In recent news, it has been reported that ARK Investment Management LLC has reduced its stake in Wix.com Ltd. by 18.2% during the second quarter of this year. This information was disclosed by the company in its most recent filing with the Securities and Exchange Commission (SEC). At the end of the quarter, ARK Investment Management LLC held 22,331 shares of Wix.com’s stock, after selling 4,965 shares.
Wix.com Ltd. is a prominent player in the development and marketing of a cloud-based platform for creating websites and web applications. The company operates globally, serving customers in North America, Europe, Latin America, Asia, and other regions.
The primary offering from Wix.com is its Wix Editor, which provides users with a user-friendly drag-and-drop visual development and website editing environment platform. This feature allows individuals and businesses to create personalized websites tailored to their specific needs without requiring advanced coding skills or expertise.
Additionally, the company offers Wix ADI (Artificial Design Intelligence), an innovative tool that further simplifies the website creation process. With Wix ADI, users are guided through a step-by-step process to build their website automatically based on their preferences and requirements.
The reduction in stake by ARK Investment Management LLC indicates a change in their investment strategy or portfolio allocation. However, it is important to note that this change does not necessarily reflect negatively on Wix.com as a business entity or its future prospects.
As of the latest disclosure date mentioned above (September 17th, 2023), the value of ARK Investment Management LLC’s holdings in Wix.com Ltd. amounted to $1,747,000. It will be interesting to observe whether there will be any further developments or changes in institutional ownership of Wix.com in subsequent quarters.
Investors and analysts may want to keep an eye on these developments as they can provide insights into the market sentiment and potential trends regarding Wix.com Ltd. Given its global presence and user-friendly platform, Wix.com continues to be a relevant player in the website creation industry.
It is worth noting that this article is based on information available as of September 17th, 2023, and subsequent developments or announcements may have occurred since then. Investors and readers are advised to refer to the most recent financial disclosures and reports from Wix.com Ltd. to obtain up-to-date information about the company’s performance and prospects.
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Institutional Investors Show Growing Interest in Wix.com’s Potential for Growth and Profitability
September 17, 2023 – Wix.com Ltd. (NASDAQ:WIX), the leading information services provider, continues to attract the attention of institutional investors and hedge funds. Recent reports indicate that major players in the financial industry have modified their holdings of the company, signaling a growing interest in Wix.com’s potential for growth and profitability.
Bank of New York Mellon Corp, one of the largest investment management companies in the world, boosted its stake in Wix.com by a significant 8.5% during the first quarter. This increase in holdings resulted in Bank of New York Mellon Corp now owning an impressive 303,165 shares of Wix.com’s stock valued at $31,669,000. Similarly, US Bancorp DE also increased its position in Wix.com by 39.7%, now owning 2,782 shares valued at $290,000.
Citigroup Inc., another prominent player in the financial sector, grew its stake in Wix.com by a striking 58.1% during the first quarter. The company now owns 47,694 shares worth $4,982,000. Additionally, Acadian Asset Management LLC purchased a new stake in Wix.com worth approximately $346,000 while Ergoteles LLC lifted its stake by an astonishing 388.6% to own 44,121 shares valued at $4,609,000.
These investments by various institutions indicate that well-established financial entities recognize Wix.com as an attractive opportunity for long-term growth and solid returns on investments. It is noteworthy that hedge funds and other institutional investors currently own about 83.91% of the company’s stock.
Several brokerages have weighed in on WIX with positive assessments and price objectives for the future. Barclays raised their price objective from $90 to $100 and gave the company an “equal weight” rating based on their researched note released on August 4th. Similarly, Needham & Company LLC raised their price objective to $130 from $120 in a report released during the same period. As per Bloomberg.com, Wix.com has a consensus rating of “Moderate Buy” with a consensus price target of $113.19.
Wix.com’s stock opened at $95.32 on Friday with a market capitalization of $5.41 billion. The company currently holds a beta of 1.24 and has attractive financial indicators. Its PE ratio is -86.65, reflecting strong investor confidence in its ability to generate future growth and profits.
In terms of recent financial performance, Wix.com announced impressive earnings results for the second quarter on August 3rd. The company reported an EPS of $1.26, surpassing the consensus estimate of $0.54 by a significant margin of $0.72. Moreover, Wix.com’s quarterly revenue stood at $390 million compared to analyst estimates of $384.55 million, indicating healthy growth in the company’s top line.
Equities analysts forecast that Wix.com Ltd.’s EPS for the current fiscal year will be around -0.27—a clear sign that investors are optimistic about the company’s long-term prospects.
With continued support from institutional investors and hedge funds, coupled with positive assessments from brokerages and strong financial performance, Wix.com appears primed for further growth in the information services industry.
It remains to be seen how this momentum will unfold as Wix.com continues to innovate and capture market opportunities in an increasingly digital world.
