G2 Investment Partners Management LLC Sells 19,794 Shares of Wix.com Ltd. (NASDAQ:WIX)

G2 Investment Partners Management LLC reduced its stake in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 44.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,627 shares of the information services provider's stock after selling 19,794 shares during the quarter. G2 Investment Partners Management LLC's holdings in Wix.com were worth $5,284,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of WIX. Ellevest Inc. bought a new position in Wix.com in the fourth quarter valued at approximately $204,000. Ensign Peak Advisors Inc bought a new position in Wix.com in the fourth quarter valued at approximately $1,555,000. Driehaus Capital Management LLC boosted its stake in Wix.com by 43.8% in the fourth quarter. Driehaus Capital Management LLC now owns 247,812 shares of the information services provider's stock valued at $53,168,000 after acquiring an additional 75,497 shares during the last quarter. Dorsal Capital Management LP boosted its stake in Wix.com by 1.8% in the fourth quarter. Dorsal Capital Management LP now owns 1,425,000 shares of the information services provider's stock valued at $305,734,000 after acquiring an additional 25,000 shares during the last quarter. Finally, Dorsey Asset Management LLC boosted its stake in Wix.com by 4.5% in the fourth quarter. Dorsey Asset Management LLC now owns 578,741 shares of the information services provider's stock valued at $124,169,000 after acquiring an additional 24,847 shares during the last quarter. 81.52% of the stock is owned by institutional investors.

Wix.com Stock Performance

Shares of WIX stock traded down $0.45 during midday trading on Friday, hitting $171.82. 722,704 shares of the company were exchanged, compared to its average volume of 659,559. The firm has a market capitalization of $9.64 billion, a P/E ratio of 73.11, a PEG ratio of 2.83 and a beta of 1.56. The firm's 50 day moving average price is $166.23 and its two-hundred day moving average price is $196.35. Wix.com Ltd. has a 52 week low of $125.44 and a 52 week high of $247.11.

Wix.com announced that its Board of Directors has authorized a share buyback program on Thursday, February 27th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the information services provider to reacquire up to 1.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have issued reports on WIX. Scotiabank began coverage on shares of Wix.com in a research note on Wednesday, March 5th. They issued a "sector outperform" rating and a $250.00 price objective on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $235.00 price objective on shares of Wix.com in a research note on Wednesday, February 19th. Piper Sandler raised their price objective on shares of Wix.com from $249.00 to $262.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Benchmark increased their target price on shares of Wix.com from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. cut their target price on shares of Wix.com from $205.00 to $189.00 and set a "neutral" rating on the stock in a report on Wednesday, February 19th. Five investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $237.74.

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.