Crescent Park Management L.P. Has $15.85 Million Stock Holdings in Wix.com Ltd. (NASDAQ:WIX)

Crescent Park Management L.P. lessened its holdings in Wix.com Ltd. (NASDAQ:WIX) by 5.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 73,891 shares of the information services provider’s stock after selling 4,314 shares during the period. Wix.com accounts for 6.1% of Crescent Park Management L.P.’s holdings, making the stock its 5th biggest position. Crescent Park Management L.P. owned about 0.13% of Wix.com worth $15,853,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Wellington Management Group LLP grew its position in shares of Wix.com by 518.3% in the fourth quarter. Wellington Management Group LLP now owns 1,510,515 shares of the information services provider’s stock valued at $324,081,000 after purchasing an additional 1,266,202 shares during the last quarter. SG Americas Securities LLC boosted its stake in Wix.com by 558.5% in the 4th quarter. SG Americas Securities LLC now owns 471,933 shares of the information services provider’s stock valued at $101,253,000 after purchasing an additional 400,265 shares during the period. Norges Bank acquired a new position in Wix.com in the 4th quarter valued at $63,829,000. Alliancebernstein L.P. grew its holdings in Wix.com by 1,382.1% in the 4th quarter. Alliancebernstein L.P. now owns 259,649 shares of the information services provider’s stock valued at $55,708,000 after buying an additional 242,130 shares in the last quarter. Finally, Whale Rock Capital Management LLC increased its position in Wix.com by 31.6% during the 3rd quarter. Whale Rock Capital Management LLC now owns 690,765 shares of the information services provider’s stock worth $115,475,000 after buying an additional 165,810 shares during the period. Institutional investors and hedge funds own 81.52% of the company’s stock.

Wix.com Price Performance

Shares of Wix.com stock opened at $164.00 on Wednesday. The company’s 50 day moving average price is $201.95 and its two-hundred day moving average price is $197.25. The firm has a market capitalization of $9.20 billion, a P/E ratio of 69.79, a P/E/G 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 announced that its Board of Directors has authorized a share repurchase program on Thursday, February 27th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the information services provider to reacquire up to 1.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several research firms recently commented on WIX. Piper Sandler upped their price target on shares of Wix.com from $249.00 to $262.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Scotiabank initiated coverage on shares of Wix.com in a research report on Wednesday, March 5th. They set a “sector outperform” rating and a $250.00 target price on the stock. UBS Group set a $250.00 price target on shares of Wix.com in a research report on Wednesday, March 5th. Raymond James raised Wix.com from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $225.00 to $300.00 in a research report on Tuesday, January 21st. Finally, Wells Fargo & Company lowered 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 investment analyst has rated the stock with a sell rating, three have assigned a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.