PNC Financial Services Group Inc. Raises Stake in Wix.com Ltd. (NASDAQ:WIX)

PNC Financial Services Group Inc. grew its holdings in Wix.com Ltd. (NASDAQ:WIXFree Report) by 52.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 3,592 shares of the information services provider’s stock after acquiring an additional 1,239 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Wix.com were worth $771,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in WIX. BNP Paribas Financial Markets raised its stake in Wix.com by 60.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 30,393 shares of the information services provider’s stock valued at $5,081,000 after acquiring an additional 11,497 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new stake in shares of Wix.com during the fourth quarter worth $256,000. Oppenheimer & Co. Inc. purchased a new position in Wix.com in the 3rd quarter valued at $461,000. Loomis Sayles & Co. L P increased its stake in Wix.com by 23.9% in the 3rd quarter. Loomis Sayles & Co. L P now owns 188,746 shares of the information services provider’s stock valued at $31,552,000 after buying an additional 36,459 shares during the period. Finally, XTX Topco Ltd raised its position in Wix.com by 348.6% during the 3rd quarter. XTX Topco Ltd now owns 8,904 shares of the information services provider’s stock worth $1,488,000 after buying an additional 6,919 shares during the last quarter. Institutional investors and hedge funds own 81.52% of the company’s stock.

Wix.com Stock Up 1.4 %

Shares of NASDAQ:WIX opened at $174.99 on Tuesday. The company has a market capitalization of $9.59 billion, a P/E ratio of 74.46, a P/E/G ratio of 2.83 and a beta of 1.64. Wix.com Ltd. has a 52-week low of $117.58 and a 52-week high of $247.11. The stock’s fifty day simple moving average is $215.72 and its 200-day simple moving average is $196.36.

Wix.com announced that its Board of Directors has approved a share repurchase 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 purchase up to 1.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

WIX has been the topic of several analyst reports. Wells Fargo & Company lowered their target price on shares of Wix.com from $194.00 to $169.00 and set an “underweight” rating on the stock in a report on Friday, March 7th. Evercore ISI upgraded Wix.com to a “strong-buy” rating in a research report on Thursday, November 21st. Raymond James raised Wix.com from an “outperform” rating to a “strong-buy” rating and raised their price target for the company from $225.00 to $300.00 in a report on Tuesday, January 21st. Bank of America upped their price objective on Wix.com from $228.00 to $270.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Finally, Morgan Stanley raised Wix.com from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $248.00 to $276.00 in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $243.74.

Read Our Latest Report on WIX

Wix.com Company Profile

(Free Report)

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.

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Want to see what other hedge funds are holding WIX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wix.com Ltd. (NASDAQ:WIXFree Report).

Institutional Ownership by Quarter for Wix.com (NASDAQ:WIX)

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