Wix.com Ltd. $WIX Position Lowered by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. trimmed its position in Wix.com Ltd. (NASDAQ:WIX) by 29.4% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,811 shares of the information services provider’s stock after selling 13,696 shares during the period. Envestnet Asset Management Inc. owned 0.06% of Wix.com worth $5,828,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of WIX. Lone Pine Capital LLC acquired a new position in shares of Wix.com in the 2nd quarter worth approximately $342,485,000. Acadian Asset Management LLC boosted its holdings in Wix.com by 0.4% in the second quarter. Acadian Asset Management LLC now owns 2,119,805 shares of the information services provider’s stock worth $335,852,000 after purchasing an additional 7,729 shares during the period. Senvest Management LLC boosted its holdings in Wix.com by 32.2% in the second quarter. Senvest Management LLC now owns 2,040,910 shares of the information services provider’s stock worth $323,403,000 after purchasing an additional 496,770 shares during the period. Ameriprise Financial Inc. increased its stake in Wix.com by 879.0% during the second quarter. Ameriprise Financial Inc. now owns 2,031,591 shares of the information services provider’s stock valued at $321,926,000 after purchasing an additional 1,824,070 shares during the last quarter. Finally, Lazard Asset Management LLC raised its holdings in shares of Wix.com by 27.4% during the second quarter. Lazard Asset Management LLC now owns 1,542,153 shares of the information services provider’s stock worth $244,368,000 after purchasing an additional 331,283 shares during the period. Institutional investors and hedge funds own 81.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on WIX shares. Scotiabank decreased their price target on shares of Wix.com from $255.00 to $175.00 and set a “sector outperform” rating for the company in a report on Thursday, November 20th. Needham & Company LLC decreased their target price on Wix.com from $200.00 to $140.00 and set a “buy” rating for the company in a research note on Thursday, November 20th. UBS Group reaffirmed an “overweight” rating on shares of Wix.com in a report on Thursday, December 11th. Zacks Research upgraded Wix.com from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Finally, Citizens Jmp reduced their price objective on 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. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $161.30.

Wix.com Price Performance

WIX opened at $66.90 on Friday. Wix.com Ltd. has a 12 month low of $65.45 and a 12 month high of $207.45. The stock has a market cap of $3.75 billion, a P/E ratio of 28.59, a P/E/G ratio of 2.08 and a beta of 1.42. The stock’s 50 day moving average price is $88.76 and its 200 day moving average price is $119.07.

Wix.com declared that its board has approved a stock buyback plan on Wednesday, January 28th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information services provider to reacquire up to 40.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

About Wix.com

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.