Wix.com Ltd. (NASDAQ:WIX) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC decreased its stake in shares of Wix.com Ltd. (NASDAQ:WIX) by 12.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 44,475 shares of the information services provider’s stock after selling 6,504 shares during the period. Fred Alger Management LLC owned 0.08% of Wix.com worth $9,542,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in WIX. Avior Wealth Management LLC boosted its stake 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 valued at $43,000 after acquiring an additional 89 shares during the last quarter. Newbridge Financial Services Group Inc. bought a new stake in Wix.com in the fourth quarter worth about $43,000. Global Retirement Partners LLC lifted its position in shares of Wix.com by 36.0% during the 4th quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock valued at $47,000 after acquiring an additional 58 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Wix.com in the fourth quarter worth approximately $52,000. Finally, Blue Trust Inc. increased its holdings in shares of Wix.com by 28.3% in the 4th quarter. Blue Trust Inc. now owns 254 shares of the information services provider’s stock valued at $54,000 after purchasing an additional 56 shares during the period. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Wix.com Stock Up 3.4 %

Shares of WIX stock opened at $172.19 on Friday. The firm has a market cap of $9.66 billion, a price-to-earnings ratio of 73.27, a PEG ratio of 2.83 and a beta of 1.56. Wix.com Ltd. has a 52-week low of $120.78 and a 52-week high of $247.11. The company’s 50 day moving average is $166.56 and its 200 day moving average is $195.86.

Wix.com announced that its board has approved a stock buyback plan on Thursday, February 27th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the information services provider to buy up to 1.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts recently issued reports on WIX shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $245.00 price objective on shares of Wix.com in a report on Thursday, February 20th. Cantor Fitzgerald upped their target price on shares of Wix.com from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Raymond James upgraded Wix.com from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $225.00 to $300.00 in a research report on Tuesday, January 21st. Cfra Research lowered shares of Wix.com from a “moderate buy” rating to a “hold” rating in a report on Tuesday, April 15th. Finally, Wells Fargo & Company raised shares of Wix.com from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $169.00 to $176.00 in a research note on Tuesday, April 8th. Five investment analysts have rated the stock with 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 company has a consensus rating of “Moderate Buy” and a consensus target price of $237.74.

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.