Stock Traders Buy Large Volume of Wix.com Call Options (NASDAQ:WIX)

Wix.com Ltd. (NASDAQ:WIX) was the target of unusually large options trading on Tuesday. Stock traders purchased 8,087 call options on the company. This is an increase of approximately 287% compared to the typical daily volume of 2,090 call options.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. StockNews.com downgraded Wix.com from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 6th. Evercore ISI upgraded Wix.com to a “strong-buy” rating in a research report on Thursday, November 21st. Cantor Fitzgerald raised their price objective on Wix.com from $260.00 to $270.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Robert W. Baird boosted their target price on Wix.com from $175.00 to $215.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Finally, Needham & Company LLC restated a “buy” rating and issued a $235.00 price target on shares of Wix.com in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Wix.com currently has a consensus rating of “Moderate Buy” and a consensus target price of $243.74.

Hedge Funds Weigh In On Wix.com

A number of large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its stake in shares of Wix.com by 518.3% in the fourth quarter. Wellington Management Group LLP now owns 1,510,515 shares of the information services provider’s stock worth $324,081,000 after acquiring an additional 1,266,202 shares during the last quarter. Dorsal Capital Management LP grew its holdings in shares of Wix.com by 1.8% during the fourth quarter. Dorsal Capital Management LP now owns 1,425,000 shares of the information services provider’s stock worth $305,734,000 after buying an additional 25,000 shares in the last quarter. Senvest Management LLC raised its position in shares of 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 buying an additional 304,712 shares during the last quarter. Whale Rock Capital Management LLC lifted its stake 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 worth $229,904,000 after buying an additional 380,800 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in 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 acquiring an additional 162,400 shares during the last quarter. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Wix.com Price Performance

NASDAQ WIX traded up $3.59 during trading hours on Tuesday, reaching $173.99. The company’s stock had a trading volume of 443,401 shares, compared to its average volume of 584,832. The firm has a market capitalization of $9.54 billion, a price-to-earnings ratio of 74.04, a P/E/G ratio of 2.83 and a beta of 1.64. The company’s 50-day moving average is $220.20 and its two-hundred day moving average is $196.06. Wix.com has a 1-year low of $117.58 and a 1-year high of $247.11.

Wix.com announced that its Board of Directors has approved a stock repurchase program on Thursday, February 27th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes 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 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.