JPMorgan Chase & Co. Sells 4,203,981 Shares of Wix.com Ltd. $WIX

JPMorgan Chase & Co. lessened its stake in Wix.com Ltd. (NASDAQ:WIX) by 88.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 532,030 shares of the information services provider’s stock after selling 4,203,981 shares during the quarter. JPMorgan Chase & Co.’s holdings in Wix.com were worth $94,504,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Westside Investment Management Inc. increased its holdings in Wix.com by 100.0% during the third quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock worth $27,000 after buying an additional 77 shares during the last quarter. Asset Management One Co. Ltd. grew its position in shares of Wix.com by 0.8% in the 3rd quarter. Asset Management One Co. Ltd. now owns 19,837 shares of the information services provider’s stock valued at $3,524,000 after acquiring an additional 154 shares during the period. Cerity Partners LLC increased its stake in shares of Wix.com by 13.4% during the 2nd quarter. Cerity Partners LLC now owns 1,484 shares of the information services provider’s stock worth $235,000 after purchasing an additional 175 shares during the last quarter. Dark Forest Capital Management LP increased its stake in shares of Wix.com by 9.8% during the 3rd quarter. Dark Forest Capital Management LP now owns 2,062 shares of the information services provider’s stock worth $366,000 after purchasing an additional 184 shares during the last quarter. Finally, MAI Capital Management raised its holdings in shares of Wix.com by 109.1% in the 3rd quarter. MAI Capital Management now owns 366 shares of the information services provider’s stock valued at $65,000 after purchasing an additional 191 shares during the period. 81.52% of the stock is owned by institutional investors.

Wix.com Trading Up 1.8%

Shares of NASDAQ WIX opened at $89.52 on Wednesday. The firm has a market cap of $5.22 billion, a P/E ratio of 110.52, a price-to-earnings-growth ratio of 3.11 and a beta of 1.39. The business’s 50 day moving average is $81.13 and its 200-day moving average is $113.39. Wix.com Ltd. has a 1-year low of $60.22 and a 1-year high of $191.24.

Wix.com (NASDAQ:WIX) last released its quarterly earnings results 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 negative return on equity of 70.04% and a net margin of 2.54%.The business had revenue of $524.27 million during the quarter, compared to the consensus estimate of $527.69 million. During the same period in the previous year, the company posted $2.10 EPS. The firm’s quarterly revenue was up 13.9% on a year-over-year basis. Analysts forecast that Wix.com Ltd. will post 3.65 EPS for the current year.

Wix.com declared that its board has approved a share repurchase program on Wednesday, January 28th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the information services provider to repurchase up to 40.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

WIX has been the subject of several recent analyst reports. Benchmark cut their target price on shares of Wix.com from $185.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Bank of America dropped their price objective on Wix.com from $210.00 to $170.00 and set a “buy” rating on the stock in a research note on Wednesday, November 19th. Zacks Research upgraded Wix.com from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. Morgan Stanley dropped their price target on Wix.com from $181.00 to $160.00 and set an “overweight” rating on the stock in a research note on Thursday, January 15th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $130.00 price objective on shares of Wix.com in a research report on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $134.90.

About Wix.com

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.