Avory & Company LLC Cuts Position in Wix.com Ltd. (NASDAQ:WIX)

Avory & Company LLC lessened its holdings in Wix.com Ltd. (NASDAQ:WIX) by 8.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,975 shares of the information services provider’s stock after selling 3,590 shares during the quarter. Wix.com accounts for approximately 4.9% of Avory & Company LLC’s investment portfolio, making the stock its 7th biggest holding. Avory & Company LLC owned 0.07% of Wix.com worth $8,791,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of Wix.com by 23.1% in 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 in the last quarter. BNP Paribas Financial Markets raised its position in 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 acquiring an additional 11,497 shares in the last quarter. Flagship Harbor Advisors LLC bought a new stake in Wix.com during the fourth quarter worth $256,000. Cumberland Partners Ltd raised its position in Wix.com by 18.8% during the third quarter. Cumberland Partners Ltd now owns 19,000 shares of the information services provider’s stock worth $3,176,000 after acquiring an additional 3,000 shares in the last quarter. Finally, Oppenheimer & Co. Inc. bought a new stake in Wix.com during the third quarter worth $461,000. Institutional investors own 81.52% of the company’s stock.

Wix.com Stock Performance

WIX stock opened at $197.53 on Thursday. The company’s 50-day simple moving average is $222.52 and its 200 day simple moving average is $195.61. Wix.com Ltd. has a 52 week low of $117.58 and a 52 week high of $247.11. The company has a market capitalization of $10.83 billion, a PE ratio of 84.06, a price-to-earnings-growth ratio of 2.83 and a beta of 1.58.

Wix.com declared that its board has approved a stock 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 repurchase up to 1.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several research firms 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 research report on Wednesday, February 19th. JPMorgan Chase & Co. dropped their price target on shares of Wix.com from $205.00 to $189.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 19th. JMP Securities reaffirmed a “market outperform” rating and set a $240.00 price target on shares of Wix.com in a research report on Tuesday, February 18th. Citigroup upped their price target on shares of Wix.com from $275.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Finally, Jefferies Financial Group upped their price objective on shares of Wix.com from $225.00 to $260.00 and gave the company a “buy” rating in a report on Monday, January 6th. One 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $246.05.

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.