Korea Investment CORP Increases Stake in Wix.com Ltd. (NASDAQ:WIX)

Korea Investment CORP increased its holdings in Wix.com Ltd. (NASDAQ:WIX) by 0.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 20,528 shares of the information services provider’s stock after purchasing an additional 100 shares during the period. Korea Investment CORP’s holdings in Wix.com were worth $4,404,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Cullen Frost Bankers Inc. lifted its holdings in shares of Wix.com by 9.9% in the 4th quarter. Cullen Frost Bankers Inc. now owns 608 shares of the information services provider’s stock worth $130,000 after acquiring an additional 55 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Wix.com by 28.3% during the fourth 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. Global Retirement Partners LLC grew its stake 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 buying an additional 58 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Wix.com by 2.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,338 shares of the information services provider’s stock worth $502,000 after buying an additional 63 shares during the period. Finally, Vestcor Inc lifted its stake in shares of Wix.com by 8.0% during the 4th quarter. Vestcor Inc now owns 853 shares of the information services provider’s stock worth $183,000 after acquiring an additional 63 shares during the last quarter. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on WIX shares. Wells Fargo & Company cut their price target on Wix.com from $194.00 to $169.00 and set an “underweight” rating on the stock in a research note on Friday, March 7th. Piper Sandler upped their price target on shares of Wix.com from $249.00 to $262.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. UBS Group set a $250.00 price objective on shares of Wix.com in a report on Wednesday, March 5th. Benchmark upped their target price on Wix.com from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $245.00 price target on shares of Wix.com in a report on Thursday, February 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $243.74.

Wix.com Stock Performance

NASDAQ:WIX opened at $164.00 on Wednesday. Wix.com Ltd. has a one year low of $117.58 and a one year high of $247.11. The firm has a market cap of $9.20 billion, a price-to-earnings ratio of 69.79, a PEG ratio of 2.83 and a beta of 1.65. The firm’s fifty day moving average is $201.95 and its two-hundred day moving average is $197.25.

Wix.com announced that its Board of Directors has approved a stock repurchase plan on Thursday, February 27th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the information services provider to repurchase up to 1.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are 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.