Pinnbrook Capital Management LP Invests $4.35 Million in Wix.com Ltd. $WIX

Pinnbrook Capital Management LP bought a new stake in Wix.com Ltd. (NASDAQ:WIX) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 24,486 shares of the information services provider’s stock, valued at approximately $4,349,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Lone Pine Capital LLC bought a new stake in Wix.com during the second quarter worth $342,485,000. Senvest Management LLC grew its stake in Wix.com by 32.2% in the 2nd quarter. Senvest Management LLC now owns 2,040,910 shares of the information services provider’s stock valued at $323,403,000 after purchasing an additional 496,770 shares during the period. Ameriprise Financial Inc. grew its stake in Wix.com by 879.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,031,591 shares of the information services provider’s stock valued at $321,926,000 after purchasing an additional 1,824,070 shares during the period. Lazard Asset Management LLC increased its position in shares of Wix.com by 27.4% during the 2nd quarter. Lazard Asset Management LLC now owns 1,542,153 shares of the information services provider’s stock valued at $244,368,000 after purchasing an additional 331,283 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Wix.com by 2.6% during 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 during the period. 81.52% of the stock is owned by hedge funds and other institutional investors.

Wix.com Stock Performance

Shares of Wix.com stock opened at $88.09 on Friday. The stock has a market capitalization of $5.14 billion, a P/E ratio of 108.75, a P/E/G ratio of 2.79 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. The stock’s 50-day simple moving average is $81.63 and its 200 day simple moving average is $114.38.

Wix.com (NASDAQ:WIX) last issued its earnings results on Wednesday, March 4th. The information services provider reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates 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 company’s quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter last year, the business earned $2.10 earnings per share. Equities research analysts forecast that Wix.com Ltd. will post 3.65 EPS for the current fiscal year.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on WIX shares. Wall Street Zen downgraded shares of Wix.com from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. Zacks Research upgraded shares of Wix.com from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. B. Riley Financial reaffirmed a “buy” rating and issued a $200.00 price objective (down from $230.00) on shares of Wix.com in a research report on Thursday, November 20th. Morgan Stanley reduced their target price on shares of Wix.com from $181.00 to $160.00 and set an “overweight” rating for the company in a research report on Thursday, January 15th. Finally, Oppenheimer decreased their price target on shares of Wix.com from $160.00 to $130.00 and set an “outperform” rating for the company in a research note on Monday, February 2nd. 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 given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $134.90.

Wix.com Company 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.