Wix.com Ltd. $WIX Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH cut its holdings in shares of Wix.com Ltd. (NASDAQ:WIX) by 72.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,606 shares of the information services provider’s stock after selling 9,555 shares during the quarter. Allianz Asset Management GmbH’s holdings in Wix.com were worth $641,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of WIX. Geneos Wealth Management Inc. boosted its position in Wix.com by 632.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after purchasing an additional 215 shares in the last quarter. Blue Trust Inc. raised its position in shares of Wix.com by 47.8% during the 2nd quarter. Blue Trust Inc. now owns 408 shares of the information services provider’s stock worth $65,000 after purchasing an additional 132 shares during the last quarter. Penserra Capital Management LLC acquired a new position in shares of Wix.com during the second quarter valued at approximately $77,000. Tower Research Capital LLC TRC lifted its holdings in Wix.com by 508.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 779 shares of the information services provider’s stock valued at $123,000 after purchasing an additional 651 shares in the last quarter. Finally, TD Private Client Wealth LLC boosted its position in Wix.com by 32.7% during the third quarter. TD Private Client Wealth LLC now owns 792 shares of the information services provider’s stock worth $141,000 after acquiring an additional 195 shares during the last quarter. Hedge funds and other institutional investors own 81.52% of the company’s stock.

Wix.com Stock Performance

NASDAQ WIX opened at $69.23 on Friday. The firm’s fifty day moving average is $92.29 and its two-hundred day moving average is $121.34. Wix.com Ltd. has a one year low of $67.66 and a one year high of $239.73. The firm has a market cap of $3.88 billion, a PE ratio of 29.59, a P/E/G ratio of 2.15 and a beta of 1.42.

Wix.com announced that its Board of Directors has authorized a stock buyback program on Wednesday, January 28th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the information services provider to repurchase up to 40.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

WIX has been the subject of several analyst reports. Benchmark dropped their target price on Wix.com from $230.00 to $185.00 and set a “buy” rating for the company in a report on Thursday, November 20th. Citizens Jmp lowered their price objective on shares of Wix.com from $185.00 to $125.00 and set a “market outperform” rating for the company in a research report on Thursday, January 22nd. Scotiabank cut their price target on shares of Wix.com from $255.00 to $175.00 and set a “sector outperform” rating on the stock in a research note on Thursday, November 20th. Barclays reduced their price target on Wix.com from $210.00 to $205.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 21st. Finally, Cantor Fitzgerald raised their price target on Wix.com from $135.00 to $140.00 and gave the company an “overweight” rating in a research note on Thursday, December 11th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Wix.com has a consensus rating of “Moderate Buy” and a consensus price target of $162.43.

Wix.com Profile

Wix.com Ltd. operates a cloud-based platform that enables individuals and businesses to create, manage and develop professional web presences through an intuitive drag-and-drop interface. The company’s software-as-a-service model provides hosting, customizable templates and a range of design tools, eliminating the need for coding expertise. Users can choose from a variety of premium plans to access custom domains, enhanced storage, and advanced performance features tailored to personal projects, small businesses and online storefronts.

Beyond its core website builder, Wix offers a suite of complementary services designed to support digital growth and marketing.