Polar Asset Management Partners Inc. Trims Position in Wix.com Ltd. (NASDAQ:WIX)

Polar Asset Management Partners Inc. cut its stake in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 48.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,300 shares of the information services provider's stock after selling 48,200 shares during the period. Polar Asset Management Partners Inc. owned 0.09% of Wix.com worth $10,792,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in WIX. Wellington Management Group LLP boosted its holdings in Wix.com by 518.3% in the fourth quarter. Wellington Management Group LLP now owns 1,510,515 shares of the information services provider's stock valued at $324,081,000 after acquiring an additional 1,266,202 shares during the last quarter. Durable Capital Partners LP acquired a new position in Wix.com in the fourth quarter valued at approximately $89,839,000. Whale Rock Capital Management LLC lifted its stake in Wix.com by 55.1% in the fourth quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider's stock valued at $229,904,000 after buying an additional 380,800 shares during the period. Senvest Management LLC lifted its stake in Wix.com by 27.3% in the fourth quarter. Senvest Management LLC now owns 1,422,793 shares of the information services provider's stock valued at $305,260,000 after buying an additional 304,712 shares during the period. Finally, Norges Bank acquired a new position in Wix.com in the fourth quarter valued at approximately $63,829,000. 81.52% of the stock is currently owned by institutional investors.

Wix.com Price Performance

Shares of Wix.com stock traded down $1.37 during trading hours on Thursday, hitting $150.93. 784,996 shares of the company's stock traded hands, compared to its average volume of 656,460. Wix.com Ltd. has a 12-month low of $137.94 and a 12-month high of $247.11. The stock has a market capitalization of $8.47 billion, a price-to-earnings ratio of 64.23, a PEG ratio of 2.83 and a beta of 1.56. The company has a fifty day simple moving average of $164.26 and a 200-day simple moving average of $196.11.

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

Wall Street Analyst Weigh In

WIX has been the topic of several recent analyst reports. Bank of America dropped their price target on Wix.com from $270.00 to $230.00 and set a "buy" rating on the stock in a research note on Wednesday, May 21st. Wall Street Zen lowered Wix.com from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 24th. Barclays boosted their price target on Wix.com from $236.00 to $240.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Needham & Company LLC reissued a "buy" rating and issued a $250.00 price target on shares of Wix.com in a research note on Wednesday, May 21st. Finally, Citigroup dropped their price target on Wix.com from $280.00 to $238.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Four analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $226.68.

Wix.com Company 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.