Intech Investment Management LLC Buys New Shares in Wix.com Ltd. $WIX

Intech Investment Management LLC purchased a new stake in Wix.com Ltd. (NASDAQ:WIX) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 34,784 shares of the information services provider’s stock, valued at approximately $6,179,000.

Other large investors also recently modified their holdings of the company. Lone Pine Capital LLC bought a new position in shares of Wix.com in the 2nd quarter valued at about $342,485,000. Acadian Asset Management LLC boosted its position in Wix.com by 0.4% during the second quarter. Acadian Asset Management LLC now owns 2,119,805 shares of the information services provider’s stock valued at $335,852,000 after purchasing an additional 7,729 shares during the last quarter. Senvest Management LLC grew its stake in Wix.com by 32.2% in the second quarter. Senvest Management LLC now owns 2,040,910 shares of the information services provider’s stock valued at $323,403,000 after purchasing an additional 496,770 shares in the last quarter. Ameriprise Financial Inc. grew its stake in Wix.com by 879.0% in the second quarter. Ameriprise Financial Inc. now owns 2,031,591 shares of the information services provider’s stock valued at $321,926,000 after purchasing an additional 1,824,070 shares in the last quarter. Finally, Lazard Asset Management LLC increased its position in shares of Wix.com by 27.4% during the 2nd quarter. Lazard Asset Management LLC now owns 1,542,153 shares of the information services provider’s stock worth $244,368,000 after purchasing an additional 331,283 shares during the last quarter. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on WIX. Scotiabank decreased their target price on shares of Wix.com from $255.00 to $175.00 and set a “sector outperform” rating for the company in a research note on Thursday, November 20th. Evercore cut their price target on shares of Wix.com from $250.00 to $160.00 and set an “outperform” rating for the company in a research note on Thursday, November 20th. Morgan Stanley lowered their price objective on shares of Wix.com from $181.00 to $160.00 and set an “overweight” rating on the stock in a research note on Thursday, January 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Wix.com in a report on Wednesday, January 21st. Finally, Jefferies Financial Group reduced their price target on Wix.com from $200.00 to $130.00 and set a “buy” rating for the company in a report on Monday, February 23rd. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.30.

Wix.com Trading Down 1.2%

Wix.com stock opened at $70.46 on Friday. The company has a market capitalization of $3.95 billion, a price-to-earnings ratio of 30.11, a PEG ratio of 2.19 and a beta of 1.42. Wix.com Ltd. has a 12 month low of $60.22 and a 12 month high of $202.65. The stock’s 50 day moving average is $85.23 and its 200-day moving average is $117.10.

Wix.com announced that its board has authorized 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 reacquire up to 40.5% of its shares through open market purchases. Shares buyback programs are typically 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.