Formula Growth Ltd. Sells 1,500 Shares of Wix.com Ltd. (NASDAQ:WIX)

Formula Growth Ltd. reduced its position in shares of Wix.com Ltd. (NASDAQ:WIX) by 13.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,710 shares of the information services provider’s stock after selling 1,500 shares during the period. Formula Growth Ltd.’s holdings in Wix.com were worth $2,083,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Newbridge Financial Services Group Inc. acquired a new position in Wix.com during the 4th quarter worth $43,000. Avior Wealth Management LLC raised its holdings 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 worth $43,000 after buying an additional 89 shares during the period. Global Retirement Partners LLC boosted its stake in 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 during the period. SBI Securities Co. Ltd. bought a new position in shares of Wix.com during the fourth quarter worth about $52,000. Finally, Blue Trust Inc. raised its holdings in shares of Wix.com by 28.3% in the fourth 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 last quarter. Institutional investors own 81.52% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on WIX shares. StockNews.com upgraded shares of Wix.com from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 3rd. JMP Securities reissued a “market outperform” rating and set a $240.00 price target on shares of Wix.com in a report on Tuesday, February 18th. Cantor Fitzgerald boosted their price objective on shares of Wix.com from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Citigroup upped their price objective on shares of Wix.com from $275.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Finally, UBS Group set a $250.00 price target on Wix.com in a research note on Wednesday, March 5th. Five research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $238.89.

Wix.com Trading Down 0.8 %

Shares of Wix.com stock opened at $159.76 on Friday. The company has a market cap of $8.96 billion, a P/E ratio of 67.98, a PEG ratio of 2.83 and a beta of 1.65. The business has a 50-day moving average price of $179.43 and a two-hundred day moving average price of $195.94. Wix.com Ltd. has a 1-year low of $117.58 and a 1-year high of $247.11.

Wix.com declared that its Board of Directors has authorized a stock repurchase 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 usually a sign 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.