Wix.com (NASDAQ:WIX) Downgraded to “Buy” Rating by StockNews.com

StockNews.com downgraded shares of Wix.com (NASDAQ:WIX) from a strong-buy rating to a buy rating in a report issued on Thursday.

Other equities research analysts have also issued research reports about the company. Piper Sandler lifted their price objective on Wix.com from $249.00 to $262.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Morgan Stanley upgraded shares of Wix.com from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $248.00 to $276.00 in a research note on Monday, January 13th. JMP Securities restated a “market outperform” rating and set a $240.00 price target on shares of Wix.com in a research note on Tuesday, February 18th. Needham & Company LLC reiterated a “buy” rating and issued a $235.00 price objective on shares of Wix.com in a research note on Wednesday, February 19th. Finally, Cantor Fitzgerald boosted their target price 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $246.05.

Wix.com Trading Down 5.3 %

Shares of NASDAQ WIX opened at $187.00 on Thursday. The firm has a market cap of $10.25 billion, a price-to-earnings ratio of 79.57, a price-to-earnings-growth ratio of 2.83 and a beta of 1.58. The stock has a fifty day simple moving average of $221.78 and a two-hundred day simple moving average of $195.55. Wix.com has a 1-year low of $117.58 and a 1-year high of $247.11.

Wix.com declared that its Board of Directors has approved a share buyback program 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 buy up to 1.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Wix.com

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP increased its stake in 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 valued at $324,081,000 after acquiring an additional 1,266,202 shares during the last quarter. Durable Capital Partners LP purchased a new position in shares of Wix.com in the 4th quarter worth about $89,839,000. SG Americas Securities LLC increased its position in shares of 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 valued at $101,253,000 after purchasing an additional 400,265 shares during the last quarter. Whale Rock Capital Management LLC raised its holdings in shares of 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 valued at $229,904,000 after buying an additional 380,800 shares in the last quarter. Finally, Senvest Management LLC lifted its position in 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 worth $305,260,000 after buying an additional 304,712 shares during the last quarter. Hedge funds and other institutional investors own 81.52% of the company’s stock.

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.