Wix.com (NASDAQ:WIX) Coverage Initiated at Scotiabank

Scotiabank initiated coverage on shares of Wix.com (NASDAQ:WIX) in a research report released on Wednesday, MarketBeat.com reports. The firm issued a sector outperform rating and a $250.00 target price on the information services provider’s stock.

Several other equities research analysts have also commented on the stock. JPMorgan Chase & Co. decreased their target price on shares of Wix.com from $205.00 to $189.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 19th. Benchmark boosted their price objective on shares of Wix.com from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Morgan Stanley upgraded shares of Wix.com from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $248.00 to $276.00 in a research report on Monday, January 13th. Needham & Company LLC reissued a “buy” rating and issued a $235.00 target price on shares of Wix.com in a research note on Wednesday, February 19th. Finally, Raymond James raised shares of Wix.com from an “outperform” rating to a “strong-buy” rating and boosted their target price for the company 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 assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $244.00.

Wix.com Stock Performance

Shares of NASDAQ WIX opened at $186.56 on Wednesday. The firm has a market capitalization of $10.23 billion, a P/E ratio of 79.39, a PEG 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 company’s fifty day moving average is $221.14 and its two-hundred day moving average is $195.66.

Wix.com declared that its board has approved a share buyback plan on Thursday, February 27th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the information services provider to reacquire up to 1.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Wix.com

A number of institutional investors and hedge funds have recently bought and sold shares of WIX. Wellington Management Group LLP increased 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 stake in Wix.com during the 4th quarter worth approximately $89,839,000. SG Americas Securities LLC increased its position in Wix.com by 558.5% during the 4th 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 increased its position in Wix.com by 55.1% during the 4th 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 in the last quarter. Finally, Senvest Management LLC increased its position in 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 worth $305,260,000 after purchasing an additional 304,712 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.