Cumberland Partners Ltd Reduces Stock Position in Wix.com Ltd. $WIX

Cumberland Partners Ltd cut its stake in shares of Wix.com Ltd. (NASDAQ:WIX) by 57.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,000 shares of the information services provider’s stock after selling 11,000 shares during the period. Cumberland Partners Ltd’s holdings in Wix.com were worth $1,268,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. increased its position in Wix.com by 63.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock valued at $28,000 after acquiring an additional 66 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Wix.com by 8.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 966 shares of the information services provider’s stock valued at $161,000 after purchasing an additional 79 shares during the period. Advisors Asset Management Inc. increased its position in shares of Wix.com by 28.4% during the 1st quarter. Advisors Asset Management Inc. now owns 493 shares of the information services provider’s stock valued at $81,000 after purchasing an additional 109 shares during the last quarter. TD Private Client Wealth LLC lifted its stake in shares of Wix.com by 25.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 597 shares of the information services provider’s stock worth $95,000 after purchasing an additional 121 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of Wix.com by 47.8% in the second quarter. Blue Trust Inc. now owns 408 shares of the information services provider’s stock worth $65,000 after buying an additional 132 shares during the last quarter. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

Wix.com Stock Performance

Shares of NASDAQ:WIX opened at $101.70 on Thursday. The firm has a market cap of $5.71 billion, a price-to-earnings ratio of 36.19, a P/E/G ratio of 2.37 and a beta of 1.31. The firm has a fifty day moving average price of $147.89 and a 200 day moving average price of $150.03. Wix.com Ltd. has a fifty-two week low of $99.31 and a fifty-two week high of $247.11.

Wix.com announced that its Board of Directors has initiated a stock buyback program on Monday, August 11th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the information services provider to repurchase up to 2.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have commented on WIX shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Wix.com in a report on Wednesday, October 8th. JMP Securities reissued a “market outperform” rating and set a $210.00 price objective on shares of Wix.com in a research report on Friday, October 3rd. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $210.00 target price on shares of Wix.com in a report on Tuesday, August 19th. Wall Street Zen downgraded Wix.com from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 1st. Finally, Citigroup restated an “outperform” rating on shares of Wix.com in a research report on Tuesday, September 23rd. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $212.21.

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.