KLP Kapitalforvaltning AS Invests $4.12 Million in Wix.com Ltd. (NASDAQ:WIX)

KLP Kapitalforvaltning AS acquired a new position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 19,200 shares of the information services provider's stock, valued at approximately $4,119,000.

Several other large investors have also recently added to or reduced their stakes in WIX. Advisors Asset Management Inc. grew its holdings in Wix.com by 112.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 246 shares of the information services provider's stock worth $41,000 after buying an additional 130 shares in the last quarter. Avior Wealth Management LLC boosted its position in Wix.com by 79.5% during the 4th quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider's stock worth $43,000 after acquiring an additional 89 shares during the period. Newbridge Financial Services Group Inc. bought a new position in shares of Wix.com in the fourth quarter worth $43,000. Global Retirement Partners LLC increased its holdings in shares of Wix.com by 36.0% during 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. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Wix.com during the fourth quarter valued at about $52,000. 81.52% of the stock is owned by institutional investors and hedge funds.

Wix.com Price Performance

WIX traded down $7.52 on Friday, reaching $166.36. 734,495 shares of the company traded hands, compared to its average volume of 619,317. Wix.com Ltd. has a 52-week low of $117.58 and a 52-week high of $247.11. The company has a market cap of $9.33 billion, a price-to-earnings ratio of 70.79, a PEG ratio of 2.83 and a beta of 1.64. The stock's 50 day moving average price is $204.99 and its 200-day moving average price is $197.13.

Remove Ads

Wix.com declared that its Board of Directors has approved a share repurchase plan on Thursday, February 27th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the information services provider to reacquire up to 1.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on WIX shares. Morgan Stanley upgraded shares of Wix.com from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $248.00 to $276.00 in a research report on Monday, January 13th. Raymond James raised shares of Wix.com from an "outperform" rating to a "strong-buy" rating and upped their price target for the stock from $225.00 to $300.00 in a research note on Tuesday, January 21st. Piper Sandler raised their price objective on shares of Wix.com from $249.00 to $262.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. JPMorgan Chase & Co. cut their price objective on Wix.com from $205.00 to $189.00 and set a "neutral" rating for the company in a report on Wednesday, February 19th. Finally, Bank of America boosted their price target on shares of Wix.com from $228.00 to $270.00 and gave the stock a "buy" rating in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $243.74.

Wix.com 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.