Wix.com Ltd. (NASDAQ:WIX) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Wix.com Ltd. (NASDAQ:WIX) has earned an average recommendation of “Moderate Buy” from the twenty-one analysts that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $246.05.

A number of research analysts recently issued reports on WIX shares. Raymond James upgraded Wix.com from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $225.00 to $300.00 in a report on Tuesday, January 21st. StockNews.com raised shares of Wix.com from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 25th. Barclays lifted their price objective on shares of Wix.com from $236.00 to $240.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Citigroup increased their target price on shares of Wix.com from $275.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Finally, Morgan Stanley upgraded shares of Wix.com from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $248.00 to $276.00 in a research note on Monday, January 13th.

Institutional Trading of Wix.com

A number of hedge funds have recently modified their holdings of WIX. Creative Planning raised its holdings in Wix.com by 15.8% in the 3rd quarter. Creative Planning now owns 9,310 shares of the information services provider’s stock valued at $1,556,000 after acquiring an additional 1,269 shares during the period. Blue Trust Inc. grew its position in shares of Wix.com by 98.0% in the third quarter. Blue Trust Inc. now owns 198 shares of the information services provider’s stock valued at $31,000 after purchasing an additional 98 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Wix.com by 13.3% during the third quarter. Assenagon Asset Management S.A. now owns 13,519 shares of the information services provider’s stock worth $2,260,000 after purchasing an additional 1,584 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in Wix.com by 7.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,275 shares of the information services provider’s stock worth $380,000 after purchasing an additional 165 shares during the last quarter. Finally, First Trust Direct Indexing L.P. boosted its stake in Wix.com by 35.4% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 2,024 shares of the information services provider’s stock valued at $338,000 after purchasing an additional 529 shares during the period. Institutional investors and hedge funds own 81.52% of the company’s stock.

Wix.com Stock Up 4.9 %

Shares of NASDAQ:WIX opened at $197.53 on Thursday. The firm has a market cap of $10.83 billion, a price-to-earnings ratio of 84.06, a PEG ratio of 2.83 and a beta of 1.58. Wix.com has a 12 month low of $117.58 and a 12 month high of $247.11. The company’s fifty day simple moving average is $222.52 and its 200 day simple moving average is $195.61.

Wix.com declared that its Board of Directors has authorized a stock buyback plan on Thursday, February 27th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the information services provider to purchase up to 1.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.