Ameriprise Financial Inc. Boosts Stock Holdings in Wix.com Ltd. $WIX

Ameriprise Financial Inc. grew its stake in shares of Wix.com Ltd. (NASDAQ:WIX) by 128.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,637,795 shares of the information services provider’s stock after buying an additional 2,606,204 shares during the quarter. Ameriprise Financial Inc. owned 8.27% of Wix.com worth $823,813,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Westside Investment Management Inc. boosted its holdings in Wix.com by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock valued at $27,000 after acquiring an additional 77 shares during the period. Asset Management One Co. Ltd. boosted its stake in shares of Wix.com by 0.8% during the third quarter. Asset Management One Co. Ltd. now owns 19,837 shares of the information services provider’s stock valued at $3,524,000 after purchasing an additional 154 shares during the period. Cerity Partners LLC grew its holdings in shares of Wix.com by 13.4% in the second quarter. Cerity Partners LLC now owns 1,484 shares of the information services provider’s stock worth $235,000 after purchasing an additional 175 shares during the last quarter. MAI Capital Management increased its stake in shares of Wix.com by 109.1% in the third quarter. MAI Capital Management now owns 366 shares of the information services provider’s stock worth $65,000 after buying an additional 191 shares during the period. Finally, TD Private Client Wealth LLC increased its stake in shares of Wix.com by 32.7% in the third quarter. TD Private Client Wealth LLC now owns 792 shares of the information services provider’s stock worth $141,000 after buying an additional 195 shares during the period. Hedge funds and other institutional investors own 81.52% of the company’s stock.

Wix.com Trading Up 1.4%

Shares of Wix.com stock opened at $88.09 on Friday. Wix.com Ltd. has a 12-month low of $60.22 and a 12-month high of $191.24. The company has a market cap of $5.14 billion, a P/E ratio of 108.75, a PEG ratio of 2.83 and a beta of 1.39. The company’s fifty day simple moving average is $81.63 and its two-hundred day simple moving average is $114.26.

Wix.com (NASDAQ:WIX) last posted its earnings results on Wednesday, March 4th. The information services provider reported $1.81 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $524.27 million during the quarter, compared to analysts’ expectations of $527.69 million. During the same period last year, the company posted $2.10 EPS. The company’s quarterly revenue was up 13.9% compared to the same quarter last year. Analysts predict that Wix.com Ltd. will post 3.65 EPS for the current fiscal year.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Piper Sandler started coverage on shares of Wix.com in a research report on Thursday. They set a “neutral” rating and a $98.00 price target for the company. Morgan Stanley decreased their price objective 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. Oppenheimer dropped their target price on shares of Wix.com from $160.00 to $130.00 and set an “outperform” rating for the company in a report on Monday, February 2nd. Benchmark cut their target price on Wix.com from $185.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Finally, Zacks Research raised Wix.com from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. 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 assigned a Sell rating to the stock. According to MarketBeat.com, Wix.com presently has a consensus rating of “Moderate Buy” and a consensus target price of $134.90.

Wix.com 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.