Wix.com Ltd. (NASDAQ:WIX) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Wix.com Ltd. (NASDAQ:WIX) have been given a consensus rating of “Moderate Buy” by the twenty ratings firms that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have given a buy rating and two have issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $245.83.

A number of analysts recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $235.00 target price on shares of Wix.com in a research note on Wednesday, February 19th. Royal Bank of Canada reiterated an “outperform” rating and issued a $245.00 target price on shares of Wix.com in a research note on Thursday, February 20th. B. Riley lifted their target price on shares of Wix.com from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Piper Sandler lifted their target price on shares of Wix.com from $249.00 to $262.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Finally, UBS Group lifted their target price on shares of Wix.com from $250.00 to $255.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th.

Wix.com Stock Down 5.6 %

WIX stock opened at $189.37 on Thursday. The firm has a 50 day moving average of $223.85 and a 200 day moving average of $195.42. The stock has a market capitalization of $10.38 billion, a PE ratio of 80.58, a price-to-earnings-growth ratio of 2.83 and a beta of 1.58. Wix.com has a 52 week low of $117.58 and a 52 week high of $247.11.

Wix.com declared that its board has initiated a stock repurchase plan on Thursday, February 27th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the information services provider to repurchase up to 1.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Wix.com

Several large investors have recently made changes to their positions in WIX. Wellington Management Group LLP increased its holdings in 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 worth $324,081,000 after acquiring an additional 1,266,202 shares in the last quarter. Durable Capital Partners LP purchased a new stake in Wix.com in the 4th quarter worth $89,839,000. SG Americas Securities LLC increased its holdings in Wix.com by 558.5% in the 4th quarter. SG Americas Securities LLC now owns 471,933 shares of the information services provider’s stock worth $101,253,000 after acquiring an additional 400,265 shares in the last quarter. Whale Rock Capital Management LLC increased its holdings in 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 worth $229,904,000 after acquiring an additional 380,800 shares in the last quarter. Finally, Senvest Management LLC increased its holdings in 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 acquiring an additional 304,712 shares in the last quarter. 81.52% of the stock is currently owned by institutional investors and hedge funds.

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.