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

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 Thursday.

Several other analysts have also commented on the stock. Morgan Stanley raised shares of Wix.com from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $248.00 to $276.00 in a research report on Monday, January 13th. Piper Sandler boosted their target price on Wix.com from $249.00 to $262.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Jefferies Financial Group increased 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. Wells Fargo & Company lowered their price objective on Wix.com from $194.00 to $169.00 and set an “underweight” rating on the stock in a research note on Friday, March 7th. Finally, 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 research report on Thursday, February 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $243.74.

Wix.com Stock Performance

Wix.com stock opened at $150.01 on Thursday. The stock has a market cap of $8.42 billion, a PE ratio of 63.83, a price-to-earnings-growth ratio of 2.83 and a beta of 1.65. Wix.com has a fifty-two week low of $117.58 and a fifty-two week high of $247.11. The firm’s 50-day simple moving average is $197.26 and its 200 day simple moving average is $196.96.

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

Institutional Trading of Wix.com

Several large investors have recently modified their holdings of WIX. Versant Capital Management Inc raised its holdings in Wix.com by 676.1% in the 1st quarter. Versant Capital Management Inc now owns 714 shares of the information services provider’s stock worth $117,000 after purchasing an additional 622 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Wix.com by 8.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,468 shares of the information services provider’s stock valued at $530,000 after buying an additional 193 shares during the period. Mackenzie Financial Corp raised its stake in Wix.com by 211.0% in the fourth quarter. Mackenzie Financial Corp now owns 29,395 shares of the information services provider’s stock worth $6,307,000 after buying an additional 19,943 shares in the last quarter. JT Stratford LLC purchased a new stake in Wix.com in the fourth quarter worth about $218,000. Finally, USS Investment Management Ltd boosted its position in Wix.com by 12.5% during the 4th quarter. USS Investment Management Ltd now owns 10,404 shares of the information services provider’s stock valued at $2,232,000 after acquiring an additional 1,157 shares in the last quarter. 81.52% of the stock is owned by institutional investors.

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.