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

Wix.com (NASDAQ:WIX) was upgraded by equities researchers at StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Tuesday.

A number of other analysts have also recently commented on WIX. Wells Fargo & Company reduced their price target on Wix.com from $194.00 to $169.00 and set an “underweight” rating for the company in a research report on Friday, March 7th. Piper Sandler increased their target price on shares of Wix.com from $249.00 to $262.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Cantor Fitzgerald lifted their price target on shares of Wix.com from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Scotiabank assumed coverage on shares of Wix.com in a research note on Wednesday, March 5th. They issued a “sector outperform” rating and a $250.00 price objective for the company. Finally, Benchmark raised their price objective on shares of Wix.com from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $243.74.

Wix.com Price Performance

Shares of WIX stock opened at $172.75 on Tuesday. The company has a market cap of $9.47 billion, a price-to-earnings ratio of 73.51, a PEG ratio of 2.83 and a beta of 1.64. Wix.com has a 1 year low of $117.58 and a 1 year high of $247.11. The firm has a fifty day moving average price of $210.56 and a 200-day moving average price of $196.69.

Wix.com announced that its board has initiated a share buyback program 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 programs are often an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Advisors Asset Management Inc. raised its stake in Wix.com by 112.1% during the third quarter. Advisors Asset Management Inc. now owns 246 shares of the information services provider’s stock valued at $41,000 after purchasing an additional 130 shares in the last quarter. Avior Wealth Management LLC increased 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 during the last quarter. Newbridge Financial Services Group Inc. bought a new stake in shares of Wix.com in the 4th quarter worth about $43,000. Global Retirement Partners LLC raised 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 valued at $47,000 after buying an additional 58 shares in the last quarter. Finally, SBI Securities Co. Ltd. bought a new position in shares of Wix.com in the 4th quarter valued at about $52,000. 81.52% of the stock is currently owned by institutional investors.

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.