Wix.com (NASDAQ:WIX) Shares Gap Up on Analyst Upgrade

Wix.com Ltd. (NASDAQ:WIX) gapped up prior to trading on Wednesday after Bank of America raised their price target on the stock from $228.00 to $270.00. The stock had previously closed at $227.78, but opened at $234.84. Bank of America currently has a buy rating on the stock. Wix.com shares last traded at $218.50, with a volume of 525,000 shares traded.

Other equities analysts also recently issued research reports about the company. Jefferies Financial Group increased their price objective on Wix.com from $225.00 to $260.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Evercore ISI upgraded shares of Wix.com to a “strong-buy” rating in a research note on Thursday, November 21st. Wells Fargo & Company started coverage on shares of Wix.com in a research note on Monday, February 3rd. They issued an “underweight” rating and a $208.00 price objective for the company. Raymond James raised shares of Wix.com from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $225.00 to $300.00 in a research report on Tuesday, January 21st. Finally, Piper Sandler boosted their price target on Wix.com from $200.00 to $249.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $239.33.

Institutional Investors Weigh In On Wix.com

Several institutional investors and hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP grew its stake in shares of Wix.com by 518.3% in the 4th quarter. Wellington Management Group LLP now owns 1,510,515 shares of the information services provider’s stock valued at $324,081,000 after purchasing an additional 1,266,202 shares during the period. Durable Capital Partners LP acquired a new position in Wix.com during the fourth quarter worth $89,839,000. SG Americas Securities LLC lifted its holdings in shares of Wix.com by 558.5% during the fourth quarter. SG Americas Securities LLC now owns 471,933 shares of the information services provider’s stock valued at $101,253,000 after acquiring an additional 400,265 shares during the period. Whale Rock Capital Management LLC boosted its stake in shares of Wix.com by 55.1% in 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 purchasing an additional 380,800 shares in the last quarter. Finally, Senvest Management LLC grew its holdings in shares of 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 purchasing an additional 304,712 shares during the last quarter. Institutional investors own 81.52% of the company’s stock.

Wix.com Trading Down 4.7 %

The firm has a market cap of $11.90 billion, a P/E ratio of 135.63, a price-to-earnings-growth ratio of 2.49 and a beta of 1.58. The company’s fifty day moving average price is $227.05 and its two-hundred day moving average price is $192.90.

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.