Nomura Asset Management Co. Ltd. Reduces Stock Holdings in Wix.com Ltd. (NASDAQ:WIX)

Nomura Asset Management Co. Ltd. lessened its stake in Wix.com Ltd. (NASDAQ:WIX) by 1.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,490 shares of the information services provider’s stock after selling 190 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Wix.com were worth $3,109,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Wix.com during the fourth quarter worth about $63,829,000. Korea Investment CORP grew its stake in Wix.com by 0.5% during the 4th quarter. Korea Investment CORP now owns 20,528 shares of the information services provider’s stock valued at $4,404,000 after purchasing an additional 100 shares in the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new stake in Wix.com during the 4th quarter worth approximately $386,000. LPL Financial LLC raised its position in shares of Wix.com by 24.4% in the 4th quarter. LPL Financial LLC now owns 7,277 shares of the information services provider’s stock valued at $1,561,000 after purchasing an additional 1,429 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Wix.com during the 4th quarter valued at approximately $4,119,000. Hedge funds and other institutional investors own 81.52% of the company’s stock.

Wix.com Stock Up 1.1 %

WIX stock opened at $165.87 on Thursday. The company has a 50-day simple moving average of $200.57 and a 200 day simple moving average of $197.03. The company has a market capitalization of $9.31 billion, a P/E ratio of 70.58, a PEG ratio of 2.83 and a beta of 1.65. Wix.com Ltd. has a fifty-two week low of $117.58 and a fifty-two week high of $247.11.

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

Analyst Ratings Changes

WIX has been the topic of several recent analyst reports. Morgan Stanley raised shares of Wix.com from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $248.00 to $276.00 in a report on Monday, January 13th. Cantor Fitzgerald boosted their price objective on Wix.com from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. JMP Securities reaffirmed a “market outperform” rating and set a $240.00 target price on shares of Wix.com in a report on Tuesday, February 18th. Piper Sandler boosted 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. Finally, Wells Fargo & Company reduced their price objective on Wix.com from $194.00 to $169.00 and set an “underweight” rating on the stock in a research note on Friday, March 7th. One 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $243.74.

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.