Wellington Management Group LLP Increases Stake in Wix.com Ltd. (NASDAQ:WIX)

Wellington Management Group LLP raised its holdings in Wix.com Ltd. (NASDAQ:WIX) by 518.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,510,515 shares of the information services provider’s stock after buying an additional 1,266,202 shares during the period. Wellington Management Group LLP’s holdings in Wix.com were worth $324,081,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. SG Americas Securities LLC increased its stake in shares of Wix.com by 558.5% during the fourth quarter. SG Americas Securities LLC now owns 471,933 shares of the information services provider’s stock worth $101,253,000 after buying an additional 400,265 shares during the period. Norges Bank purchased a new stake in shares of Wix.com in the 4th quarter valued at approximately $63,829,000. Whale Rock Capital Management LLC raised its holdings in shares of Wix.com by 31.6% in the 3rd quarter. Whale Rock Capital Management LLC now owns 690,765 shares of the information services provider’s stock valued at $115,475,000 after purchasing an additional 165,810 shares in the last quarter. Schroder Investment Management Group lifted its position in shares of Wix.com by 1,383.9% during the 4th quarter. Schroder Investment Management Group now owns 124,871 shares of the information services provider’s stock worth $27,146,000 after purchasing an additional 116,456 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Wix.com by 90.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 184,099 shares of the information services provider’s stock worth $39,859,000 after purchasing an additional 87,327 shares in the last quarter. Institutional investors and hedge funds own 81.52% of the company’s stock.

Wix.com Stock Performance

WIX stock opened at $164.00 on Wednesday. The stock has a market capitalization of $9.20 billion, a PE ratio of 69.79, a price-to-earnings-growth ratio of 2.83 and a beta of 1.65. The company has a fifty day moving average of $201.95 and a 200-day moving average of $197.25. 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 authorized a share buyback plan on Thursday, February 27th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the information services provider to reacquire up to 1.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on WIX. Needham & Company LLC reaffirmed a “buy” rating and set a $235.00 price target on shares of Wix.com in a report on Wednesday, February 19th. Piper Sandler upped their price target on Wix.com from $249.00 to $262.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Citigroup raised their price objective on shares of Wix.com from $275.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Raymond James upgraded shares of Wix.com from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $225.00 to $300.00 in a report on Tuesday, January 21st. Finally, UBS Group set a $250.00 price target on shares of Wix.com in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, three have issued 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $243.74.

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.