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

StockNews.com upgraded shares of Wix.com (NASDAQ:WIX) from a buy rating to a strong-buy rating in a research report report published on Friday.

Several other analysts also recently weighed in on WIX. Citigroup lifted their price objective on Wix.com from $275.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Royal Bank of Canada reiterated an “outperform” rating and issued a $245.00 target price on shares of Wix.com in a research note on Thursday, February 20th. Jefferies Financial Group boosted their price target on Wix.com from $225.00 to $260.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Evercore ISI upgraded Wix.com to a “strong-buy” rating in a research report on Thursday, November 21st. Finally, Bank of America upped their target price on Wix.com from $228.00 to $270.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $243.74.

Wix.com Price Performance

Shares of WIX opened at $172.59 on Friday. The company has a 50 day simple moving average of $216.76 and a two-hundred day simple moving average of $196.28. Wix.com has a 1 year low of $117.58 and a 1 year high of $247.11. The firm has a market cap of $9.46 billion, a P/E ratio of 73.44, a price-to-earnings-growth ratio of 2.83 and a beta of 1.64.

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

Hedge Funds Weigh In On Wix.com

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its holdings in Wix.com by 60.8% during the third quarter. BNP Paribas Financial Markets now owns 30,393 shares of the information services provider’s stock valued at $5,081,000 after purchasing an additional 11,497 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new stake in Wix.com during the fourth quarter valued at approximately $256,000. Oppenheimer & Co. Inc. acquired a new stake in Wix.com during the third quarter valued at approximately $461,000. Loomis Sayles & Co. L P boosted its holdings in Wix.com by 23.9% during the third quarter. Loomis Sayles & Co. L P now owns 188,746 shares of the information services provider’s stock valued at $31,552,000 after purchasing an additional 36,459 shares in the last quarter. Finally, XTX Topco Ltd boosted its holdings in Wix.com by 348.6% during the third quarter. XTX Topco Ltd now owns 8,904 shares of the information services provider’s stock valued at $1,488,000 after purchasing an additional 6,919 shares in the last quarter. 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.