Dorsal Capital Management LP Raises Stake in Wix.com Ltd. (NASDAQ:WIX)

Dorsal Capital Management LP increased its holdings in Wix.com Ltd. (NASDAQ:WIX) by 23.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,300,000 shares of the information services provider’s stock after buying an additional 250,000 shares during the quarter. Wix.com accounts for about 7.1% of Dorsal Capital Management LP’s investment portfolio, making the stock its 5th largest position. Dorsal Capital Management LP’s holdings in Wix.com were worth $206,791,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Wix.com in the fourth quarter worth about $34,554,000. Renaissance Technologies LLC increased its holdings in Wix.com by 27.9% in the 2nd quarter. Renaissance Technologies LLC now owns 785,649 shares of the information services provider’s stock worth $124,973,000 after acquiring an additional 171,500 shares in the last quarter. Capital Fund Management S.A. increased its holdings in Wix.com by 1,378.7% in the 4th quarter. Capital Fund Management S.A. now owns 160,456 shares of the information services provider’s stock worth $19,739,000 after acquiring an additional 149,605 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd raised its stake in Wix.com by 328.5% during the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 180,000 shares of the information services provider’s stock worth $22,144,000 after acquiring an additional 137,991 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Wix.com by 10.7% during the fourth quarter. Wellington Management Group LLP now owns 1,210,715 shares of the information services provider’s stock valued at $148,942,000 after purchasing an additional 117,146 shares in the last quarter. 81.52% of the stock is currently owned by institutional investors.

Wix.com Price Performance

NASDAQ:WIX opened at $169.74 on Thursday. The firm has a market capitalization of $9.31 billion, a price-to-earnings ratio of 148.90, a PEG ratio of 3.50 and a beta of 1.47. The business has a 50 day simple moving average of $160.54 and a 200-day simple moving average of $150.83. Wix.com Ltd. has a 1 year low of $76.90 and a 1 year high of $178.65.

Wix.com (NASDAQ:WIX) last posted its quarterly earnings data on Wednesday, August 7th. The information services provider reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.35. The business had revenue of $435.70 million for the quarter, compared to analysts’ expectations of $442.88 million. Wix.com had a net margin of 4.44% and a negative return on equity of 49.05%. The business’s revenue was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.58 earnings per share. As a group, analysts expect that Wix.com Ltd. will post 2.1 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. UBS Group increased their price objective on shares of Wix.com from $200.00 to $205.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Barclays raised their price target on Wix.com from $184.00 to $186.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Evercore ISI upgraded Wix.com to a “strong-buy” rating in a research report on Monday, August 5th. Piper Sandler raised Wix.com from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $184.00 to $200.00 in a report on Monday. Finally, Bank of America boosted their target price on shares of Wix.com from $153.00 to $183.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Three equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $190.19.

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.