Grandeur Peak Global Advisors LLC has increased its investment in Wix.com Ltd. by 19.7% during the second quarter, as reported in a recent filing with the Securities and Exchange Commission. The institutional investor now holds 3,683 shares of the cloud-based web development platform, valued at approximately $584,000 at the end of the reporting period. This adjustment reflects a purchase of an additional 606 shares in the quarter.
Several other institutional investors have also made significant adjustments to their positions in Wix.com. For instance, Northwestern Mutual Wealth Management Co. expanded its holdings by 63.5% in the first quarter, acquiring 66 additional shares and bringing its total to 170 shares worth about $28,000. Similarly, Smartleaf Asset Management LLC increased its stake by 8.9%, now owning 966 shares valued at $161,000 after adding 79 shares.
Other notable changes include Advisors Asset Management Inc., which grew its position by 28.4%, now holding 493 shares worth around $81,000. Additionally, TD Private Client Wealth LLC lifted its stake by 25.4%, owning 597 shares valued at $95,000 after purchasing 121 shares. Blue Trust Inc. also increased its position by 47.8%, now holding 408 shares worth $65,000.
As a result of these transactions, institutional investors now control approximately 81.52% of Wix’s shares, reflecting strong institutional interest in the company.
Analyst Ratings and Market Performance
Analysts have responded positively to Wix.com’s stock performance. Research firm Raymond James Financial reaffirmed a “strong-buy” rating on August 7, signaling confidence in the company’s prospects. Conversely, Royal Bank of Canada adjusted its price target from $210.00 to $190.00 while maintaining an “outperform” rating. Likewise, Morgan Stanley reduced its price objective from $200.00 to $181.00, and Citizens JMP cut its target from $210.00 to $185.00, both issuing “market outperform” ratings.
Currently, two analysts have rated Wix.com with a “strong buy,” while nineteen have categorized it as a “buy” and three as a “hold.” According to data from MarketBeat, Wix.com has an average rating of “moderate buy” and a consensus price target of $179.81.
On the trading front, Wix.com shares opened at $95.90 on Friday, with a one-year low of $92.23 and a high of $247.11. The company maintains a market capitalization of $5.38 billion, a price-to-earnings ratio of 40.98, and a beta of 1.31. The firm’s 50-day simple moving average stands at $136.57, while the 200-day average is $146.29.
Wix.com announced on August 11 that its Board of Directors has authorized a stock repurchase program allowing the company to buy back $200 million worth of outstanding shares. This initiative permits the reacquisition of up to 2.9% of its shares through open market purchases, often viewed as a signal that the company believes its stock is undervalued.
Company Overview
Wix.com Ltd. operates as a cloud-based web development platform, catering to registered users and creators around the globe. The company offers various tools, including the Wix Editor, which provides a drag-and-drop visual development and website editing environment, as well as Wix ADI, enabling users to customize their websites extensively.
For those interested in tracking further developments regarding Wix.com and its shareholders, detailed insights are available through various financial analysis platforms.
