5 Tech Stocks to Buy Now According to Robert Pitts’ Steadfast Capital

3. Wix.com Ltd. (NASDAQ:WIX)

Steadfast Capital’s Stake Value: $265,661,000
Percentage of Steadfast Capital’s 13F Portfolio: 4.43%
Number of Hedge Fund Holders: 29

Wix.com Ltd. (NASDAQ:WIX) is a cloud-based website design and development platform. Wix.com Ltd. (NASDAQ:WIX) provides web templates, web hosting, a web editor, SEO tools, a site builder, a logo creator, and e-mail marketing services.

After Wix.com Ltd. (NASDAQ:WIX)’s Q4 results, JMP Securities analyst Andrew Boone cut his price target to $140 from $250, citing that collections and revenue were 4% and 1% below estimate, respectively, but maintained an Outperform rating on the stock.

The hedge fund of Robert Pitts entered the fourth quarter of 2021 with 1.68 million shares of Wix.com Ltd. (NASDAQ:WIX) in the portfolio worth around $265.66 million. The company has featured on the Pitts’ portfolio since the fourth quarter of 2014. Steadfast Capital is the leading shareholder of Wix.com Ltd. (NASDAQ:WIX).

According to Insider Monkey’s database, 29 hedge funds had a stake in Wix.com Ltd. (NASDAQ:WIX) as of Q4 2021. The total value of their holdings was $821.01 million.

In its fourth quarter 2021 investor letter, ClearBridge Investments, mentioned Wix.com Ltd. (NASDAQ:WIX). Here is what the fund said:

“Strength in companies like New Relic offset weakness in highermultiple growth names that were dragged down by negative sentiment or short-term execution issues. Shares of Wix.com, for example, continued to lose momentum after a surge in demand for its web-based tools to create and manage desktop and mobile websites during the height of pandemic lockdowns. A leading beneficiary of a shift to a digital work and home environment, Wix sold off as it faced tough comparisons to the year ago period and was hurt by a rise in yields that impacted most long duration growth companies.”