JPMorgan Chase & Co. Sells 4,203,981 Shares of Wix.com Ltd. $WIX

JPMorgan Chase & Co. lowered its stake in Wix.com Ltd. (NASDAQ:WIX) by 88.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 532,030 shares of the information services provider’s stock after selling 4,203,981 shares during the period. JPMorgan Chase & Co. owned 0.95% of Wix.com worth $94,504,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Geode Capital Management LLC boosted its holdings in Wix.com by 2.5% in the second quarter. Geode Capital Management LLC now owns 491,958 shares of the information services provider’s stock valued at $77,466,000 after acquiring an additional 12,210 shares during the last quarter. Schroder Investment Management Group lifted its position in Wix.com by 34.8% during the 2nd quarter. Schroder Investment Management Group now owns 228,028 shares of the information services provider’s stock valued at $36,133,000 after purchasing an additional 58,859 shares during the period. Liontrust Investment Partners LLP acquired a new position in Wix.com during the 2nd quarter valued at about $3,708,000. Senvest Management LLC boosted its stake in shares of Wix.com by 32.2% in the 2nd quarter. Senvest Management LLC now owns 2,040,910 shares of the information services provider’s stock valued at $323,403,000 after purchasing an additional 496,770 shares during the last quarter. Finally, Mediolanum International Funds Ltd grew its position in shares of Wix.com by 65.9% during the 3rd quarter. Mediolanum International Funds Ltd now owns 55,647 shares of the information services provider’s stock worth $10,054,000 after buying an additional 22,112 shares during the period. Institutional investors and hedge funds own 81.52% of the company’s stock.

Analyst Ratings Changes

WIX has been the topic of several analyst reports. Wells Fargo & Company cut their price objective on shares of Wix.com from $184.00 to $176.00 and set an “overweight” rating on the stock in a report on Friday, December 19th. Royal Bank Of Canada set a $70.00 price target on Wix.com in a research note on Wednesday, January 7th. Citizens Jmp reduced their price target on Wix.com from $185.00 to $125.00 and set a “market outperform” rating on the stock in a research report on Thursday, January 22nd. Raymond James Financial set a $74.00 price objective on Wix.com in a report on Wednesday, January 7th. Finally, Morgan Stanley reduced their target price on Wix.com from $181.00 to $160.00 and set an “overweight” rating on the stock in a report on Thursday, January 15th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $156.30.

Wix.com Trading Down 6.1%

NASDAQ:WIX opened at $62.80 on Tuesday. Wix.com Ltd. has a 1 year low of $62.58 and a 1 year high of $207.45. The stock has a 50-day moving average price of $88.06 and a two-hundred day moving average price of $118.51. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 26.84, a PEG ratio of 2.08 and a beta of 1.42.

Wix.com announced that its Board of Directors has approved a share repurchase program on Wednesday, January 28th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information services provider to purchase up to 40.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

About Wix.com

Wix.com Ltd. operates a cloud-based platform that enables individuals and businesses to create, manage and develop professional web presences through an intuitive drag-and-drop interface. The company’s software-as-a-service model provides hosting, customizable templates and a range of design tools, eliminating the need for coding expertise. Users can choose from a variety of premium plans to access custom domains, enhanced storage, and advanced performance features tailored to personal projects, small businesses and online storefronts.

Beyond its core website builder, Wix offers a suite of complementary services designed to support digital growth and marketing.