Boothbay Fund Management LLC Cuts Stake in Wix.com Ltd. (NASDAQ:WIX)

Boothbay Fund Management LLC trimmed its stake in Wix.com Ltd. (NASDAQ:WIX) by 43.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 5,428 shares of the information services provider’s stock after selling 4,196 shares during the quarter. Boothbay Fund Management LLC’s holdings in Wix.com were worth $1,165,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP boosted its holdings in shares of Wix.com by 518.3% in the 4th quarter. Wellington Management Group LLP now owns 1,510,515 shares of the information services provider’s stock valued at $324,081,000 after purchasing an additional 1,266,202 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Wix.com by 558.5% in the fourth quarter. SG Americas Securities LLC now owns 471,933 shares of the information services provider’s stock valued at $101,253,000 after acquiring an additional 400,265 shares during the last quarter. Senvest Management LLC grew its position in 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 valued at $305,260,000 after acquiring an additional 304,712 shares during the period. Norges Bank purchased a new stake in Wix.com during the fourth quarter valued at about $63,829,000. Finally, Alliancebernstein L.P. increased its stake in Wix.com by 1,382.1% during the fourth quarter. Alliancebernstein L.P. now owns 259,649 shares of the information services provider’s stock worth $55,708,000 after acquiring an additional 242,130 shares during the last quarter. Institutional investors and hedge funds own 81.52% of the company’s stock.

Wix.com Stock Performance

Shares of WIX stock opened at $164.78 on Tuesday. The stock has a market capitalization of $9.25 billion, a price-to-earnings ratio of 70.12, a PEG ratio of 2.83 and a beta of 1.65. Wix.com Ltd. has a one year low of $117.58 and a one year high of $247.11. The company’s 50-day simple moving average is $171.58 and its 200-day simple moving average is $196.36.

Wix.com declared that its Board of Directors has approved a stock repurchase program on Thursday, February 27th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the information services provider to buy up to 1.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have recently issued reports on WIX. Piper Sandler boosted their target price on Wix.com from $249.00 to $262.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Scotiabank assumed coverage on shares of Wix.com in a research note on Wednesday, March 5th. They set a “sector outperform” rating and a $250.00 price objective for the company. StockNews.com raised shares of Wix.com from a “buy” rating to a “strong-buy” rating in a research note on Thursday, April 3rd. Benchmark upped their price target on shares of Wix.com from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Finally, Citigroup cut their price objective on Wix.com from $280.00 to $238.00 and set a “buy” rating on the stock in a research report on Friday. Five research analysts have rated the stock with a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $236.68.

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.