Principal Financial Group Inc. Sells 1,109,944 Shares of Wix.com Ltd. $WIX

Principal Financial Group Inc. lessened its position in shares of Wix.com Ltd. (NASDAQ:WIX) by 79.4% in the first quarter, HoldingsChannel.com reports. The firm owned 288,018 shares of the information services provider’s stock after selling 1,109,944 shares during the quarter. Principal Financial Group Inc.’s holdings in Wix.com were worth $25,942,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of Wix.com in the 4th quarter valued at $4,087,000. Dream Peak Capital Ltd acquired a new stake in Wix.com in the fourth quarter worth $1,500,000. Massachusetts Financial Services Co. MA increased its stake in Wix.com by 70.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 520,633 shares of the information services provider’s stock valued at $54,089,000 after purchasing an additional 214,864 shares in the last quarter. SG Americas Securities LLC increased its stake in Wix.com by 139.7% in the fourth quarter. SG Americas Securities LLC now owns 952,803 shares of the information services provider’s stock valued at $98,987,000 after purchasing an additional 555,305 shares in the last quarter. Finally, Analyst IMS Investment Management Services Ltd. raised its holdings in shares of Wix.com by 5.6% during the fourth quarter. Analyst IMS Investment Management Services Ltd. now owns 477,049 shares of the information services provider’s stock valued at $49,561,000 after purchasing an additional 25,135 shares during the period. Institutional investors and hedge funds own 81.52% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on WIX. Citizens Jmp cut shares of Wix.com from a “market outperform” rating to a “market perform” rating in a research report on Tuesday, April 7th. JPMorgan Chase & Co. dropped their price target on Wix.com from $86.00 to $62.00 and set an “underweight” rating on the stock in a research note on Thursday, June 18th. Royal Bank Of Canada cut their price target on Wix.com from $60.00 to $45.00 and set a “sector perform” rating on the stock in a report on Tuesday, June 9th. Citigroup decreased their price objective on Wix.com from $66.00 to $59.00 and set a “neutral” rating for the company in a report on Tuesday, June 9th. Finally, Weiss Ratings lowered Wix.com from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $96.70.

Wix.com Price Performance

WIX opened at $53.36 on Tuesday. Wix.com Ltd. has a fifty-two week low of $40.16 and a fifty-two week high of $190.93. The firm has a market capitalization of $3.11 billion, a PE ratio of -68.41 and a beta of 0.93. The company’s 50-day moving average is $50.51 and its 200 day moving average is $70.56.

Wix.com (NASDAQ:WIX) last released its quarterly earnings results on Wednesday, May 13th. The information services provider reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.53). The company had revenue of $541.17 million for the quarter, compared to analyst estimates of $544.04 million. Wix.com had a negative net margin of 1.97% and a negative return on equity of 33.28%. Wix.com’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.69 EPS. As a group, analysts expect that Wix.com Ltd. will post -0.17 EPS for the current year.

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.