Sequoia Financial Advisors LLC Makes New $212,000 Investment in Wix.com Ltd. (NASDAQ:WIX)

Sequoia Financial Advisors LLC bought a new stake in Wix.com Ltd. (NASDAQ:WIX) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 986 shares of the information services provider’s stock, valued at approximately $212,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. HighTower Advisors LLC purchased a new stake in Wix.com in the 4th quarter worth about $278,000. Daiwa Securities Group Inc. boosted its holdings in shares of Wix.com by 96.2% during the fourth quarter. Daiwa Securities Group Inc. now owns 9,759 shares of the information services provider’s stock worth $2,093,000 after purchasing an additional 4,784 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Wix.com by 31.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 32,512 shares of the information services provider’s stock valued at $6,975,000 after purchasing an additional 7,774 shares in the last quarter. Pettee Investors Inc. increased its stake in Wix.com by 61.7% in the 4th quarter. Pettee Investors Inc. now owns 4,455 shares of the information services provider’s stock valued at $956,000 after buying an additional 1,700 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in Wix.com by 52.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,592 shares of the information services provider’s stock worth $771,000 after buying an additional 1,239 shares in the last quarter. Institutional investors and hedge funds own 81.52% of the company’s stock.

Wix.com Price Performance

WIX stock opened at $169.13 on Friday. The company has a 50 day moving average price of $212.52 and a 200 day moving average price of $196.02. The stock has a market capitalization of $9.27 billion, a PE ratio of 71.97, a price-to-earnings-growth ratio of 2.83 and a beta of 1.64. 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 stock buyback program on Thursday, February 27th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the information services provider to repurchase up to 1.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

WIX has been the subject of several recent research reports. Benchmark increased their price objective on Wix.com from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Raymond James raised Wix.com from an “outperform” rating to a “strong-buy” rating and increased their price objective for the company from $225.00 to $300.00 in a report on Tuesday, January 21st. Scotiabank began coverage on shares of Wix.com in a report on Wednesday, March 5th. They issued a “sector outperform” rating and a $250.00 target price on the stock. StockNews.com upgraded Wix.com from a “buy” rating to a “strong-buy” rating in a report on Friday, March 14th. Finally, Evercore ISI raised shares of Wix.com to a “strong-buy” rating in a research report on Thursday, November 21st. One equities 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $243.74.

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.