Corebridge Financial Inc. Sells 281 Shares of Wix.com Ltd. (NASDAQ:WIX)

Corebridge Financial Inc. reduced its stake in Wix.com Ltd. (NASDAQ:WIX) by 2.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,514 shares of the information services provider’s stock after selling 281 shares during the period. Corebridge Financial Inc.’s holdings in Wix.com were worth $2,041,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in shares of Wix.com by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 36,361 shares of the information services provider’s stock worth $6,078,000 after acquiring an additional 613 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Wix.com by 60.8% during the third quarter. BNP Paribas Financial Markets now owns 30,393 shares of the information services provider’s stock valued at $5,081,000 after buying an additional 11,497 shares during the period. Investment Management Corp of Ontario bought a new stake in shares of Wix.com during the 3rd quarter valued at $2,147,000. Polar Asset Management Partners Inc. grew its position in shares of Wix.com by 192.9% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 98,500 shares of the information services provider’s stock worth $16,466,000 after buying an additional 64,869 shares during the period. Finally, Quantinno Capital Management LP increased its stake in shares of Wix.com by 5.2% in the 3rd quarter. Quantinno Capital Management LP now owns 10,385 shares of the information services provider’s stock worth $1,736,000 after acquiring an additional 509 shares in the last quarter. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

Wix.com Stock Up 0.4 %

Shares of NASDAQ:WIX opened at $164.00 on Wednesday. The stock has a market capitalization of $9.20 billion, a PE ratio of 69.79, a price-to-earnings-growth ratio of 2.83 and a beta of 1.65. The firm’s 50 day moving average price is $201.95 and its 200-day moving average price is $197.25. Wix.com Ltd. has a twelve month low of $117.58 and a twelve month high of $247.11.

Wix.com declared that its Board of Directors has authorized a stock buyback program 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 stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on WIX shares. JMP Securities reissued a “market outperform” rating and set a $240.00 price objective on shares of Wix.com in a research note on Tuesday, February 18th. Bank of America upped their price target on Wix.com from $228.00 to $270.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Morgan Stanley upgraded Wix.com from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $248.00 to $276.00 in a research note on Monday, January 13th. Scotiabank initiated coverage on Wix.com in a research note on Wednesday, March 5th. They issued a “sector outperform” rating and a $250.00 target price on the stock. Finally, Barclays lifted their price target on Wix.com from $236.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $243.74.

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.