Wix.com (NASDAQ:WIX) Upgraded at StockNews.com

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

Several other analysts also recently issued reports on WIX. Raymond James raised shares of Wix.com from an “outperform” rating to a “strong-buy” rating and upped their price objective for the stock from $225.00 to $300.00 in a report on Tuesday, January 21st. Royal Bank of Canada restated an “outperform” rating and set a $245.00 price target on shares of Wix.com in a report on Thursday, February 20th. Wells Fargo & Company dropped their price objective on Wix.com from $194.00 to $169.00 and set an “underweight” rating on the stock in a research note on Friday, March 7th. Needham & Company LLC restated a “buy” rating and set a $235.00 target price on shares of Wix.com in a research note on Wednesday, February 19th. Finally, UBS Group set a $250.00 target price on Wix.com in a report on Wednesday, March 5th. One 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $243.74.

Wix.com Stock Performance

WIX opened at $168.63 on Tuesday. Wix.com has a twelve month low of $117.58 and a twelve month high of $247.11. The business has a 50 day moving average price of $207.83 and a 200 day moving average price of $196.61. The firm has a market cap of $9.24 billion, a P/E ratio of 71.76, a price-to-earnings-growth ratio of 2.83 and a beta of 1.64.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Newbridge Financial Services Group Inc. acquired a new stake in Wix.com during the fourth quarter valued at approximately $43,000. Avior Wealth Management LLC raised its holdings in shares of Wix.com by 79.5% in the 4th quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider’s stock worth $43,000 after buying an additional 89 shares in the last quarter. Global Retirement Partners LLC lifted its position 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 buying an additional 58 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Wix.com in the 4th quarter valued at $52,000. Finally, Advisors Asset Management Inc. boosted its stake in Wix.com by 112.1% in the 3rd 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 in the last quarter. Institutional investors and hedge funds 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.