Pinnbrook Capital Management LP Buys New Holdings in Wix.com Ltd. $WIX

Pinnbrook Capital Management LP purchased a new position in shares of Wix.com Ltd. (NASDAQ:WIX) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 24,486 shares of the information services provider’s stock, valued at approximately $4,349,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Lone Pine Capital LLC acquired a new stake in Wix.com in the second quarter valued at approximately $342,485,000. Senvest Management LLC raised its position in shares of Wix.com by 32.2% during the second quarter. Senvest Management LLC now owns 2,040,910 shares of the information services provider’s stock worth $323,403,000 after purchasing an additional 496,770 shares during the period. Ameriprise Financial Inc. raised its position in shares of Wix.com by 879.0% during the second quarter. Ameriprise Financial Inc. now owns 2,031,591 shares of the information services provider’s stock worth $321,926,000 after purchasing an additional 1,824,070 shares during the period. Lazard Asset Management LLC lifted its holdings in shares of Wix.com by 27.4% in 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 in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Wix.com by 2.6% in the 3rd quarter. Principal Financial Group Inc. now owns 948,263 shares of the information services provider’s stock worth $168,446,000 after purchasing an additional 23,836 shares in the last quarter. Institutional investors own 81.52% of the company’s stock.

Wix.com Price Performance

WIX opened at $88.09 on Friday. Wix.com Ltd. has a 1 year low of $60.22 and a 1 year high of $191.24. The company has a market capitalization of $5.14 billion, a price-to-earnings ratio of 108.75, a P/E/G ratio of 2.79 and a beta of 1.39. The firm’s fifty day moving average price is $81.63 and its two-hundred day moving average price is $114.38.

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

Wix.com announced that its board has approved a stock buyback plan on Wednesday, January 28th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the information services provider to reacquire up to 40.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have commented on WIX shares. Needham & Company LLC decreased their price target 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. Morgan Stanley dropped 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. Bank of America reduced their price objective on shares of Wix.com from $210.00 to $170.00 and set a “buy” rating for the company in a report on Wednesday, November 19th. Benchmark lowered their target price on shares of Wix.com from $185.00 to $140.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Finally, Scotiabank dropped their price target on shares of Wix.com from $175.00 to $125.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $134.90.

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.