California Public Employees Retirement System Cuts Stock Position in Wix.com Ltd. (NASDAQ:WIX)

California Public Employees Retirement System decreased its position in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 5.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 86,681 shares of the information services provider's stock after selling 4,719 shares during the quarter. California Public Employees Retirement System owned 0.16% of Wix.com worth $18,597,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Newbridge Financial Services Group Inc. bought a new position in shares of Wix.com in the 4th quarter valued at about $43,000. Avior Wealth Management LLC lifted its stake in shares of Wix.com by 79.5% in the 4th quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider's stock valued at $43,000 after purchasing an additional 89 shares during the last quarter. Global Retirement Partners LLC boosted its holdings in shares of Wix.com by 36.0% in the 4th quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider's stock worth $47,000 after purchasing an additional 58 shares during the period. SBI Securities Co. Ltd. bought a new position in shares of Wix.com during the 4th quarter valued at approximately $52,000. Finally, Blue Trust Inc. raised its holdings in Wix.com by 28.3% during the 4th quarter. Blue Trust Inc. now owns 254 shares of the information services provider's stock valued at $54,000 after buying an additional 56 shares during the period. 81.52% of the stock is owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

Several research firms have commented on WIX. JMP Securities reaffirmed a "market outperform" rating and set a $240.00 price objective on shares of Wix.com in a research note on Tuesday, February 18th. Scotiabank started coverage on Wix.com in a research note on Wednesday, March 5th. They set a "sector outperform" rating and a $250.00 target price on the stock. Benchmark increased their price target on Wix.com from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, February 20th. Bank of America boosted their price objective on Wix.com from $228.00 to $270.00 and gave the company a "buy" rating in a report on Wednesday, February 19th. Finally, Citigroup lifted their target price on Wix.com from $275.00 to $280.00 and gave the stock a "buy" rating in a research report on Thursday, February 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $243.74.

Wix.com Price Performance

NASDAQ WIX traded down $5.93 during midday trading on Friday, hitting $150.01. 1,297,473 shares of the company traded hands, compared to its average volume of 631,339. The company has a market cap of $8.42 billion, a PE ratio of 63.83, 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. The company's 50-day simple moving average is $197.26 and its 200-day simple moving average is $196.96.

Wix.com declared that its Board of Directors has initiated a stock buyback plan on Thursday, February 27th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the information services provider to purchase up to 1.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

About Wix.com

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.