CIBC Private Wealth Group LLC Sells 898 Shares of Wix.com Ltd. (NASDAQ:WIX)

CIBC Private Wealth Group LLC reduced its stake in shares of Wix.com Ltd. (NASDAQ:WIX) by 1.4% in the fourth quarter, HoldingsChannel reports. The firm owned 64,300 shares of the information services provider’s stock after selling 898 shares during the period. CIBC Private Wealth Group LLC’s holdings in Wix.com were worth $14,435,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in WIX. Newbridge Financial Services Group Inc. acquired a new stake in Wix.com in the fourth quarter valued at approximately $43,000. 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 worth $43,000 after purchasing an additional 89 shares in the last quarter. Global Retirement Partners LLC grew its stake 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 last quarter. SBI Securities Co. Ltd. acquired a new position in Wix.com during the 4th quarter valued at about $52,000. Finally, Blue Trust Inc. raised its stake in Wix.com by 28.3% in the fourth quarter. Blue Trust Inc. now owns 254 shares of the information services provider’s stock valued at $54,000 after buying an additional 56 shares during the last quarter. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Benchmark upped their price objective on shares of Wix.com from $250.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. decreased their price target on shares of Wix.com from $205.00 to $189.00 and set a “neutral” rating for the company in a report on Wednesday, February 19th. UBS Group set a $250.00 target price on Wix.com in a research report on Wednesday, March 5th. Cantor Fitzgerald upped their price target on Wix.com from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Finally, Raymond James raised Wix.com from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $225.00 to $300.00 in a report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $243.74.

Wix.com Stock Performance

Shares of Wix.com stock opened at $163.38 on Tuesday. The business’s 50 day moving average price is $203.44 and its 200 day moving average price is $197.20. The company has a market cap of $9.17 billion, a price-to-earnings ratio of 69.52, a PEG ratio of 2.83 and a beta of 1.64. Wix.com Ltd. has a one year low of $117.58 and a one year high of $247.11.

Wix.com announced that its Board of Directors has initiated a share buyback plan 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management 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.