Scotiabank Initiates Coverage on Wix.com (NASDAQ:WIX)

Analysts at Scotiabank started coverage on shares of Wix.com (NASDAQ:WIX) in a note issued to investors on Wednesday, MarketBeat reports. The brokerage set a “sector outperform” rating and a $250.00 price target on the information services provider’s stock. Scotiabank’s target price suggests a potential upside of 33.69% from the company’s current price.

Several other equities research analysts have also recently commented on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $245.00 target price on shares of Wix.com in a research note on Thursday, February 20th. Wells Fargo & Company assumed coverage on Wix.com in a research report on Monday, February 3rd. They issued an “underweight” rating and a $208.00 price objective for the company. Evercore ISI raised Wix.com to a “strong-buy” rating in a report on Thursday, November 21st. B. Riley raised their target price on shares of Wix.com from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Finally, Barclays boosted their price target on shares of Wix.com from $236.00 to $240.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. One analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $246.05.

Wix.com Trading Down 5.3 %

Shares of WIX stock opened at $187.00 on Wednesday. Wix.com has a 1 year low of $117.58 and a 1 year high of $247.11. The firm’s 50 day moving average is $221.78 and its 200-day moving average is $195.55. The firm has a market capitalization of $10.25 billion, a price-to-earnings ratio of 79.57, a PEG ratio of 2.83 and a beta of 1.58.

Wix.com announced that its board has initiated a share repurchase program on Thursday, February 27th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the information services provider to repurchase up to 1.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of WIX. Cullen Frost Bankers Inc. lifted its position in Wix.com by 9.9% in the 4th quarter. Cullen Frost Bankers Inc. now owns 608 shares of the information services provider’s stock valued at $130,000 after acquiring an additional 55 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Wix.com by 28.3% in the fourth quarter. Blue Trust Inc. now owns 254 shares of the information services provider’s stock valued at $54,000 after purchasing an additional 56 shares in the last quarter. Global Retirement Partners LLC boosted its position in shares of Wix.com by 36.0% during the fourth quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock worth $47,000 after buying an additional 58 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Wix.com by 2.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,338 shares of the information services provider’s stock worth $502,000 after buying an additional 63 shares in the last quarter. Finally, Vestcor Inc raised its position in Wix.com by 8.0% in the 4th quarter. Vestcor Inc now owns 853 shares of the information services provider’s stock valued at $183,000 after buying an additional 63 shares during the last quarter. 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.