Wix.com (NASDAQ:WIX) Upgraded at StockNews.com

StockNews.com upgraded shares of Wix.com (NASDAQ:WIX) from a buy rating to a strong-buy rating in a research report released on Friday.

Several other brokerages have also weighed in on WIX. Scotiabank began coverage on Wix.com in a report on Wednesday, March 5th. They issued a “sector outperform” rating and a $250.00 price objective for the company. UBS Group set a $250.00 target price on Wix.com in a research note on Wednesday, March 5th. Barclays lifted their target price on Wix.com from $236.00 to $240.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Royal Bank of Canada restated an “outperform” rating and issued a $245.00 target price on shares of Wix.com in a research note on Thursday, February 20th. Finally, Evercore ISI upgraded Wix.com to a “strong-buy” rating in a research note on Thursday, November 21st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Wix.com presently has an average rating of “Moderate Buy” and an average price target of $243.74.

Wix.com Price Performance

NASDAQ:WIX opened at $172.59 on Friday. The business’s 50-day moving average is $216.76 and its two-hundred day moving average is $196.28. Wix.com has a 12 month low of $117.58 and a 12 month high of $247.11. The firm has a market capitalization of $9.46 billion, a PE ratio of 73.44, a price-to-earnings-growth ratio of 2.83 and a beta of 1.64.

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

Institutional Investors Weigh In On Wix.com

Hedge funds have recently made changes to their positions in the business. Mackenzie Financial Corp increased its position in Wix.com by 211.0% during the 4th quarter. Mackenzie Financial Corp now owns 29,395 shares of the information services provider’s stock valued at $6,307,000 after purchasing an additional 19,943 shares during the period. JT Stratford LLC purchased a new stake in shares of Wix.com in the 4th quarter worth about $218,000. USS Investment Management Ltd grew its position in shares of Wix.com by 12.5% in the 4th quarter. USS Investment Management Ltd now owns 10,404 shares of the information services provider’s stock worth $2,232,000 after buying an additional 1,157 shares during the period. Voloridge Investment Management LLC grew its position in shares of Wix.com by 15.7% in the 4th quarter. Voloridge Investment Management LLC now owns 380,909 shares of the information services provider’s stock worth $81,724,000 after buying an additional 51,581 shares during the period. Finally, Worldquant Millennium Advisors LLC grew its position in shares of Wix.com by 68.0% in the 4th quarter. Worldquant Millennium Advisors LLC now owns 106,187 shares of the information services provider’s stock worth $22,782,000 after buying an additional 42,969 shares during the period. 81.52% of the stock is currently owned by institutional investors.

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.