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

Pictet Asset Management Holding SA lifted its position in Wix.com Ltd. (NASDAQ:WIX) by 71.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,869 shares of the information services provider’s stock after acquiring an additional 21,583 shares during the period. Pictet Asset Management Holding SA owned 0.09% of Wix.com worth $11,128,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in Wix.com during the fourth quarter worth about $63,829,000. Korea Investment CORP lifted its stake in Wix.com by 0.5% in the 4th quarter. Korea Investment CORP now owns 20,528 shares of the information services provider’s stock worth $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 acquired a new position in shares of Wix.com during the 4th quarter worth approximately $386,000. LPL Financial LLC grew its position in shares of Wix.com by 24.4% in the fourth 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 acquired a new stake in shares of Wix.com in the fourth quarter valued at approximately $4,119,000. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on WIX. StockNews.com upgraded Wix.com from a “buy” rating to a “strong-buy” rating in a report on Thursday. UBS Group set a $250.00 price objective on shares of Wix.com in a research report on Wednesday, March 5th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $245.00 target price on shares of Wix.com in a research note on Thursday, February 20th. Bank of America raised their price target on shares of Wix.com from $228.00 to $270.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Finally, Piper Sandler upped their price objective on Wix.com from $249.00 to $262.00 and gave the company an “overweight” rating in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, three have given a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $243.74.

Wix.com Stock Up 1.1 %

Shares of WIX opened at $165.87 on Thursday. The company has a market capitalization of $9.31 billion, a price-to-earnings ratio of 70.58, a price-to-earnings-growth ratio of 2.83 and a beta of 1.65. Wix.com Ltd. has a 52-week low of $117.58 and a 52-week high of $247.11. The stock has a 50 day moving average price of $200.57 and a 200 day moving average price of $197.03.

Wix.com announced that its Board of Directors has approved a stock buyback program on Thursday, February 27th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the information services provider to purchase up to 1.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.