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

Research analysts at Scotiabank began coverage on shares of Wix.com (NASDAQ:WIX) in a report issued on Wednesday,Briefing.com Automated Import reports. The firm set a “sector outperform” rating and a $250.00 price target on the information services provider’s stock. Scotiabank’s price target would indicate a potential upside of 32.77% from the company’s current price.

Several other research firms also recently commented on WIX. B. Riley raised their price objective on Wix.com from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Raymond James upgraded shares of Wix.com from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $225.00 to $300.00 in a research note on Tuesday, January 21st. Royal Bank of Canada reiterated an “outperform” rating and issued a $245.00 price target on shares of Wix.com in a research report on Thursday, February 20th. Needham & Company LLC reissued a “buy” rating and issued a $235.00 price objective on shares of Wix.com in a research note on Wednesday, February 19th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Wix.com from $205.00 to $189.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $246.05.

Wix.com Price Performance

NASDAQ:WIX opened at $188.29 on Wednesday. Wix.com has a one year low of $117.58 and a one year high of $247.11. The business has a fifty day moving average price of $223.09 and a 200-day moving average price of $195.59. The firm has a market capitalization of $10.32 billion, a price-to-earnings ratio of 80.12, a price-to-earnings-growth ratio of 2.83 and a beta of 1.58.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of Wix.com by 23.1% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 263,534 shares of the information services provider’s stock valued at $44,055,000 after purchasing an additional 49,500 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in Wix.com by 60.8% during the 3rd 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 during the last quarter. Flagship Harbor Advisors LLC purchased a new stake in Wix.com in the 4th quarter worth about $256,000. Cumberland Partners Ltd lifted its stake in Wix.com by 18.8% in the third quarter. Cumberland Partners Ltd now owns 19,000 shares of the information services provider’s stock worth $3,176,000 after purchasing an additional 3,000 shares during the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new position in shares of Wix.com during the third quarter valued at approximately $461,000. 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.