Grandeur Peak Global Advisors LLC has increased its investment in Wix.com Ltd. by 19.7% during the second quarter of 2023, raising its total stake to a value of $584,000. The institutional investor reported this increase in its latest filing with the Securities & Exchange Commission, revealing ownership of 3,683 shares after acquiring an additional 606 shares in this period.
Other institutional investors have also adjusted their positions in Wix.com. Notably, Northwestern Mutual Wealth Management Co. boosted its holdings by 63.5% during the first quarter, now owning 170 shares valued at $28,000. Similarly, Smartleaf Asset Management LLC raised its stake by 8.9% to 966 shares worth $161,000. Meanwhile, Advisors Asset Management Inc. increased its position by 28.4%, now holding 493 shares valued at $81,000. In addition, TD Private Client Wealth LLC lifted its stake by 25.4% to 597 shares worth $95,000, while Blue Trust Inc. saw a substantial increase of 47.8% during the same quarter, acquiring 408 shares valued at $65,000.
The aggregate data indicates that institutional investors now collectively own 81.52% of Wix.com’s stock, reflecting a strong interest in the company.
Analyst Ratings and Market Performance
A number of financial analysts have provided insights into Wix.com’s stock performance. Raymond James Financial reaffirmed a “strong-buy” rating for the company’s shares on August 7, 2023. Conversely, the Royal Bank of Canada reduced its price target from $210.00 to $190.00, maintaining an “outperform” rating. Similarly, Morgan Stanley lowered its price objective from $200.00 to $181.00, while Citizens JMP cut its target from $210.00 to $185.00, also rating it as a “market outperform.” Furthermore, Needham & Company LLC adjusted its price target from $200.00 to $140.00, maintaining a “buy” rating.
Current consensus indicates that out of twenty-four analysts, two have rated the stock as a Strong Buy, nineteen as Buy, and three as Hold. According to data from MarketBeat, Wix.com holds an average rating of “Moderate Buy” with a consensus target price of $179.81.
Wix.com’s stock opened at $95.90 on Friday. Over the past year, the share price has fluctuated, reaching a low of $92.23 and a high of $247.11. The company currently holds a market capitalization of $5.38 billion, with a price-to-earnings ratio of 40.98 and a price-to-earnings growth ratio of 1.82.
Stock Repurchase Program
On August 11, 2023, Wix.com announced that its Board of Directors has approved a stock repurchase program, allowing the company to buy back up to $200 million in outstanding shares. This program permits the repurchase of approximately 2.9% of the company’s shares through open market purchases, often interpreted as a sign that company leadership believes the stock is undervalued.
Wix.com Ltd. operates as a cloud-based web development platform, providing users with tools such as the Wix Editor and Wix ADI, which facilitate website creation and customization. As Wix.com continues to attract institutional investment and navigate market fluctuations, its strategic decisions will likely play a critical role in shaping its future performance.
