abrdn plc Cuts Stock Holdings in Wix.com Ltd. (NASDAQ:WIX)

abrdn plc lessened its position in Wix.com Ltd. (NASDAQ:WIX) by 1.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,479 shares of the information services provider’s stock after selling 240 shares during the quarter. abrdn plc’s holdings in Wix.com were worth $2,253,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. boosted its position in Wix.com by 98.0% during the third quarter. Blue Trust Inc. now owns 198 shares of the information services provider’s stock worth $31,000 after acquiring an additional 98 shares during the last quarter. Fidelis Capital Partners LLC acquired a new position in shares of Wix.com during the 1st quarter worth approximately $37,000. Industrial Alliance Investment Management Inc. grew its position in shares of Wix.com by 246.5% in the first quarter. Industrial Alliance Investment Management Inc. now owns 686 shares of the information services provider’s stock valued at $94,000 after purchasing an additional 488 shares in the last quarter. CWM LLC grew its position in shares of Wix.com by 19.0% in the third quarter. CWM LLC now owns 632 shares of the information services provider’s stock valued at $106,000 after purchasing an additional 101 shares in the last quarter. Finally, Toronto Dominion Bank increased its holdings in shares of Wix.com by 19.0% in the second quarter. Toronto Dominion Bank now owns 778 shares of the information services provider’s stock valued at $124,000 after purchasing an additional 124 shares during the last quarter. 81.52% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Needham & Company LLC restated a “buy” rating and issued a $190.00 target price on shares of Wix.com in a report on Wednesday, August 7th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price objective on shares of Wix.com in a research report on Monday, October 7th. Benchmark increased their price target on shares of Wix.com from $210.00 to $225.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Barclays reduced their price target on shares of Wix.com from $186.00 to $184.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 1st. Finally, Piper Sandler upgraded Wix.com from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $184.00 to $200.00 in a research report on Monday, September 23rd. Three equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $190.06.

Wix.com Price Performance

NASDAQ:WIX opened at $163.41 on Tuesday. The firm has a market capitalization of $8.96 billion, a PE ratio of 129.69, a price-to-earnings-growth ratio of 3.56 and a beta of 1.47. The business’s fifty day moving average price is $163.19 and its 200 day moving average price is $156.95. Wix.com Ltd. has a 12 month low of $85.08 and a 12 month high of $179.00.

Wix.com (NASDAQ:WIX) last announced its quarterly earnings results on Wednesday, August 7th. The information services provider reported $1.67 EPS for the quarter, beating the consensus estimate of $1.32 by $0.35. Wix.com had a net margin of 4.44% and a negative return on equity of 49.05%. The company had revenue of $435.70 million for the quarter, compared to analyst estimates of $442.88 million. During the same period in the prior year, the firm posted $0.58 earnings per share. The firm’s revenue was up 11.7% on a year-over-year basis. As a group, equities analysts anticipate that Wix.com Ltd. will post 2.1 EPS for the current year.

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.