The stock market had a day to forget on Tuesday, but Wix.com (NASDAQ: WIX) shareholders really had a day to forget. Shares of the DIY website services company fell by nearly 5% in price as it was revealed that a prominent institutional investor had trimmed its stake.
After market hours on Monday, Starboard Value updated its Wix.com holding in a regulatory document. According to the filing, the investor now holds just over 3.9 billion shares of Wix.com, giving it a 6.6% stake. That's notably down from the 9% it disclosed in a similar regulatory document filed in mid-September.
Starboard Value frequently enters a company as an activist investor, aiming to change the strategy, culture, and/or management team of an investment once it builds up an anchor holding. Elsewhere in the tech sector, the company recently disclosed stakes in Salesforce and Splunk.
Source Fool.com