought a new position in shares of Wix.com during the first quarter valued at about $3,088,000. Finally, Asset Management One Co. Ltd. grew its stake in shares of Wix.com by 1.7% during the first quarter. Asset Management One Co. Ltd. now owns 19,065 shares of the information services provider’s stock valued at $3,115,000 after buying an additional 310 shares during the last quarter. 81.52% of the stock is owned by institutional investors.

Wix.com Trading Down 1.7%

Wix.com stock opened at $135.66 on Thursday. The firm has a 50-day moving average of $148.68 and a 200-day moving average of $154.70. The firm has a market cap of $7.61 billion, a P/E ratio of 48.28, a P/E/G ratio of 2.57 and a beta of 1.32. Wix.com Ltd. has a 1-year low of $114.89 and a 1-year high of $247.11.

Wix.com (NASDAQ:WIX) last posted its earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $487.62 million. During the same period in the prior year, the business posted $1.67 earnings per share. Wix.com’s revenue for the quarter was up 12.4% on a year-over-year basis. Research analysts forecast 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 approved a stock buyback program on Monday, August 11th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the information services provider to repurchase up to 2.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Piper Sandler raised their price objective on Wix.com from $206.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 26th. UBS Group reduced their price objective on Wix.com from $230.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. JMP Securities reaffirmed a “market outperform” rating and set a $210.00 price objective on shares of Wix.com in a research note on Friday, October 3rd. Royal Bank Of Canada reiterated an “outperform” rating and set a $210.00 target price on shares of Wix.com in a report on Tuesday, August 19th. Finally, Citigroup reiterated an “outperform” rating on shares of Wix.com in a report on Tuesday, September 23rd. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $215.37.

Wix.com Company 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.