Pettee Investors Inc. Grows Position in Wix.com Ltd. (NASDAQ:WIX)

Pettee Investors Inc. grew its stake in shares of Wix.com Ltd. (NASDAQ:WIX) by 61.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,455 shares of the information services provider’s stock after buying an additional 1,700 shares during the period. Pettee Investors Inc.’s holdings in Wix.com were worth $956,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of Wix.com by 23.1% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 263,534 shares of the information services provider’s stock worth $44,055,000 after purchasing an additional 49,500 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Wix.com by 60.8% during the third quarter. BNP Paribas Financial Markets now owns 30,393 shares of the information services provider’s stock worth $5,081,000 after purchasing an additional 11,497 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new position in Wix.com in the fourth quarter valued at $256,000. Cumberland Partners Ltd boosted its holdings in Wix.com by 18.8% in the third quarter. Cumberland Partners Ltd now owns 19,000 shares of the information services provider’s stock valued at $3,176,000 after acquiring an additional 3,000 shares during the last quarter. Finally, Oppenheimer & Co. Inc. acquired a new position in Wix.com in the third quarter valued at $461,000. Institutional investors and hedge funds own 81.52% of the company’s stock.

Wix.com Stock Down 0.2 %

Shares of Wix.com stock opened at $186.56 on Friday. The firm has a market cap of $10.23 billion, a P/E ratio of 79.39, a P/E/G ratio of 2.83 and a beta of 1.64. Wix.com Ltd. has a fifty-two week low of $117.58 and a fifty-two week high of $247.11. The business has a 50-day moving average price of $221.14 and a 200 day moving average price of $195.83.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Evercore ISI upgraded Wix.com to a “strong-buy” rating in a report on Thursday, November 21st. Robert W. Baird lifted their target price on Wix.com from $175.00 to $215.00 and gave the company a “neutral” rating in a report on Monday, November 25th. B. Riley lifted their target price on Wix.com from $190.00 to $220.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Raymond James upgraded Wix.com from an “outperform” rating to a “strong-buy” rating and lifted their target price for the company from $225.00 to $300.00 in a report on Tuesday, January 21st. Finally, Wells Fargo & Company cut their price objective on Wix.com from $194.00 to $169.00 and set an “underweight” rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $244.00.

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.