Clearbridge Investments LLC Sells 150,985 Shares of Wix.com Ltd. (NASDAQ:WIX)

Clearbridge Investments LLC reduced its stake in shares of Wix.com Ltd. (NASDAQ:WIX) by 12.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 1,051,035 shares of the information services provider’s stock after selling 150,985 shares during the quarter. Clearbridge Investments LLC’s holdings in Wix.com were worth $225,500,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the stock. BNP Paribas Financial Markets boosted its position in shares of Wix.com by 60.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 30,393 shares of the information services provider’s stock valued at $5,081,000 after acquiring an additional 11,497 shares in the last quarter. Flagship Harbor Advisors LLC bought a new stake in shares of Wix.com in the 4th quarter valued at approximately $256,000. XTX Topco Ltd raised its holdings in shares of Wix.com by 348.6% in the 3rd quarter. XTX Topco Ltd now owns 8,904 shares of the information services provider’s stock worth $1,488,000 after buying an additional 6,919 shares in the last quarter. Maverick Capital Ltd. bought a new position in shares of Wix.com during the 3rd quarter worth approximately $890,000. Finally, Bank of New York Mellon Corp boosted its stake in Wix.com by 9.7% in the 4th quarter. Bank of New York Mellon Corp now owns 124,622 shares of the information services provider’s stock valued at $26,738,000 after buying an additional 11,048 shares in the last quarter. 81.52% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Raymond James upgraded Wix.com from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $225.00 to $300.00 in a research note on Tuesday, January 21st. Citigroup lifted their price target on shares of Wix.com from $275.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $235.00 price objective on shares of Wix.com in a research note on Wednesday, February 19th. Wells Fargo & Company cut their target price on shares of Wix.com from $194.00 to $169.00 and set an “underweight” rating for the company in a research note on Friday, March 7th. Finally, Morgan Stanley upgraded Wix.com from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $248.00 to $276.00 in a research report on Monday, January 13th. One equities research 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $243.74.

Wix.com Trading Down 4.3 %

Shares of NASDAQ:WIX opened at $166.36 on Monday. Wix.com Ltd. has a 1-year low of $117.58 and a 1-year high of $247.11. The stock has a market capitalization of $9.33 billion, a P/E ratio of 70.79, a P/E/G ratio of 2.83 and a beta of 1.64. The business has a 50-day moving average price of $204.99 and a two-hundred day moving average price of $197.13.

Wix.com announced that its board has authorized a share buyback 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 purchase up to 1.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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.