Legal & General Group Plc Sells 109,892 Shares of Wix.com Ltd. (NASDAQ:WIX)

Legal & General Group Plc trimmed its position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 34.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 204,560 shares of the information services provider's stock after selling 109,892 shares during the period. Legal & General Group Plc owned approximately 0.37% of Wix.com worth $43,888,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Invesco Ltd. increased its stake in Wix.com by 66.0% in the fourth quarter. Invesco Ltd. now owns 57,932 shares of the information services provider's stock valued at $12,429,000 after acquiring an additional 23,037 shares during the last quarter. Federated Hermes Inc. acquired a new stake in shares of Wix.com in the 4th quarter valued at $18,448,000. Thames Capital Management LLC bought a new position in shares of Wix.com in the 4th quarter valued at $5,319,000. Russell Investments Group Ltd. raised its holdings in shares of Wix.com by 39.8% during the 4th quarter. Russell Investments Group Ltd. now owns 159,907 shares of the information services provider's stock worth $34,520,000 after buying an additional 45,535 shares in the last quarter. Finally, Hel Ved Capital Management Ltd boosted its stake in Wix.com by 119.5% in the fourth quarter. Hel Ved Capital Management Ltd now owns 35,270 shares of the information services provider's stock valued at $7,567,000 after buying an additional 19,200 shares in the last quarter. 81.52% of the stock is owned by institutional investors.

Wix.com Price Performance

Shares of NASDAQ WIX traded down $1.29 during midday trading on Friday, reaching $159.76. The company's stock had a trading volume of 665,802 shares, compared to its average volume of 648,840. The firm has a 50 day moving average price of $180.79 and a 200-day moving average price of $195.93. Wix.com Ltd. has a 12-month low of $117.58 and a 12-month high of $247.11. The stock has a market capitalization of $8.96 billion, a P/E ratio of 67.98, a PEG ratio of 2.83 and a beta of 1.65.

Wix.com announced that its board has approved a share repurchase program 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 buy up to 1.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Piper Sandler increased their target price on shares of Wix.com from $249.00 to $262.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. UBS Group set a $250.00 target price on shares of Wix.com in a research note on Wednesday, March 5th. Bank of America increased their price target on Wix.com from $228.00 to $270.00 and gave the company a "buy" rating in a research note on Wednesday, February 19th. Jefferies Financial Group reduced their price objective on Wix.com from $265.00 to $230.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Finally, Morgan Stanley reduced their price objective on shares of Wix.com from $276.00 to $207.00 and set an "overweight" rating on the stock in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $238.89.

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.