Polar Asset Management Partners Inc. Has $10.79 Million Stake in Wix.com Ltd. (NASDAQ:WIX)

Polar Asset Management Partners Inc. reduced its holdings in shares of Wix.com Ltd. (NASDAQ:WIX) by 48.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 50,300 shares of the information services provider’s stock after selling 48,200 shares during the period. Polar Asset Management Partners Inc. owned about 0.09% of Wix.com worth $10,792,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in WIX. Flagship Harbor Advisors LLC bought a new position in shares of Wix.com in the fourth quarter worth about $256,000. Bank of New York Mellon Corp increased its stake in Wix.com by 9.7% in the fourth quarter. Bank of New York Mellon Corp now owns 124,622 shares of the information services provider’s stock valued at $26,738,000 after purchasing an additional 11,048 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Wix.com by 5.3% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 105,353 shares of the information services provider’s stock valued at $22,603,000 after buying an additional 5,286 shares during the period. Ameritas Advisory Services LLC acquired a new position in shares of Wix.com in the fourth quarter valued at approximately $321,000. Finally, Van ECK Associates Corp boosted its holdings in shares of Wix.com by 0.6% in the fourth quarter. Van ECK Associates Corp now owns 16,946 shares of the information services provider’s stock valued at $3,636,000 after buying an additional 107 shares during the period. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Wix.com Trading Up 2.6%

NASDAQ WIX opened at $189.61 on Thursday. The stock has a market cap of $10.64 billion, a P/E ratio of 80.69, a PEG ratio of 2.83 and a beta of 1.56. The company’s fifty day simple moving average is $165.83 and its 200-day simple moving average is $196.37. Wix.com Ltd. has a 52 week low of $134.74 and a 52 week high of $247.11.

Wix.com announced that its Board of Directors has authorized a share buyback plan on Thursday, February 27th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the information services provider to repurchase up to 1.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts have issued reports on WIX shares. Needham & Company LLC reaffirmed a “buy” rating and set a $235.00 price target on shares of Wix.com in a research report on Wednesday, February 19th. Oppenheimer reduced their price target on shares of Wix.com from $250.00 to $220.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Piper Sandler lifted their target price on shares of Wix.com from $249.00 to $262.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Benchmark increased their price target on Wix.com from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Finally, StockNews.com upgraded shares of Wix.com from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 3rd. Five research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $237.74.

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.