KLP Kapitalforvaltning AS Invests $4.12 Million in Wix.com Ltd. (NASDAQ:WIX)

KLP Kapitalforvaltning AS bought a new stake in shares of Wix.com Ltd. (NASDAQ:WIX) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 19,200 shares of the information services provider’s stock, valued at approximately $4,119,000.

Other hedge funds have also recently bought and sold shares of the company. Advisors Asset Management Inc. boosted its stake in shares of Wix.com by 112.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 246 shares of the information services provider’s stock worth $41,000 after acquiring an additional 130 shares in the last quarter. Avior Wealth Management LLC boosted its position in shares of Wix.com by 79.5% in the 4th 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 during the period. Newbridge Financial Services Group Inc. purchased a new position in Wix.com in the 4th quarter worth about $43,000. Global Retirement Partners LLC raised its holdings in 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 buying an additional 58 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new stake in Wix.com during the fourth quarter valued at about $52,000. 81.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

WIX has been the subject of several research analyst reports. Raymond James upgraded shares of Wix.com from an “outperform” rating to a “strong-buy” rating and upped their price target for the company from $225.00 to $300.00 in a research report on Tuesday, January 21st. JMP Securities reaffirmed a “market outperform” rating and issued a $240.00 target price on shares of Wix.com in a research report on Tuesday, February 18th. Benchmark increased their price objective on Wix.com from $250.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Jefferies Financial Group lifted their target price on Wix.com from $225.00 to $260.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Finally, Scotiabank assumed coverage on shares of Wix.com in a report on Wednesday, March 5th. They set a “sector outperform” rating and a $250.00 price target for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Wix.com has a consensus rating of “Moderate Buy” and a consensus price target of $243.74.

Wix.com Stock Down 2.7 %

Shares of WIX stock opened at $168.63 on Thursday. Wix.com Ltd. has a 12 month low of $117.58 and a 12 month high of $247.11. The company has a market cap of $9.24 billion, a PE ratio of 71.76, a price-to-earnings-growth ratio of 2.83 and a beta of 1.64. The business’s 50 day moving average is $207.83 and its two-hundred day moving average is $196.61.

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 outstanding 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 a sign that the company’s board of directors believes its stock is 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.