Legal & General Group Plc Sells 109,892 Shares of Wix.com Ltd. (NASDAQ:WIX)

Legal & General Group Plc decreased its stake in shares of Wix.com Ltd. (NASDAQ:WIX) by 34.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 204,560 shares of the information services provider’s stock after selling 109,892 shares during the quarter. Legal & General Group Plc’s holdings in Wix.com were worth $43,888,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Avior Wealth Management LLC raised its stake in shares of Wix.com by 79.5% in the fourth quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider’s stock valued at $43,000 after purchasing an additional 89 shares in the last quarter. Newbridge Financial Services Group Inc. acquired a new position in shares of Wix.com in the 4th quarter valued at $43,000. Global Retirement Partners LLC lifted its holdings in shares of Wix.com by 36.0% during the 4th quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock worth $47,000 after acquiring an additional 58 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of Wix.com during the 4th quarter valued at about $52,000. Finally, Blue Trust Inc. increased its stake in Wix.com by 28.3% in the fourth quarter. Blue Trust Inc. now owns 254 shares of the information services provider’s stock valued at $54,000 after acquiring an additional 56 shares during the period. Institutional investors own 81.52% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on WIX shares. Raymond James raised Wix.com from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the company from $225.00 to $300.00 in a report on Tuesday, January 21st. 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. Citigroup increased their price objective on Wix.com from $275.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Piper Sandler boosted their target price 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. Finally, Morgan Stanley upgraded shares of Wix.com from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $248.00 to $276.00 in a research report on Monday, January 13th. Four analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $242.53.

Wix.com Stock Up 1.8 %

Wix.com stock opened at $158.50 on Friday. The stock has a market cap of $8.89 billion, a price-to-earnings ratio of 67.45, a P/E/G ratio of 2.83 and a beta of 1.65. Wix.com Ltd. has a 12-month low of $117.58 and a 12-month high of $247.11. The business’s 50-day simple moving average is $185.82 and its 200 day simple moving average is $196.37.

Wix.com announced that its board has approved a share repurchase program on Thursday, February 27th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the information services provider to reacquire up to 1.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board 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.