Principal Financial Group Inc. Lowers Holdings in Wix.com Ltd. (NASDAQ:WIX)

Principal Financial Group Inc. trimmed its holdings in Wix.com Ltd. (NASDAQ:WIX) by 0.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 936,719 shares of the information services provider’s stock after selling 8,906 shares during the period. Principal Financial Group Inc. owned approximately 1.64% of Wix.com worth $149,004,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in WIX. Northwest Bank & Trust Co purchased a new position in shares of Wix.com during the fourth quarter worth $26,000. Fidelis Capital Partners LLC purchased a new position in shares of Wix.com during the first quarter worth $37,000. Principal Securities Inc. purchased a new position in shares of Wix.com during the fourth quarter worth $93,000. Industrial Alliance Investment Management Inc. boosted its position in shares of Wix.com by 246.5% during the first quarter. Industrial Alliance Investment Management Inc. now owns 686 shares of the information services provider’s stock worth $94,000 after buying an additional 488 shares during the period. Finally, Optimist Retirement Group LLC purchased a new position in shares of Wix.com during the fourth quarter worth $201,000. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on WIX. Evercore ISI upgraded Wix.com to a “strong-buy” rating in a research report on Monday, August 5th. JMP Securities reiterated a “market outperform” rating and issued a $180.00 price objective on shares of Wix.com in a research note on Thursday, July 25th. StockNews.com upgraded Wix.com from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. Needham & Company LLC reiterated a “buy” rating and issued a $190.00 price objective on shares of Wix.com in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. increased their price objective on Wix.com from $148.00 to $195.00 and gave the company a “neutral” rating in a research note on Wednesday, May 29th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $188.47.

Wix.com Price Performance

Shares of WIX traded up $3.30 during midday trading on Friday, reaching $166.62. 304,303 shares of the stock were exchanged, compared to its average volume of 589,892. The business’s 50-day moving average price is $160.65 and its 200 day moving average price is $147.63. Wix.com Ltd. has a twelve month low of $76.90 and a twelve month high of $178.65. The company has a market capitalization of $9.53 billion, a price-to-earnings ratio of 146.16, a PEG ratio of 3.68 and a beta of 1.47.

Wix.com (NASDAQ:WIX) last posted its earnings results on Wednesday, August 7th. The information services provider reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.35. Wix.com had a negative return on equity of 49.05% and a net margin of 4.44%. The business had revenue of $435.70 million for the quarter, compared to analysts’ expectations of $442.88 million. During the same quarter in the previous year, the firm earned $0.58 earnings per share. The business’s revenue was up 11.7% compared to the same quarter last year. As a group, equities research analysts expect that Wix.com Ltd. will post 2.01 earnings per share for the current fiscal year.

About Wix.com

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.