Wix.com (NASDAQ:WIX) Raised 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 note issued to investors on Tuesday morning.

WIX has been the subject of several other reports. Citigroup raised their target price on Wix.com from $275.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. B. Riley raised their price target on shares of Wix.com from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. JPMorgan Chase & Co. cut their target price on shares of Wix.com from $205.00 to $189.00 and set a “neutral” rating for the company in a research report on Wednesday, February 19th. Wells Fargo & Company initiated coverage on Wix.com in a research note on Monday, February 3rd. They set an “underweight” rating and a $208.00 price objective on the stock. Finally, Raymond James upgraded shares of Wix.com from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $225.00 to $300.00 in a research note on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, three have given a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, Wix.com presently has an average rating of “Moderate Buy” and an average target price of $245.83.

Wix.com Price Performance

Wix.com stock opened at $202.02 on Tuesday. The firm has a market cap of $11.08 billion, a P/E ratio of 85.97, a P/E/G ratio of 2.83 and a beta of 1.58. Wix.com has a one year low of $117.58 and a one year high of $247.11. The stock’s 50 day moving average is $225.20 and its 200 day moving average is $194.39.

Wix.com announced that its board has authorized 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 stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Wix.com

Several large investors have recently bought and sold shares of WIX. Wellington Management Group LLP increased its holdings in shares of Wix.com by 518.3% in the 4th quarter. Wellington Management Group LLP now owns 1,510,515 shares of the information services provider’s stock valued at $324,081,000 after acquiring an additional 1,266,202 shares during the period. Dorsal Capital Management LP increased its stake in Wix.com by 1.8% in the fourth quarter. Dorsal Capital Management LP now owns 1,425,000 shares of the information services provider’s stock valued at $305,734,000 after purchasing an additional 25,000 shares during the period. Senvest Management LLC increased its stake in Wix.com by 27.3% in the fourth quarter. Senvest Management LLC now owns 1,422,793 shares of the information services provider’s stock valued at $305,260,000 after purchasing an additional 304,712 shares during the period. Whale Rock Capital Management LLC raised its holdings in shares of Wix.com by 55.1% in the fourth 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 during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Wix.com by 21.0% during the fourth quarter. Renaissance Technologies LLC now owns 937,549 shares of the information services provider’s stock worth $201,151,000 after buying an additional 162,400 shares during the period. 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.