Whale Rock Capital Management LLC Acquires 380,800 Shares of Wix.com Ltd. (NASDAQ:WIX)

Whale Rock Capital Management LLC boosted its stake in shares of Wix.com Ltd. (NASDAQ:WIX) by 55.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,071,565 shares of the information services provider’s stock after purchasing an additional 380,800 shares during the quarter. Wix.com comprises approximately 2.7% of Whale Rock Capital Management LLC’s investment portfolio, making the stock its 13th biggest position. Whale Rock Capital Management LLC’s holdings in Wix.com were worth $229,904,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WIX. Wellington Management Group LLP increased its position in Wix.com by 518.3% during the 4th quarter. Wellington Management Group LLP now owns 1,510,515 shares of the information services provider’s stock worth $324,081,000 after buying an additional 1,266,202 shares during the period. Durable Capital Partners LP acquired a new position in shares of Wix.com in the fourth quarter valued at about $89,839,000. SG Americas Securities LLC increased 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 worth $101,253,000 after acquiring an additional 400,265 shares during the period. Senvest Management LLC raised its stake in Wix.com by 27.3% in the 4th quarter. Senvest Management LLC now owns 1,422,793 shares of the information services provider’s stock worth $305,260,000 after purchasing an additional 304,712 shares in the last quarter. Finally, Norges Bank bought a new stake in Wix.com in the 4th quarter valued at about $63,829,000. 81.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on WIX shares. Cantor Fitzgerald raised 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. Piper Sandler raised their price objective on Wix.com from $249.00 to $262.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $245.00 price objective on shares of Wix.com in a report on Thursday, February 20th. Needham & Company LLC reissued a “buy” rating and set a $235.00 target price on shares of Wix.com in a report on Wednesday, February 19th. Finally, Citigroup decreased their price target on Wix.com from $280.00 to $238.00 and set a “buy” rating on the stock in a research report on Friday, April 25th. Five equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $236.95.

Wix.com Trading Down 1.4%

Shares of Wix.com stock opened at $180.22 on Tuesday. The firm’s 50 day moving average is $166.38 and its 200 day moving average is $197.06. The firm has a market capitalization of $10.11 billion, a PE ratio of 76.69, a price-to-earnings-growth ratio of 2.83 and a beta of 1.56. Wix.com Ltd. has a 1 year low of $137.94 and a 1 year high of $247.11.

Wix.com announced that its board has authorized a share repurchase program 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 buy up to 1.8% of its shares through open market purchases. Shares buyback programs are typically an indication 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.