Fred Alger Management LLC Decreases Stock Holdings in Wix.com Ltd. (NASDAQ:WIX)

Fred Alger Management LLC lowered its stake in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 12.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 44,475 shares of the information services provider's stock after selling 6,504 shares during the period. Fred Alger Management LLC owned 0.08% of Wix.com worth $9,542,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP increased its position in shares of Wix.com by 518.3% during the fourth quarter. Wellington Management Group LLP now owns 1,510,515 shares of the information services provider's stock worth $324,081,000 after purchasing an additional 1,266,202 shares in the last quarter. Durable Capital Partners LP acquired a new position in shares of Wix.com during the fourth quarter worth $89,839,000. SG Americas Securities LLC increased its position in shares of Wix.com by 558.5% during the fourth quarter. SG Americas Securities LLC now owns 471,933 shares of the information services provider's stock worth $101,253,000 after purchasing an additional 400,265 shares in the last quarter. Senvest Management LLC increased its position in shares of Wix.com by 27.3% during the fourth quarter. Senvest Management LLC now owns 1,422,793 shares of the information services provider's stock worth $305,260,000 after purchasing an additional 304,712 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Wix.com during the fourth quarter worth $63,829,000. Hedge funds and other institutional investors own 81.52% of the company's stock.

Wix.com Stock Down 0.3%

Shares of NASDAQ:WIX traded down $0.45 during trading on Friday, reaching $171.82. 722,704 shares of the company's stock traded hands, compared to its average volume of 659,559. Wix.com Ltd. has a fifty-two week low of $125.44 and a fifty-two week high of $247.11. The firm has a market cap of $9.64 billion, a PE ratio of 73.11, a P/E/G ratio of 2.83 and a beta of 1.56. The company has a 50-day simple moving average of $166.23 and a 200-day simple moving average of $196.35.

Wix.com announced that its board has approved a share buyback 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 purchase up to 1.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

WIX has been the topic of a number of recent analyst reports. UBS Group set a $250.00 price target on Wix.com in a research report on Wednesday, March 5th. Benchmark upped their target price on Wix.com from $250.00 to $260.00 and gave the company a "buy" rating in a research report on Thursday, February 20th. Oppenheimer cut their target price on Wix.com from $250.00 to $220.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Needham & Company LLC reissued a "buy" rating and issued a $235.00 target price on shares of Wix.com in a research report on Wednesday, February 19th. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $245.00 target price on shares of Wix.com in a research report on Thursday, February 20th. Five research 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 company. According to MarketBeat.com, Wix.com presently has a consensus rating of "Moderate Buy" and a consensus 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.