Procyon Advisors LLC Acquires 67 Shares of Wix.com Ltd. (NASDAQ:WIX)

Procyon Advisors LLC boosted its position in Wix.com Ltd. (NASDAQ:WIX) by 5.1% during the first quarter, Holdings Channel.com reports. The fund owned 1,385 shares of the information services provider’s stock after acquiring an additional 67 shares during the period. Procyon Advisors LLC’s holdings in Wix.com were worth $226,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Wix.com by 5.3% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 105,353 shares of the information services provider’s stock worth $22,603,000 after purchasing an additional 5,286 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Wix.com by 11.4% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 4,468 shares of the information services provider’s stock worth $959,000 after purchasing an additional 459 shares during the period. Entropy Technologies LP lifted its position in shares of Wix.com by 30.2% in the 4th quarter. Entropy Technologies LP now owns 6,458 shares of the information services provider’s stock worth $1,386,000 after purchasing an additional 1,499 shares during the period. WCM Investment Management LLC lifted its position in shares of Wix.com by 22.7% in the 4th quarter. WCM Investment Management LLC now owns 36,638 shares of the information services provider’s stock worth $7,965,000 after purchasing an additional 6,769 shares during the period. Finally, Newbridge Financial Services Group Inc. purchased a new stake in shares of Wix.com in the 4th quarter worth about $43,000. Institutional investors own 81.52% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Bank of America dropped their target price on shares of Wix.com from $270.00 to $230.00 and set a “buy” rating for the company in a research report on Wednesday, May 21st. Robert W. Baird raised shares of Wix.com from a “neutral” rating to an “outperform” rating and lowered their price target for the company from $215.00 to $190.00 in a research report on Friday, May 23rd. Baird R W raised shares of Wix.com from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 23rd. Royal Bank of Canada lowered their price target on shares of Wix.com from $245.00 to $210.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. Finally, Scotiabank began coverage on shares of Wix.com in a research note on Wednesday, March 5th. They set a “sector outperform” rating and a $250.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wix.com presently has an average rating of “Moderate Buy” and an average target price of $226.68.

Wix.com Stock Performance

WIX stock opened at $153.96 on Tuesday. Wix.com Ltd. has a one year low of $137.94 and a one year high of $247.11. The company’s fifty day moving average price is $161.56 and its 200-day moving average price is $193.83. The company has a market capitalization of $8.64 billion, a PE ratio of 65.51, a price-to-earnings-growth ratio of 2.83 and a beta of 1.31.

Wix.com announced that its board has initiated a share buyback plan on Thursday, February 27th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the information services provider to reacquire up to 1.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are 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.