Whale Rock Capital Management LLC Buys 380,800 Shares of Wix.com Ltd. (NASDAQ:WIX)

Whale Rock Capital Management LLC raised its stake in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 55.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,071,565 shares of the information services provider's stock after buying an additional 380,800 shares during the quarter. Wix.com comprises 2.7% of Whale Rock Capital Management LLC's portfolio, making the stock its 13th biggest position. Whale Rock Capital Management LLC owned 1.95% of Wix.com worth $229,904,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Cullen Frost Bankers Inc. lifted its holdings in shares of Wix.com by 9.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 608 shares of the information services provider's stock valued at $130,000 after purchasing an additional 55 shares in the last quarter. Blue Trust Inc. raised its holdings in Wix.com by 28.3% during the 4th quarter. Blue Trust Inc. now owns 254 shares of the information services provider's stock worth $54,000 after buying an additional 56 shares during the period. Global Retirement Partners LLC lifted its stake 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 valued at $47,000 after buying an additional 58 shares in the last quarter. Vestcor Inc boosted its holdings in shares of Wix.com by 8.0% in the fourth quarter. Vestcor Inc now owns 853 shares of the information services provider's stock valued at $183,000 after buying an additional 63 shares during the period. Finally, Bessemer Group Inc. boosted its holdings in shares of Wix.com by 9.7% in the fourth quarter. Bessemer Group Inc. now owns 871 shares of the information services provider's stock valued at $188,000 after buying an additional 77 shares during the period. 81.52% of the stock is owned by institutional investors.

Wix.com Price Performance

Shares of WIX stock opened at $180.22 on Tuesday. The company has a fifty day moving average price of $166.38 and a two-hundred day moving average price of $197.06. Wix.com Ltd. has a one year low of $137.94 and a one year high of $247.11. The stock has a market cap of $10.11 billion, a P/E ratio of 76.69, a P/E/G ratio of 2.83 and a beta of 1.56.

Wix.com announced that its Board of Directors has initiated a stock buyback plan on Thursday, February 27th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the information services provider to purchase up to 1.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts recently commented on WIX shares. Benchmark dropped their price objective on shares of Wix.com from $260.00 to $245.00 and set a "buy" rating on the stock in a report on Monday. JMP Securities reissued a "market outperform" rating and issued a $240.00 price target on shares of Wix.com in a research note on Tuesday, February 18th. Piper Sandler boosted their price target on Wix.com from $249.00 to $262.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Morgan Stanley reduced their price objective on Wix.com from $276.00 to $207.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Cfra Research downgraded Wix.com from a "moderate buy" rating to a "hold" rating in a report on Tuesday, April 15th. Five investment 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. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $236.95.

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.

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