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

Wix.com (NASDAQ:WIX) was upgraded by equities researchers at StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Thursday.

Several other equities analysts have also recently weighed in on the company. Royal Bank of Canada restated an “outperform” rating and set a $245.00 price target on shares of Wix.com in a report on Thursday, February 20th. Cantor Fitzgerald boosted their price target on shares of Wix.com from $260.00 to $270.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Raymond James raised shares of Wix.com from an “outperform” rating to a “strong-buy” rating and upped their price target for the company from $225.00 to $300.00 in a research note on Tuesday, January 21st. Bank of America lifted their price objective on shares of Wix.com from $228.00 to $270.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Finally, Wells Fargo & Company lowered their price target on shares of Wix.com from $194.00 to $169.00 and set an “underweight” rating for the company in a report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, Wix.com has an average rating of “Moderate Buy” and a consensus target price of $243.74.

Wix.com Stock Down 3.8 %

Shares of WIX stock opened at $150.01 on Thursday. The company’s fifty day simple moving average is $197.26 and its two-hundred day simple moving average is $196.70. Wix.com has a 52 week low of $117.58 and a 52 week high of $247.11. The stock has a market cap of $8.42 billion, a P/E ratio of 63.83, a PEG ratio of 2.83 and a beta of 1.65.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its position in Wix.com by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 36,361 shares of the information services provider’s stock valued at $6,078,000 after acquiring an additional 613 shares in the last quarter. Investment Management Corp of Ontario bought a new stake in Wix.com during the third quarter valued at about $2,147,000. Quantinno Capital Management LP grew its stake in Wix.com by 5.2% in the third quarter. Quantinno Capital Management LP now owns 10,385 shares of the information services provider’s stock valued at $1,736,000 after purchasing an additional 509 shares during the last quarter. Sphera Funds Management LTD. raised its holdings in Wix.com by 36.0% in the third quarter. Sphera Funds Management LTD. now owns 34,253 shares of the information services provider’s stock worth $5,726,000 after purchasing an additional 9,076 shares in the last quarter. Finally, Whale Rock Capital Management LLC lifted its position in shares of Wix.com by 31.6% during the third quarter. Whale Rock Capital Management LLC now owns 690,765 shares of the information services provider’s stock valued at $115,475,000 after buying an additional 165,810 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.