Smartleaf Asset Management LLC Increases Stake in Wix.com Ltd. (NASDAQ:WIX)

Smartleaf Asset Management LLC raised its holdings in shares of Wix.com Ltd. (NASDAQ:WIX) by 27.6% during the 4th quarter, HoldingsChannel reports. The fund owned 887 shares of the information services provider’s stock after acquiring an additional 192 shares during the quarter. Smartleaf Asset Management LLC’s holdings in Wix.com were worth $193,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of WIX. SG Americas Securities LLC lifted its position in Wix.com by 558.5% during the fourth quarter. SG Americas Securities LLC now owns 471,933 shares of the information services provider’s stock valued at $101,253,000 after purchasing an additional 400,265 shares in the last quarter. Captrust Financial Advisors raised its stake in shares of Wix.com by 545.7% in the third quarter. Captrust Financial Advisors now owns 238,465 shares of the information services provider’s stock worth $39,864,000 after buying an additional 201,532 shares during the period. Whale Rock Capital Management LLC lifted its position in shares of Wix.com by 31.6% during the 3rd quarter. Whale Rock Capital Management LLC now owns 690,765 shares of the information services provider’s stock valued at $115,475,000 after buying an additional 165,810 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Wix.com by 90.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 184,099 shares of the information services provider’s stock valued at $39,859,000 after purchasing an additional 87,327 shares in the last quarter. Finally, Polar Asset Management Partners Inc. boosted its position in shares of Wix.com by 192.9% in the third quarter. Polar Asset Management Partners Inc. now owns 98,500 shares of the information services provider’s stock worth $16,466,000 after purchasing an additional 64,869 shares during the period. Institutional investors own 81.52% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Citigroup lifted their target price on shares of Wix.com from $275.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Bank of America upped their price objective on Wix.com from $228.00 to $270.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. JMP Securities reissued a “market outperform” rating and set a $240.00 target price on shares of Wix.com in a research note on Tuesday, February 18th. Piper Sandler upped their price target on Wix.com from $249.00 to $262.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Finally, Robert W. Baird lifted their price objective on shares of Wix.com from $175.00 to $215.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $246.05.

Wix.com Trading Up 4.9 %

WIX opened at $197.53 on Thursday. The stock has a 50-day moving average of $222.52 and a 200 day moving average of $195.61. Wix.com Ltd. has a 12 month low of $117.58 and a 12 month high of $247.11. The firm has a market cap of $10.83 billion, a P/E ratio of 84.06, a P/E/G ratio of 2.83 and a beta of 1.58.

Wix.com announced that its board has authorized a stock buyback plan on Thursday, February 27th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the information services provider to reacquire up to 1.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board 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.