Balyasny Asset Management L.P. Boosts Stock Position in Wix.com Ltd. (NASDAQ:WIX)

Balyasny Asset Management L.P. grew its position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 323.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 197,664 shares of the information services provider's stock after purchasing an additional 150,967 shares during the quarter. Balyasny Asset Management L.P. owned approximately 0.36% of Wix.com worth $42,409,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. Cullen Frost Bankers Inc. lifted its holdings in Wix.com by 9.9% in the fourth quarter. Cullen Frost Bankers Inc. now owns 608 shares of the information services provider's stock valued at $130,000 after buying an additional 55 shares during the period. Blue Trust Inc. grew its stake in Wix.com by 28.3% during the fourth quarter. Blue Trust Inc. now owns 254 shares of the information services provider's stock worth $54,000 after purchasing an additional 56 shares during the period. Global Retirement Partners LLC increased its holdings in Wix.com by 36.0% in the fourth 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 lifted its stake in 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 valued at $502,000 after buying an additional 63 shares during the period. Finally, Vestcor Inc boosted its holdings 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 buying an additional 63 shares in the last quarter. Institutional investors own 81.52% of the company's stock.

Analyst Upgrades and Downgrades

WIX has been the subject of several research analyst reports. Cfra Research downgraded shares of Wix.com from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Piper Sandler lifted their price target on shares of Wix.com from $249.00 to $262.00 and gave the company an "overweight" rating in a research report 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 research note on Thursday, February 20th. Morgan Stanley lowered their target price on shares of Wix.com from $276.00 to $207.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Wells Fargo & Company raised Wix.com from an "underweight" rating to an "equal weight" rating and increased their price objective for the stock from $169.00 to $176.00 in a research note on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Wix.com has a consensus rating of "Moderate Buy" and a consensus price target of $237.74.

Wix.com Price Performance

WIX traded down $0.45 during midday trading on Friday, reaching $171.82. 722,704 shares of the company's stock traded hands, compared to its average volume of 659,559. Wix.com Ltd. has a 52 week low of $125.44 and a 52 week high of $247.11. The firm has a fifty day moving average of $166.23 and a two-hundred day moving average of $196.11. The stock has a market capitalization of $9.64 billion, a price-to-earnings ratio of 73.11, a P/E/G ratio of 2.83 and a beta of 1.56.

Wix.com declared that its board has authorized a share repurchase program 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 programs are often a sign that the company's board believes its shares are undervalued.

Wix.com 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.