Wix.com (NASDAQ:WIX) Now Covered by Analysts at Scotiabank

Stock analysts at Scotiabank started coverage on shares of Wix.com (NASDAQ:WIX) in a note issued to investors on Wednesday,Briefing.com Automated Import reports. The firm set a “sector outperform” rating and a $250.00 price target on the information services provider’s stock. Scotiabank’s target price indicates a potential upside of 32.77% from the company’s previous close.

A number of other equities analysts have also commented on the stock. Morgan Stanley raised shares of Wix.com from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $248.00 to $276.00 in a research report on Monday, January 13th. JMP Securities reaffirmed a “market outperform” rating and set a $240.00 target price on shares of Wix.com in a research report on Tuesday, February 18th. Evercore ISI upgraded Wix.com to a “strong-buy” rating in a report on Thursday, November 21st. UBS Group raised their price target on Wix.com from $250.00 to $255.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Finally, Cantor Fitzgerald upped their price objective on shares of Wix.com from $260.00 to $270.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $246.05.

Wix.com Price Performance

WIX stock opened at $188.29 on Wednesday. Wix.com has a 12 month low of $117.58 and a 12 month high of $247.11. The firm’s 50-day moving average is $223.09 and its 200 day moving average is $195.59. The company has a market capitalization of $10.32 billion, a PE ratio of 80.12, a P/E/G ratio of 2.83 and a beta of 1.58.

Wix.com announced that its board has approved a share repurchase plan on Thursday, February 27th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the information services provider to purchase up to 1.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Wix.com

Large investors have recently modified their holdings of the business. Wellington Management Group LLP boosted its stake in 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 worth $324,081,000 after purchasing an additional 1,266,202 shares in the last quarter. Durable Capital Partners LP purchased a new position in shares of Wix.com in the fourth quarter worth $89,839,000. SG Americas Securities LLC lifted its stake in shares of Wix.com by 558.5% during the fourth quarter. SG Americas Securities LLC now owns 471,933 shares of the information services provider’s stock worth $101,253,000 after buying an additional 400,265 shares during the period. Whale Rock Capital Management LLC lifted its stake in shares of Wix.com by 55.1% during 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 during the period. Finally, Senvest Management LLC increased its position in shares of Wix.com by 27.3% in the 4th quarter. Senvest Management LLC now owns 1,422,793 shares of the information services provider’s stock valued at $305,260,000 after acquiring an additional 304,712 shares during the period. Hedge funds and other institutional investors 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.