Wix.com (NASDAQ:WIX) Raised to “Strong-Buy” at StockNews.com

Wix.com (NASDAQ:WIX) was upgraded by stock analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report released on Thursday.

Other equities analysts have also issued research reports about the company. Barclays lifted their price target on Wix.com from $236.00 to $240.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. UBS Group set a $250.00 target price on Wix.com in a research report on Wednesday, March 5th. Piper Sandler boosted their target price on Wix.com from $249.00 to $262.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Jefferies Financial Group raised their price target on shares of Wix.com from $225.00 to $260.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Finally, Cantor Fitzgerald upped their price objective on shares of Wix.com from $260.00 to $270.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $243.74.

Wix.com Trading Up 1.1 %

NASDAQ WIX opened at $165.87 on Thursday. The firm’s 50 day simple moving average is $200.57 and its 200 day simple moving average is $197.03. The firm has a market capitalization of $9.31 billion, a price-to-earnings ratio of 70.58, a P/E/G ratio of 2.83 and a beta of 1.65. Wix.com has a 1 year low of $117.58 and a 1 year high of $247.11.

Wix.com announced that its board has approved a stock repurchase program on Thursday, February 27th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the information services provider to reacquire up to 1.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Wix.com

Several hedge funds have recently modified their holdings of WIX. Flagship Harbor Advisors LLC bought a new position in Wix.com in the fourth quarter worth approximately $256,000. XTX Topco Ltd grew its position in Wix.com by 348.6% in the 3rd quarter. XTX Topco Ltd now owns 8,904 shares of the information services provider’s stock worth $1,488,000 after purchasing an additional 6,919 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Wix.com by 9.7% in the 4th quarter. Bank of New York Mellon Corp now owns 124,622 shares of the information services provider’s stock valued at $26,738,000 after buying an additional 11,048 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Wix.com by 5.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 105,353 shares of the information services provider’s stock worth $22,603,000 after buying an additional 5,286 shares in the last quarter. Finally, Investment Management Corp of Ontario bought a new position in shares of Wix.com during the 3rd quarter worth approximately $2,147,000. Institutional investors own 81.52% of the company’s stock.

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.