Grandeur Peak Global Advisors LLC has increased its investment in Wix.com Ltd. (NASDAQ: WIX) by 19.7% during the second quarter of 2023. According to a recent filing with the Securities & 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 uptick in investment is part of a broader trend among institutional investors exploring opportunities within Wix.com. In the first quarter alone, several firms made significant adjustments to their positions in the company. For instance, Northwestern Mutual Wealth Management Co. boosted its holdings by 63.5%, acquiring a total of 170 shares valued at $28,000 after purchasing an additional 66 shares. Similarly, Smartleaf Asset Management LLC increased its stake by 8.9%, now owning 966 shares worth $161,000.
Other institutional investors also took action during this period. Advisors Asset Management Inc. raised its position by 28.4%, owning 493 shares worth $81,000 after acquiring an additional 109 shares. TD Private Client Wealth LLC lifted its stake by 25.4%, now possessing 597 shares valued at $95,000, while Blue Trust Inc. increased its position by 47.8%, owning 408 shares worth $65,000.
As a result, institutional investors collectively hold over 81.52% of Wix.com’s stock, indicating strong confidence in the company’s future.
Analysts Weigh In on Wix.com
Wix.com has recently garnered attention from various analysts who have issued reports on the company’s stock. On August 7, 2023, Raymond James Financial reiterated a “strong-buy” rating for Wix.com shares. Meanwhile, Royal Bank of Canada adjusted its price target from $210.00 to $190.00, maintaining an “outperform” rating. Other analysts, including Morgan Stanley, have also revised their price objectives, with Morgan Stanley lowering its target from $200.00 to $181.00.
The consensus among analysts reflects a positive outlook, with two investment analysts rating the stock as a Strong Buy, nineteen giving it a Buy rating, and three assigning a Hold rating. According to data from MarketBeat, Wix.com currently has an average rating of “Moderate Buy” and a consensus target price of $179.81.
Wix.com’s Market Performance
As of the latest trading session, shares of Wix.com opened at $95.90. Over the past year, the stock has experienced significant volatility, reaching a low of $92.23 and a high of $247.11. The company, with a market capitalization of $5.38 billion, has a price-to-earnings (P/E) ratio of 40.98 and a P/E/G ratio of 1.82. Its beta stands at 1.31, indicating moderate volatility compared to the broader market.
In a strategic move to enhance shareholder value, Wix.com’s Board of Directors announced a stock repurchase program on August 11, 2023. The program allows the company to repurchase up to $200 million in outstanding shares, representing about 2.9% of its total shares. Such repurchase initiatives often signal that a company’s leadership believes its stock is undervalued.
Wix.com Ltd., along with its subsidiaries, operates as a cloud-based web development platform, catering to a diverse range of users and creators globally. The company offers innovative tools such as the Wix Editor and Wix ADI, providing users with customizable options for website development.
As institutional interest and analyst recommendations continue to shape the landscape for Wix.com, the company remains a focal point in discussions around technology investments.
