Wix.com Ltd. $WIX Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lessened its stake in Wix.com Ltd. (NASDAQ:WIX) by 28.7% in the 3rd quarter, HoldingsChannel.com reports. 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.’s holdings in Wix.com were worth $40,017,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. Mackenzie Financial Corp raised its position in Wix.com by 12.5% during the third quarter. Mackenzie Financial Corp now owns 10,407 shares of the information services provider’s stock valued at $1,849,000 after acquiring an additional 1,155 shares in the last quarter. BW Gestao de Investimentos Ltda. acquired a new position in Wix.com in the third quarter valued at approximately $15,631,000. WINTON GROUP Ltd lifted its holdings in Wix.com by 212.5% in the third quarter. WINTON GROUP Ltd now owns 24,900 shares of the information services provider’s stock valued at $4,423,000 after acquiring an additional 16,931 shares during the period. LGT Group Foundation purchased a new stake in Wix.com in the 3rd quarter worth approximately $1,788,000. Finally, Fort Sheridan Advisors LLC acquired a new stake in shares of Wix.com during the 3rd quarter worth approximately $378,000. Hedge funds and other institutional investors own 81.52% of the company’s stock.

Wix.com Stock Performance

Wix.com stock opened at $86.91 on Friday. The company’s fifty day moving average price is $81.89 and its 200 day moving average price is $114.69. Wix.com Ltd. has a 1 year low of $60.22 and a 1 year high of $191.24. The stock has a market capitalization 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 (NASDAQ:WIX) last posted its quarterly earnings data 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 company had revenue of $524.27 million during the quarter, compared to analysts’ expectations of $527.69 million. Wix.com had a net margin of 2.54% and a negative return on equity of 70.04%. The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.10 earnings per share. Sell-side analysts predict that Wix.com Ltd. will post 3.65 EPS for the current year.

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on WIX. Robert W. Baird lowered shares of Wix.com from an “outperform” rating to a “neutral” rating and cut their target price for the company from $115.00 to $90.00 in a report on Monday. Morgan Stanley dropped their price target on shares of Wix.com from $181.00 to $160.00 and set an “overweight” rating on the stock in a research report on Thursday, January 15th. Citigroup cut their price objective on shares of Wix.com from $150.00 to $105.00 and set a “buy” rating for the company in a report on Thursday, March 5th. Oppenheimer decreased their price objective on shares of Wix.com from $160.00 to $130.00 and set an “outperform” rating for the company in a research report on Monday, February 2nd. Finally, B. Riley Financial reissued a “buy” rating and set a $200.00 target price (down from $230.00) on shares of Wix.com in a research note on Thursday, November 20th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus 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.