Janney Montgomery Scott LLC Buys Shares of 32,848 Wix.com Ltd. (NASDAQ:WIX)

Janney Montgomery Scott LLC purchased a new position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 32,848 shares of the information services provider's stock, valued at approximately $5,367,000. Janney Montgomery Scott LLC owned 0.06% of Wix.com at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Global Retirement Partners LLC grew its holdings in shares of Wix.com by 36.0% during 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. purchased a new position in shares of Wix.com during the 4th quarter worth $52,000. Blue Trust Inc. grew its holdings in shares of Wix.com by 30.3% during the 4th quarter. Blue Trust Inc. now owns 258 shares of the information services provider's stock worth $55,000 after purchasing an additional 60 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of Wix.com by 559.6% during the 4th quarter. Jones Financial Companies Lllp now owns 343 shares of the information services provider's stock worth $74,000 after purchasing an additional 291 shares during the period. Finally, Edmond DE Rothschild Holding S.A. purchased a new position in shares of Wix.com during the 4th quarter worth $114,000. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

Wix.com Price Performance

WIX stock opened at $157.92 on Monday. The firm has a market capitalization of $8.86 billion, a P/E ratio of 62.92, a P/E/G ratio of 2.30 and a beta of 1.31. The business's 50-day moving average is $161.76 and its two-hundred day moving average is $189.69. 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 initiated a share repurchase plan on Thursday, February 27th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the information services provider to buy up to 1.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on WIX. Piper Sandler lowered their price target on Wix.com from $262.00 to $225.00 and set an "overweight" rating for the company in a report on Thursday, May 22nd. Cantor Fitzgerald reiterated an "overweight" rating and set a $200.00 price target on shares of Wix.com in a report on Wednesday, June 18th. Morgan Stanley lowered their target price on Wix.com from $276.00 to $207.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Cfra Research cut Wix.com from a "moderate buy" rating to a "hold" rating in a report on Tuesday, April 15th. Finally, Baird R W upgraded Wix.com from a "hold" rating to a "strong-buy" rating in a report on Friday, May 23rd. Three analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $228.95.

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.

Want to see what other hedge funds are holding WIX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wix.com Ltd. (NASDAQ:WIX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.