Scotiabank Begins Coverage on Wix.com (NASDAQ:WIX)

Analysts at Scotiabank assumed coverage on shares of Wix.com (NASDAQ:WIX) in a report issued on Wednesday, Marketbeat.com reports. The firm set a “sector outperform” rating and a $250.00 price target on the information services provider’s stock. Scotiabank’s target price points to a potential upside of 33.69% from the stock’s previous close.

WIX has been the subject of a number of other reports. B. Riley raised their price target on Wix.com from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Needham & Company LLC reissued a “buy” rating and issued a $235.00 target price on shares of Wix.com in a research note on Wednesday, February 19th. Evercore ISI raised shares of Wix.com to a “strong-buy” rating in a research report on Thursday, November 21st. Barclays lifted their price objective on shares of Wix.com from $236.00 to $240.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Finally, Robert W. Baird boosted their price objective on shares of Wix.com from $175.00 to $215.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Wix.com presently has a consensus rating of “Moderate Buy” and a consensus price target of $246.05.

Wix.com Price Performance

Shares of NASDAQ WIX opened at $187.00 on Wednesday. The business has a 50-day moving average of $221.78 and a 200-day moving average of $195.55. The stock has a market capitalization of $10.25 billion, a price-to-earnings ratio of 79.57, a PEG ratio of 2.83 and a beta of 1.58. Wix.com has a fifty-two week low of $117.58 and a fifty-two week high of $247.11.

Wix.com declared that its board has authorized a stock repurchase program on Thursday, February 27th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits 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 shares are undervalued.

Institutional Investors Weigh In On Wix.com

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Newbridge Financial Services Group Inc. bought a new position in Wix.com during the fourth quarter worth about $43,000. Avior Wealth Management LLC grew its position in shares of Wix.com by 79.5% during the 4th quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider’s stock worth $43,000 after purchasing an additional 89 shares in the last quarter. Global Retirement Partners LLC increased its holdings in shares of Wix.com by 36.0% during the fourth quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock worth $47,000 after purchasing an additional 58 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of Wix.com in the fourth quarter valued at approximately $52,000. Finally, Advisors Asset Management Inc. boosted its stake in shares of Wix.com by 112.1% in the third quarter. Advisors Asset Management Inc. now owns 246 shares of the information services provider’s stock valued at $41,000 after buying an additional 130 shares during the period. Institutional investors and hedge funds own 81.52% of the company’s stock.

About Wix.com

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.