Wix.com (NASDAQ:WIX) Upgraded to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Wix.com (NASDAQ:WIX) from a buy rating to a strong-buy rating in a research report sent to investors on Tuesday morning.

WIX has been the subject of several other reports. Jefferies Financial Group raised their price objective on Wix.com from $225.00 to $260.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Bank of America increased their target price on shares of Wix.com from $228.00 to $270.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Robert W. Baird lifted their price target on shares of Wix.com from $175.00 to $215.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. Piper Sandler lifted their price objective on Wix.com from $249.00 to $262.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Finally, JPMorgan Chase & Co. dropped their target price on shares of Wix.com from $205.00 to $189.00 and set a “neutral” rating for the company in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, Wix.com currently has an average rating of “Moderate Buy” and a consensus target price of $243.74.

Wix.com Price Performance

Shares of Wix.com stock opened at $173.31 on Tuesday. The firm’s 50-day moving average is $209.30 and its two-hundred day moving average is $196.81. Wix.com has a 1 year low of $117.58 and a 1 year high of $247.11. The stock has a market cap of $9.50 billion, a price-to-earnings ratio of 73.75, a PEG ratio of 2.83 and a beta of 1.64.

Wix.com announced that its Board of Directors has authorized a share buyback plan on Thursday, February 27th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the information services provider to repurchase up to 1.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

Institutional investors have recently modified their holdings of the company. Wellington Management Group LLP lifted its stake in Wix.com by 518.3% during the fourth quarter. Wellington Management Group LLP now owns 1,510,515 shares of the information services provider’s stock worth $324,081,000 after purchasing an additional 1,266,202 shares during the last quarter. Dorsal Capital Management LP raised its holdings in Wix.com by 1.8% during the fourth quarter. Dorsal Capital Management LP now owns 1,425,000 shares of the information services provider’s stock worth $305,734,000 after purchasing an additional 25,000 shares in the last quarter. Senvest Management LLC lifted its position in shares of Wix.com by 27.3% during the 4th quarter. Senvest Management LLC now owns 1,422,793 shares of the information services provider’s stock worth $305,260,000 after buying an additional 304,712 shares during the last quarter. Whale Rock Capital Management LLC boosted its holdings in shares of Wix.com by 55.1% in the 4th quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider’s stock valued at $229,904,000 after buying an additional 380,800 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of Wix.com by 21.0% in the 4th quarter. Renaissance Technologies LLC now owns 937,549 shares of the information services provider’s stock valued at $201,151,000 after buying an additional 162,400 shares during the last quarter. 81.52% of the stock is owned by hedge funds and other institutional investors.

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.