T. Rowe Price becomes Wix's largest shareholder

Wix Photo: Baz Ratner Reuters

The US investment management firm has built a 10.5% stake worth $1.6 billion

US investment management firm T. Rowe Price (Nasdaq: TROW) is once again a party at interest in Israeli cloud based web development services company Wix.com Ltd. (Nasdaq: WIX), after selling much of its stake in recent years, probably at a major profit.

At the end of 2019, T. Rowe Price held a 1.3% stake in Wix but by June 30, amid the sharp rise in the company's share price, the investment firm held a 10.5% stake, making it Wix's largest shareholder with a stake worth $1.6 billion.

Wix's share price rose fell 0.84% on Wall Street on Friday to $294.23, giving a market cap of $15.271 billion. The share price has jumped 140% since the start of 2020.

T. Rowe Price first invested in Wix shortly after its Nasdaq IPO in 2013 when the share price was just $16.50. After first selling shares and then rebuying, the investment company started offloading most of its shares in 2018 for more than $600 million. Now once again T. Rowe Price sees an upside potential in Wix.

Published by Globes, Israel business news - en.globes.co.il - on July 12, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Wix Photo: Baz Ratner Reuters
Wix Photo: Baz Ratner Reuters
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