Broad Bay Capital Management LP Has $51.87 Million Stock Holdings in Wix.com Ltd. (NASDAQ:WIX)

Broad Bay Capital Management LP increased its stake in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 33.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 241,776 shares of the information services provider's stock after purchasing an additional 60,950 shares during the quarter. Wix.com makes up 6.4% of Broad Bay Capital Management LP's investment portfolio, making the stock its 4th largest holding. Broad Bay Capital Management LP owned approximately 0.44% of Wix.com worth $51,873,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in WIX. Franklin Resources Inc. increased its stake in shares of Wix.com by 8.9% in the third quarter. Franklin Resources Inc. now owns 47,143 shares of the information services provider's stock worth $7,673,000 after purchasing an additional 3,864 shares during the period. GAMMA Investing LLC grew its holdings in Wix.com by 962.7% in the 4th quarter. GAMMA Investing LLC now owns 542 shares of the information services provider's stock valued at $116,000 after buying an additional 491 shares during the last quarter. CWA Asset Management Group LLC bought a new position in Wix.com in the 4th quarter worth approximately $1,042,000. Fulton Bank N.A. acquired a new position in shares of Wix.com during the fourth quarter worth approximately $211,000. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Wix.com by 2.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,338 shares of the information services provider's stock valued at $502,000 after acquiring an additional 63 shares during the period. Institutional investors own 81.52% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on WIX shares. JPMorgan Chase & Co. decreased their price target on shares of Wix.com from $205.00 to $189.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 19th. Benchmark boosted their price target on Wix.com from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, February 20th. Jefferies Financial Group reduced their price objective on Wix.com from $265.00 to $230.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Piper Sandler boosted their price objective on Wix.com from $249.00 to $262.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Finally, Morgan Stanley reduced their target price 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. Five analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $237.74.

Wix.com Stock Performance

Shares of NASDAQ WIX traded down $0.45 during trading on Friday, reaching $171.82. The company had a trading volume of 722,704 shares, compared to its average volume of 659,894. Wix.com Ltd. has a 52 week low of $120.78 and a 52 week high of $247.11. The business's 50 day moving average price is $166.56 and its 200-day moving average price is $195.86. The stock has a market cap of $9.64 billion, a PE ratio of 73.11, a PEG ratio of 2.83 and a beta of 1.56.

Wix.com declared that its Board of Directors has approved a share buyback plan on Thursday, February 27th that permits the company to repurchase $200.00 million in outstanding 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 generally a sign that the company's board believes its shares are undervalued.

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.