Wix.com (NASDAQ:WIX) Upgraded by Wells Fargo & Company to Equal Weight Rating

Wells Fargo & Company upgraded shares of Wix.com (NASDAQ:WIX) from an underweight rating to an equal weight rating in a report published on Tuesday morning, Marketbeat Ratings reports. They currently have $176.00 price objective on the information services provider’s stock, up from their previous price objective of $169.00.

WIX has been the topic of several other reports. Cantor Fitzgerald upped their price target on Wix.com from $260.00 to $270.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. JMP Securities restated a “market outperform” rating and issued a $240.00 target price on shares of Wix.com in a research note on Tuesday, February 18th. JPMorgan Chase & Co. cut their price target on Wix.com from $205.00 to $189.00 and set a “neutral” rating on the stock in a report on Wednesday, February 19th. UBS Group set a $250.00 target price on Wix.com in a research report on Wednesday, March 5th. Finally, StockNews.com upgraded shares of Wix.com from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 3rd. Four analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $242.53.

Wix.com Stock Performance

NASDAQ:WIX opened at $149.60 on Tuesday. The stock has a 50-day simple moving average of $191.72 and a 200 day simple moving average of $196.72. Wix.com has a one year low of $117.58 and a one year high of $247.11. The company has a market capitalization of $8.39 billion, a price-to-earnings ratio of 63.66, a price-to-earnings-growth ratio of 2.83 and a beta of 1.65.

Wix.com declared that its Board of Directors has initiated a share buyback program on Thursday, February 27th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the information services provider to repurchase up to 1.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Wix.com

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP grew its position in Wix.com by 518.3% during the 4th 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 in the last quarter. Durable Capital Partners LP acquired a new position in shares of Wix.com in the 4th quarter valued at about $89,839,000. SG Americas Securities LLC lifted its position in shares of Wix.com by 558.5% in the fourth quarter. SG Americas Securities LLC now owns 471,933 shares of the information services provider’s stock worth $101,253,000 after purchasing an additional 400,265 shares in the last quarter. Whale Rock Capital Management LLC boosted its holdings in shares of Wix.com by 55.1% during the fourth quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider’s stock worth $229,904,000 after purchasing an additional 380,800 shares during the period. Finally, Senvest Management LLC grew its holdings 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 valued at $305,260,000 after acquiring an additional 304,712 shares in the last quarter. 81.52% of the stock is owned by institutional investors and hedge funds.

Wix.com Company 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.