Principal Financial Group Inc. Lowers Stake in Wix.com Ltd. (NASDAQ:WIX)

Principal Financial Group Inc. decreased its holdings in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 1.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 927,709 shares of the information services provider's stock after selling 9,010 shares during the period. Principal Financial Group Inc. owned approximately 1.62% of Wix.com worth $155,085,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Dorsal Capital Management LP grew its stake in shares of Wix.com by 23.8% in the second quarter. Dorsal Capital Management LP now owns 1,300,000 shares of the information services provider's stock valued at $206,791,000 after acquiring an additional 250,000 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Wix.com by 27.9% in the second quarter. Renaissance Technologies LLC now owns 785,649 shares of the information services provider's stock valued at $124,973,000 after buying an additional 171,500 shares during the period. Driehaus Capital Management LLC acquired a new position in Wix.com in the 2nd quarter valued at $13,646,000. State Board of Administration of Florida Retirement System grew its holdings in shares of Wix.com by 2,110.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 69,595 shares of the information services provider's stock worth $9,568,000 after purchasing an additional 66,447 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in shares of Wix.com by 416.5% in the first quarter. SG Americas Securities LLC now owns 80,455 shares of the information services provider's stock worth $11,061,000 after purchasing an additional 64,878 shares during the period. Institutional investors and hedge funds own 81.52% of the company's stock.

Wix.com Stock Up 0.3 %

Shares of Wix.com stock traded up $0.48 during trading on Friday, reaching $172.52. The company's stock had a trading volume of 209,073 shares, compared to its average volume of 539,113. The company has a market cap of $9.46 billion, a price-to-earnings ratio of 136.54, a PEG ratio of 3.55 and a beta of 1.47. The firm's 50-day moving average is $163.40 and its two-hundred day moving average is $157.43. Wix.com Ltd. has a 52-week low of $85.38 and a 52-week high of $179.00.

Wix.com (NASDAQ:WIX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The information services provider reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.35. Wix.com had a net margin of 4.44% and a negative return on equity of 49.05%. The business had revenue of $435.70 million for the quarter, compared to the consensus estimate of $442.88 million. During the same quarter in the previous year, the firm earned $0.58 earnings per share. The company's revenue for the quarter was up 11.7% on a year-over-year basis. On average, equities research analysts anticipate that Wix.com Ltd. will post 2.1 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Piper Sandler raised shares of Wix.com from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $184.00 to $200.00 in a report on Monday, September 23rd. KeyCorp assumed coverage on Wix.com in a research report on Thursday, July 25th. They set a "sector weight" rating on the stock. Needham & Company LLC reissued a "buy" rating and set a $190.00 price target on shares of Wix.com in a research note on Wednesday, August 7th. StockNews.com raised shares of Wix.com from a "hold" rating to a "buy" rating in a research note on Thursday, August 15th. Finally, Evercore ISI raised Wix.com to a "strong-buy" rating in a research report on Monday, August 5th. Three analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $190.06.

Wix.com Company 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.