Point72 Hong Kong Ltd Buys Shares of 10,155 Wix.com Ltd. (NASDAQ:WIX)

Point72 Hong Kong Ltd bought a new stake in shares of Wix.com Ltd. (NASDAQ:WIX) in the fourth quarter, Holdings Channel.com reports. The firm bought 10,155 shares of the information services provider’s stock, valued at approximately $2,179,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cullen Frost Bankers Inc. raised 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 purchasing an additional 55 shares in the last quarter. Blue Trust Inc. raised 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 worth $54,000 after purchasing an additional 56 shares in the last quarter. Global Retirement Partners LLC raised its holdings in shares of Wix.com by 36.0% in the 4th quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock worth $47,000 after purchasing an additional 58 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Wix.com by 2.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,338 shares of the information services provider’s stock worth $502,000 after purchasing an additional 63 shares in the last quarter. Finally, Vestcor Inc raised its holdings in shares of Wix.com by 8.0% in the 4th quarter. Vestcor Inc now owns 853 shares of the information services provider’s stock worth $183,000 after purchasing an additional 63 shares in the last quarter. 81.52% of the stock is owned by institutional investors and hedge funds.

Wix.com Stock Performance

Shares of WIX opened at $182.91 on Friday. The company’s 50 day moving average price is $166.14 and its 200 day moving average price is $196.45. Wix.com Ltd. has a 52 week low of $134.74 and a 52 week high of $247.11. The company has a market capitalization of $10.26 billion, a PE ratio of 77.83, a PEG ratio of 2.83 and a beta of 1.56.

Wix.com declared that its Board of Directors has approved a share 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 repurchase up to 1.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

WIX has been the topic of a number of research reports. Wells Fargo & Company upgraded shares of Wix.com from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $169.00 to $176.00 in a report on Tuesday, April 8th. Raymond James upgraded shares of Wix.com from an “outperform” rating to a “strong-buy” rating and boosted their price target for the company from $225.00 to $300.00 in a report on Tuesday, January 21st. Needham & Company LLC restated a “buy” rating and set a $235.00 price target on shares of Wix.com in a report on Wednesday, February 19th. Piper Sandler boosted their price target on shares of Wix.com from $249.00 to $262.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Finally, Benchmark boosted their price target on shares of Wix.com from $250.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Five equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $237.74.

Wix.com Company Profile

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.