Raymond James Financial Inc. Purchases New Position in Wix.com Ltd. (NASDAQ:WIX)

Raymond James Financial Inc. acquired a new position in Wix.com Ltd. (NASDAQ:WIX - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 37,596 shares of the information services provider's stock, valued at approximately $8,066,000. Raymond James Financial Inc. owned 0.07% of Wix.com as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the stock. Advisory Services Network LLC bought a new stake in shares of Wix.com in the fourth quarter valued at approximately $550,000. Abacus FCF Advisors LLC bought a new stake in shares of Wix.com in the fourth quarter valued at approximately $692,000. Renaissance Technologies LLC raised its position in shares of Wix.com by 21.0% in the fourth quarter. Renaissance Technologies LLC now owns 937,549 shares of the information services provider's stock valued at $201,151,000 after purchasing an additional 162,400 shares during the period. Invesco Ltd. raised its position in shares of Wix.com by 66.0% in the fourth quarter. Invesco Ltd. now owns 57,932 shares of the information services provider's stock valued at $12,429,000 after purchasing an additional 23,037 shares during the period. Finally, Federated Hermes Inc. bought a new stake in shares of Wix.com in the fourth quarter valued at approximately $18,448,000. Institutional investors own 81.52% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Citigroup lowered their price target on shares of Wix.com from $280.00 to $238.00 and set a "buy" rating on the stock in a research report on Friday. Scotiabank began coverage on shares of Wix.com in a report on Wednesday, March 5th. They set a "sector outperform" rating and a $250.00 target price on the stock. UBS Group set a $250.00 target price on shares of Wix.com in a report on Wednesday, March 5th. Benchmark upped 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, Bank of America upped their target price on shares of Wix.com from $228.00 to $270.00 and gave the stock a "buy" rating in a report on Wednesday, February 19th. Five investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $236.68.

Wix.com Stock Down 1.0 %

Shares of NASDAQ WIX traded down $1.65 during midday trading on Monday, reaching $164.78. The company had a trading volume of 595,139 shares, compared to its average volume of 656,396. Wix.com Ltd. has a one year low of $117.58 and a one year high of $247.11. The firm's fifty day moving average price is $171.58 and its 200-day moving average price is $196.36. The stock has a market cap of $9.25 billion, a PE ratio of 70.12, a price-to-earnings-growth ratio of 2.83 and a beta of 1.65.

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

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.