CIBC Bancorp USA Inc. Purchases New Shares in Wix.com Ltd. $WIX

CIBC Bancorp USA Inc. acquired a new stake in Wix.com Ltd. (NASDAQ:WIX) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 51,757 shares of the information services provider’s stock, valued at approximately $9,194,000. CIBC Bancorp USA Inc. owned approximately 0.09% of Wix.com as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Ameriprise Financial Inc. grew its position in shares of Wix.com by 128.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,637,795 shares of the information services provider’s stock valued at $823,813,000 after acquiring an additional 2,606,204 shares during the period. Wellington Management Group LLP raised its holdings in Wix.com by 90.4% in the 3rd quarter. Wellington Management Group LLP now owns 3,390,589 shares of the information services provider’s stock worth $602,270,000 after purchasing an additional 1,609,989 shares during the period. Lone Pine Capital LLC acquired a new position in Wix.com in the 2nd quarter worth about $342,485,000. Dorsal Capital Management LP boosted its position in Wix.com by 50.0% during the third quarter. Dorsal Capital Management LP now owns 1,575,000 shares of the information services provider’s stock worth $279,767,000 after purchasing an additional 525,000 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its position in Wix.com by 27.4% during 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 purchasing an additional 331,283 shares in 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 $88.43 on Friday. The business’s fifty day moving average price is $80.63 and its 200 day moving average price is $112.70. The firm has a market capitalization of $5.16 billion, a PE ratio of 109.17, a P/E/G ratio of 2.94 and a beta of 1.39. Wix.com Ltd. has a 1-year low of $60.22 and a 1-year high of $191.24.

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

Wix.com announced that its board has approved a share repurchase program on Wednesday, January 28th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information services provider to reacquire up to 40.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

WIX has been the subject of a number of recent analyst reports. Zacks Research upgraded Wix.com from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Wells Fargo & Company decreased their target price on Wix.com from $176.00 to $137.00 and set an “overweight” rating on the stock in a research report on Thursday, March 5th. Citizens Jmp dropped their price target on shares of Wix.com from $185.00 to $125.00 and set a “market outperform” rating on the stock in a research note on Thursday, January 22nd. Oppenheimer cut their price target 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. Finally, Barclays reduced their price objective on shares of Wix.com from $205.00 to $160.00 and set an “overweight” rating for the company in a research report on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target 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.