Cumberland Partners Ltd Acquires 2,500 Shares of Wix.com Ltd. (NASDAQ:WIX)

Key Points

• Cumberland Partners Ltd increased its stake in Wix.com Ltd. by 15.2%, owning a total of 19,000 shares valued at $3,104,000.
• Institutional investors own 81.52% of Wix.com's stock, with notable increases from firms like Alliancebernstein L.P. and Franklin Resources Inc..
• Wix.com recently saw its stock rating downgraded from "strong-buy" to "buy" by Wall Street Zen, as well as price target cuts from various brokerages.

Cumberland Partners Ltd raised its stake in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 15.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,000 shares of the information services provider's stock after purchasing an additional 2,500 shares during the quarter. Cumberland Partners Ltd's holdings in Wix.com were worth $3,104,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of WIX. LPL Financial LLC grew its stake in Wix.com by 24.4% in the fourth quarter. LPL Financial LLC now owns 7,277 shares of the information services provider's stock worth $1,561,000 after purchasing an additional 1,429 shares in the last quarter. Norges Bank acquired a new position in shares of Wix.com in the fourth quarter worth about $63,829,000. Alliancebernstein L.P. lifted its position in shares of Wix.com by 1,382.1% in the 4th quarter. Alliancebernstein L.P. now owns 259,649 shares of the information services provider's stock valued at $55,708,000 after acquiring an additional 242,130 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Wix.com by 226.8% in the 4th quarter. Franklin Resources Inc. now owns 154,073 shares of the information services provider's stock valued at $33,056,000 after purchasing an additional 106,930 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Wix.com by 4.3% during the fourth quarter. Geode Capital Management LLC now owns 481,535 shares of the information services provider's stock worth $102,926,000 after acquiring an additional 19,633 shares in the last quarter. Hedge funds and other institutional investors own 81.52% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $200.00 price target on shares of Wix.com in a report on Wednesday, June 18th. Oppenheimer cut their target price on shares of Wix.com from $250.00 to $220.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Wells Fargo & Company raised Wix.com from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $173.00 to $216.00 in a report on Monday, June 16th. Bank of America reduced their price objective on Wix.com from $270.00 to $230.00 and set a "buy" rating on the stock in a report on Wednesday, May 21st. Finally, Baird R W upgraded Wix.com from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 23rd. Two equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $228.95.

Wix.com Trading Up 1.9%

WIX stock traded up $2.47 during mid-day trading on Monday, reaching $131.44. The company's stock had a trading volume of 2,119,750 shares, compared to its average volume of 728,296. The company has a market cap of $7.38 billion, a price-to-earnings ratio of 52.37, a price-to-earnings-growth ratio of 2.06 and a beta of 1.27. Wix.com Ltd. has a 12 month low of $128.10 and a 12 month high of $247.11. The business's 50 day moving average price is $153.74 and its 200 day moving average price is $174.75.

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.