Wix.com Ltd. (NASDAQ:WIX) is Dorsal Capital Management LP's 2nd Largest Position

Dorsal Capital Management LP boosted its holdings in Wix.com Ltd. (NASDAQ:WIX - Free Report) by 1.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,425,000 shares of the information services provider's stock after acquiring an additional 25,000 shares during the period. Wix.com accounts for about 7.2% of Dorsal Capital Management LP's investment portfolio, making the stock its 2nd largest position. Dorsal Capital Management LP owned about 2.60% of Wix.com worth $305,734,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of WIX. Dorsey Asset Management LLC grew its stake in shares of Wix.com by 4.5% during the 4th quarter. Dorsey Asset Management LLC now owns 578,741 shares of the information services provider's stock valued at $124,169,000 after buying an additional 24,847 shares during the period. Durable Capital Partners LP purchased a new stake in Wix.com during the 4th quarter worth approximately $89,839,000. Broad Bay Capital Management LP raised its holdings in Wix.com by 33.7% in the fourth quarter. Broad Bay Capital Management LP now owns 241,776 shares of the information services provider's stock valued at $51,873,000 after acquiring an additional 60,950 shares in the last quarter. Captrust Financial Advisors increased its position in shares of Wix.com by 17.2% in the 4th quarter. Captrust Financial Advisors now owns 279,594 shares of the information services provider's stock worth $59,987,000 after purchasing an additional 41,129 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its stake in shares of Wix.com by 323.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 197,664 shares of the information services provider's stock valued at $42,409,000 after purchasing an additional 150,967 shares in the last quarter. 81.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on WIX shares. Morgan Stanley decreased their price target on Wix.com from $276.00 to $207.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. StockNews.com raised Wix.com from a "buy" rating to a "strong-buy" rating in a research report on Thursday, April 3rd. JMP Securities reaffirmed a "market outperform" rating and issued a $240.00 price objective on shares of Wix.com in a report on Tuesday, February 18th. Wells Fargo & Company raised shares of Wix.com from an "underweight" rating to an "equal weight" rating and increased their target price for the stock from $169.00 to $176.00 in a report on Tuesday, April 8th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $235.00 price target on shares of Wix.com in a report on Wednesday, February 19th. Five analysts have rated the stock with a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $237.74.

Wix.com Price Performance

Shares of WIX traded down $0.45 during trading hours on Friday, hitting $171.82. 722,704 shares of the company were exchanged, compared to its average volume of 659,559. Wix.com Ltd. has a one year low of $125.44 and a one year high of $247.11. The company has a market capitalization of $9.64 billion, a PE ratio of 73.11, a PEG ratio of 2.83 and a beta of 1.56. The firm has a fifty day simple moving average of $166.23 and a 200-day simple moving average of $196.11.

Wix.com declared that its Board of Directors has authorized 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 buy up to 1.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its stock is 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.