Prudential Financial Inc. lowered its position in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 27.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,301 shares of the information services provider's stock after selling 6,181 shares during the period. Prudential Financial Inc.'s holdings in Wix.com were worth $3,497,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WIX. Avior Wealth Management LLC boosted its stake in shares of 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 in the last quarter. Newbridge Financial Services Group Inc. acquired a new position in Wix.com during the fourth quarter valued at approximately $43,000. Global Retirement Partners LLC raised its position in shares of Wix.com by 36.0% in 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. SBI Securities Co. Ltd. acquired a new stake in shares of Wix.com in the fourth quarter worth $52,000. Finally, Blue Trust Inc. boosted its holdings in shares of Wix.com by 28.3% during the 4th quarter. Blue Trust Inc. now owns 254 shares of the information services provider's stock worth $54,000 after buying an additional 56 shares during the period. Institutional investors own 81.52% of the company's stock.
Analyst Upgrades and Downgrades
A number of analysts have issued reports on WIX shares. Scotiabank initiated coverage on Wix.com in a report on Wednesday, March 5th. They issued a "sector outperform" rating and a $250.00 target price on the stock. Morgan Stanley upgraded shares of Wix.com from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $248.00 to $276.00 in a research note on Monday, January 13th. UBS Group set a $250.00 price objective on shares of Wix.com in a report on Wednesday, March 5th. Royal Bank of Canada reiterated an "outperform" rating and issued a $245.00 target price on shares of Wix.com in a research note on Thursday, February 20th. Finally, Piper Sandler upped their price target on Wix.com from $249.00 to $262.00 and gave the company an "overweight" rating in a report on Friday, February 21st. 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 company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $243.74.
Read Our Latest Research Report on WIX
Wix.com Price Performance
Shares of NASDAQ:WIX traded down $9.93 during midday trading on Thursday, reaching $155.94. The company's stock had a trading volume of 976,017 shares, compared to its average volume of 625,914. The business's fifty day simple moving average is $200.57 and its 200-day simple moving average is $197.03. Wix.com Ltd. has a fifty-two week low of $117.58 and a fifty-two week high of $247.11. The company has a market capitalization of $8.75 billion, a P/E ratio of 66.36, a P/E/G ratio of 2.83 and a beta of 1.65.
Wix.com declared that its Board of Directors has approved a share buyback 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 purchase up to 1.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.
Wix.com Profile
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Free Report)
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.
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