Wix.com Ltd. (NASDAQ:WIX) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. reduced its holdings in shares of Wix.com Ltd. (NASDAQ:WIX) by 5.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,670 shares of the information services provider’s stock after selling 1,600 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.05% of Wix.com worth $5,937,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in WIX. Avior Wealth Management LLC lifted its stake in shares of Wix.com by 79.5% during the fourth quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider’s stock valued at $43,000 after buying an additional 89 shares during the period. Newbridge Financial Services Group Inc. acquired a new stake in shares of Wix.com during the fourth quarter worth $43,000. Global Retirement Partners LLC grew its position in shares of Wix.com by 36.0% in the fourth quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock valued at $47,000 after purchasing an additional 58 shares during the period. SBI Securities Co. Ltd. acquired a new position in Wix.com in the fourth quarter valued at $52,000. Finally, Blue Trust Inc. lifted its position in Wix.com by 28.3% during the fourth quarter. Blue Trust Inc. now owns 254 shares of the information services provider’s stock worth $54,000 after buying an additional 56 shares during the period. Institutional investors and hedge funds own 81.52% of the company’s stock.

Wix.com Trading Down 8.3 %

Wix.com stock opened at $146.50 on Tuesday. The stock has a 50 day moving average of $177.75 and a 200-day moving average of $196.38. The stock has a market cap of $8.22 billion, a P/E ratio of 62.34, a price-to-earnings-growth ratio of 2.83 and a beta of 1.65. Wix.com Ltd. has a 52 week low of $117.58 and a 52 week high of $247.11.

Wix.com announced that its Board of Directors has initiated a share repurchase plan on Thursday, February 27th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the information services provider to reacquire up to 1.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on WIX. Jefferies Financial Group dropped their price objective on shares of Wix.com from $265.00 to $230.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Cantor Fitzgerald lifted their price target on shares of Wix.com from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Morgan Stanley dropped their price objective on Wix.com from $276.00 to $207.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Piper Sandler upped their price target on Wix.com from $249.00 to $262.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Finally, JPMorgan Chase & Co. decreased their target price on Wix.com from $205.00 to $189.00 and set a “neutral” rating for the company in a report on Wednesday, February 19th. Five analysts have rated the stock with a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $238.89.

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.