Pictet Asset Management Holding SA Sells 25,547 Shares of Wix.com Ltd. $WIX

Pictet Asset Management Holding SA trimmed its stake in shares of Wix.com Ltd. (NASDAQ:WIX) by 35.0% in the fourth quarter, Holdings Channel.com reports. The fund owned 47,414 shares of the information services provider’s stock after selling 25,547 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Wix.com were worth $4,926,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Wix.com during the fourth quarter worth about $4,087,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Wix.com by 71.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,312 shares of the information services provider’s stock worth $2,941,000 after acquiring an additional 11,758 shares during the last quarter. Bayforest Capital Ltd raised its position in shares of Wix.com by 57.2% during the fourth quarter. Bayforest Capital Ltd now owns 846 shares of the information services provider’s stock worth $88,000 after acquiring an additional 308 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its position in shares of Wix.com by 62.6% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,408 shares of the information services provider’s stock worth $458,000 after acquiring an additional 1,697 shares during the last quarter. Finally, Lakehouse Capital Pty Ltd raised its position in shares of Wix.com by 1.2% during the fourth quarter. Lakehouse Capital Pty Ltd now owns 109,830 shares of the information services provider’s stock worth $11,410,000 after acquiring an additional 1,350 shares during the last quarter. 81.52% of the stock is currently owned by institutional investors.

Wix.com Stock Performance

Shares of WIX stock opened at $80.60 on Monday. The company has a market cap of $4.70 billion, a P/E ratio of 99.51, a PEG ratio of 2.46 and a beta of 1.01. The stock has a 50 day simple moving average of $79.57 and a two-hundred day simple moving average of $95.16. Wix.com Ltd. has a fifty-two week low of $60.22 and a fifty-two week high of $191.24.

Wix.com (NASDAQ:WIX) last issued its earnings results on Wednesday, March 4th. The information services provider reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.45. The business had revenue of $524.27 million during the quarter, compared to the consensus estimate of $527.69 million. Wix.com had a negative return on equity of 70.04% and a net margin of 2.54%.The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.10 earnings per share. On average, research analysts predict that Wix.com Ltd. will post 1.57 earnings per share for the current year.

Wix.com announced that its Board of Directors has approved a share buyback plan on Wednesday, January 28th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the information services provider to buy up to 40.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on WIX shares. UBS Group downgraded Wix.com from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $145.00 to $96.00 in a research report on Thursday, April 2nd. Needham & Company LLC lowered their price objective on Wix.com from $140.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Weiss Ratings downgraded Wix.com from a “hold (c-)” rating to a “sell (d)” rating in a research report on Friday, March 6th. Scotiabank lowered their price objective on Wix.com from $175.00 to $125.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 5th. Finally, Robert W. Baird downgraded Wix.com from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $115.00 to $90.00 in a research report on Monday, March 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Wix.com presently has a consensus rating of “Moderate Buy” and a consensus price target of $124.65.

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.