Lazard Asset Management LLC Trims Position in Wix.com Ltd. (NASDAQ:WIX)

Lazard Asset Management LLC lessened its holdings in shares of Wix.com Ltd. (NASDAQ:WIX) by 18.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 1,176,810 shares of the information services provider’s stock after selling 257,993 shares during the period. Lazard Asset Management LLC’s holdings in Wix.com were worth $252,484,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its holdings in Wix.com by 518.3% during 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 buying an additional 1,266,202 shares during the last quarter. Dorsal Capital Management LP increased its position in shares of Wix.com by 1.8% during the fourth quarter. Dorsal Capital Management LP now owns 1,425,000 shares of the information services provider’s stock valued at $305,734,000 after acquiring an additional 25,000 shares in the last quarter. Senvest Management LLC lifted its holdings 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 valued at $305,260,000 after purchasing an additional 304,712 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Wix.com by 21.0% during the fourth quarter. Renaissance Technologies LLC now owns 937,549 shares of the information services provider’s stock valued at $201,151,000 after purchasing an additional 162,400 shares during the last quarter. Finally, Dorsey Asset Management LLC grew its holdings in shares of Wix.com by 4.5% in the fourth quarter. Dorsey Asset Management LLC now owns 578,741 shares of the information services provider’s stock worth $124,169,000 after acquiring an additional 24,847 shares during the period. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on WIX shares. Benchmark upped their price target on Wix.com from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. StockNews.com upgraded shares of Wix.com from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 3rd. Citigroup dropped their target price on Wix.com from $280.00 to $238.00 and set a “buy” rating for the company in a report on Friday, April 25th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $245.00 target price on shares of Wix.com in a research note on Thursday, February 20th. Finally, Scotiabank began coverage on Wix.com in a research note on Wednesday, March 5th. They set a “sector outperform” rating and a $250.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Wix.com has an average rating of “Moderate Buy” and a consensus target price of $237.74.

Wix.com Price Performance

Shares of WIX stock opened at $171.82 on Monday. Wix.com Ltd. has a 12-month low of $125.44 and a 12-month high of $247.11. The firm has a market capitalization of $9.64 billion, a price-to-earnings ratio of 73.11, a price-to-earnings-growth ratio of 2.83 and a beta of 1.56. The business has a 50 day simple moving average of $166.23 and a 200 day simple moving average of $196.35.

Wix.com declared that its Board of Directors has initiated a share repurchase plan on Thursday, February 27th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the information services provider to purchase up to 1.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

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.