Connor Clark & Lunn Investment Management Ltd. Cuts Stake in Wix.com Ltd. $WIX

Connor Clark & Lunn Investment Management Ltd. cut its holdings in shares of Wix.com Ltd. (NASDAQ:WIX) by 28.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 225,284 shares of the information services provider’s stock after selling 90,722 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.40% of Wix.com worth $40,017,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in WIX. Lone Pine Capital LLC purchased a new position in Wix.com during the 2nd quarter worth $342,485,000. Senvest Management LLC raised 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 buying an additional 496,770 shares during the last quarter. Ameriprise Financial Inc. raised 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 buying an additional 1,824,070 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in Wix.com by 27.4% in the second quarter. Lazard Asset Management LLC now owns 1,542,153 shares of the information services provider’s stock worth $244,368,000 after acquiring an additional 331,283 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Wix.com by 2.6% during the third quarter. Principal Financial Group Inc. now owns 948,263 shares of the information services provider’s stock worth $168,446,000 after acquiring an additional 23,836 shares during the last quarter. Hedge funds and other institutional investors own 81.52% of the company’s stock.

Wix.com Stock Down 3.3%

Shares of NASDAQ WIX opened at $86.91 on Friday. The business’s 50 day moving average price is $81.89 and its 200 day moving average price is $114.69. The firm has a market cap of $5.07 billion, a P/E ratio of 107.30, a P/E/G ratio of 1.93 and a beta of 1.39. Wix.com Ltd. has a 52 week low of $60.22 and a 52 week high of $191.24.

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

Wix.com declared that its board has initiated a share repurchase plan on Wednesday, January 28th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the information services provider to repurchase up to 40.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Raymond James Financial restated a “strong-buy” rating and set a $100.00 price objective on shares of Wix.com in a report on Wednesday, March 4th. Weiss Ratings downgraded shares of Wix.com from a “hold (c-)” rating to a “sell (d)” rating in a research report on Friday, March 6th. Piper Sandler began coverage on shares of Wix.com in a research note on Thursday. They set a “neutral” rating and a $98.00 price target on the stock. Royal Bank Of Canada decreased their price target on shares of Wix.com from $155.00 to $112.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. Finally, Zacks Research upgraded shares of Wix.com from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.