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 Friday.

Other research analysts have also recently issued reports about the company. Citigroup raised their target price on Wix.com from $275.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Jefferies Financial Group increased 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. Royal Bank of Canada reiterated an “outperform” rating and set a $245.00 price objective on shares of Wix.com in a research note on Thursday, February 20th. Morgan Stanley upgraded Wix.com from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $248.00 to $276.00 in a research note on Monday, January 13th. Finally, Raymond James upgraded Wix.com from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $225.00 to $300.00 in a research note on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, fifteen have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $243.74.

Wix.com Price Performance

Shares of WIX stock opened at $172.59 on Friday. The stock has a market cap of $9.46 billion, a P/E ratio of 73.44, a price-to-earnings-growth ratio of 2.83 and a beta of 1.64. Wix.com has a one year low of $117.58 and a one year high of $247.11. The stock has a fifty day moving average price of $216.76 and a 200 day moving average price of $195.85.

Wix.com announced that its Board of Directors has initiated 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 buy up to 1.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Cullen Frost Bankers Inc. raised its position in Wix.com by 9.9% in the 4th quarter. Cullen Frost Bankers Inc. now owns 608 shares of the information services provider’s stock valued at $130,000 after buying an additional 55 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Wix.com by 28.3% during the 4th quarter. Blue Trust Inc. now owns 254 shares of the information services provider’s stock worth $54,000 after purchasing an additional 56 shares in the last quarter. Global Retirement Partners LLC raised its stake in shares of Wix.com by 36.0% during the 4th 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 in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Wix.com by 2.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,338 shares of the information services provider’s stock worth $502,000 after purchasing an additional 63 shares in the last quarter. Finally, Vestcor Inc raised its stake in shares of Wix.com by 8.0% during the 4th quarter. Vestcor Inc now owns 853 shares of the information services provider’s stock worth $183,000 after purchasing an additional 63 shares in the last quarter. 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.