PNC Financial Services Group Inc. Has $836,000 Position in Wix.com Ltd. (NASDAQ:WIX)

PNC Financial Services Group Inc. boosted its holdings in shares of Wix.com Ltd. (NASDAQ:WIX) by 42.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,116 shares of the information services provider’s stock after buying an additional 1,524 shares during the period. PNC Financial Services Group Inc.’s holdings in Wix.com were worth $836,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Wix.com by 31.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,989 shares of the information services provider’s stock valued at $830,000 after purchasing an additional 1,204 shares in the last quarter. Yousif Capital Management LLC raised its holdings in shares of Wix.com by 4.9% in the first quarter. Yousif Capital Management LLC now owns 1,833 shares of the information services provider’s stock valued at $299,000 after buying an additional 85 shares during the last quarter. Janney Montgomery Scott LLC bought a new position in shares of Wix.com in the first quarter valued at about $5,367,000. Envestnet Asset Management Inc. raised its holdings in shares of Wix.com by 27.1% in the first quarter. Envestnet Asset Management Inc. now owns 35,177 shares of the information services provider’s stock valued at $5,747,000 after buying an additional 7,507 shares during the last quarter. Finally, LPL Financial LLC raised its holdings in shares of Wix.com by 24.4% in the fourth quarter. LPL Financial LLC now owns 7,277 shares of the information services provider’s stock valued at $1,561,000 after buying an additional 1,429 shares during the last quarter. Institutional investors and hedge funds own 81.52% of the company’s stock.

Wix.com Price Performance

Shares of WIX stock opened at $115.43 on Tuesday. The stock has a market cap of $6.48 billion, a PE ratio of 41.08, a price-to-earnings-growth ratio of 1.97 and a beta of 1.27. The stock has a 50-day moving average of $151.25 and a 200-day moving average of $170.86. Wix.com Ltd. has a one year low of $114.89 and a one year high of $247.11.

Wix.com (NASDAQ:WIX) last announced its quarterly earnings results on Wednesday, August 6th. The information services provider reported $2.28 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.49. The company had revenue of $489.93 million during the quarter, compared to analysts’ expectations of $487.62 million. Wix.com had a negative return on equity of 136.43% and a net margin of 8.90%. Wix.com’s revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.67 EPS. As a group, research analysts anticipate that Wix.com Ltd. will post 3.65 earnings per share for the current year.

Wix.com announced that its Board of Directors has approved a share repurchase plan on Monday, August 11th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the information services provider to purchase up to 2.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

WIX has been the subject of a number of research analyst reports. Cfra Research cut Wix.com from a “moderate buy” rating to a “hold” rating in a report on Tuesday, April 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of Wix.com in a report on Wednesday, June 18th. JPMorgan Chase & Co. cut their price target on Wix.com from $189.00 to $166.00 and set a “neutral” rating for the company in a report on Wednesday, August 6th. Robert W. Baird raised Wix.com from a “neutral” rating to an “outperform” rating and cut their price target for the company from $215.00 to $190.00 in a report on Friday, May 23rd. Finally, UBS Group dropped their price objective on Wix.com from $230.00 to $200.00 and set a “buy” rating for the company in a report on Thursday, August 7th. Two investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, Wix.com currently has a consensus rating of “Buy” and a consensus price target of $213.53.

Wix.com Profile

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.