Pictet Asset Management Holding SA Grows Position in Wix.com Ltd. (NASDAQ:WIX)

Pictet Asset Management Holding SA boosted its position in shares of Wix.com Ltd. (NASDAQ:WIX) by 71.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 51,869 shares of the information services provider’s stock after acquiring an additional 21,583 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Wix.com were worth $11,128,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in WIX. Newbridge Financial Services Group Inc. acquired a new stake in shares of Wix.com during the fourth quarter worth about $43,000. Avior Wealth Management LLC raised its stake in Wix.com by 79.5% during the 4th quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider’s stock valued at $43,000 after acquiring an additional 89 shares during the last quarter. Global Retirement Partners LLC lifted its position 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 acquiring an additional 58 shares during the period. SBI Securities Co. Ltd. purchased a new position in shares of Wix.com in the 4th quarter valued at approximately $52,000. Finally, Blue Trust Inc. increased its holdings in shares of 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 purchasing an additional 56 shares during the period. Hedge funds and other institutional investors own 81.52% of the company’s stock.

Wall Street Analysts Forecast Growth

WIX has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $235.00 price objective on shares of Wix.com in a research report on Wednesday, February 19th. Raymond James raised shares of 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. Benchmark increased their price target on shares of Wix.com from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Piper Sandler raised their price objective on shares of Wix.com from $249.00 to $262.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Finally, Morgan Stanley upgraded Wix.com from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $248.00 to $276.00 in a research report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $243.74.

Wix.com Price Performance

WIX stock opened at $165.87 on Thursday. The company’s 50 day simple moving average is $200.57 and its 200-day simple moving average is $197.03. Wix.com Ltd. has a 12 month low of $117.58 and a 12 month high of $247.11. The firm has a market capitalization of $9.31 billion, a PE ratio of 70.58, a P/E/G ratio of 2.83 and a beta of 1.65.

Wix.com declared that its board has authorized a stock repurchase program on Thursday, February 27th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the information services provider to reacquire up to 1.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.