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

Wix.com (NASDAQ:WIX) was upgraded by investment analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday.

A number of other equities research analysts also recently issued reports on WIX. Cantor Fitzgerald boosted their target price on shares of Wix.com from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Evercore ISI raised shares of Wix.com to a “strong-buy” rating in a research note on Thursday, November 21st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $245.00 target price on shares of Wix.com in a research report on Thursday, February 20th. Barclays boosted their price target on Wix.com from $236.00 to $240.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Finally, Raymond James upgraded Wix.com from an “outperform” rating to a “strong-buy” rating and upped their price target for the stock from $225.00 to $300.00 in a research note on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $243.74.

Wix.com Stock Performance

Shares of NASDAQ WIX opened at $172.59 on Friday. The firm has a market cap of $9.46 billion, a P/E ratio of 73.44, a price-to-earnings-growth ratio of 2.83 and a beta of 1.64. Wix.com has a 1 year low of $117.58 and a 1 year high of $247.11. The firm’s 50 day moving average price is $216.76 and its 200 day moving average price is $196.05.

Wix.com announced that its Board of Directors has authorized a stock buyback 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

Institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets boosted its holdings in shares of Wix.com by 60.8% in 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 buying an additional 11,497 shares during the period. Flagship Harbor Advisors LLC acquired a new position in Wix.com in the fourth quarter valued at approximately $256,000. Oppenheimer & Co. Inc. acquired a new position in Wix.com in the third quarter valued at approximately $461,000. Loomis Sayles & Co. L P grew its holdings in shares of Wix.com by 23.9% during the third quarter. Loomis Sayles & Co. L P now owns 188,746 shares of the information services provider’s stock valued at $31,552,000 after purchasing an additional 36,459 shares during the last quarter. Finally, XTX Topco Ltd raised its position in shares of Wix.com by 348.6% during the 3rd quarter. XTX Topco Ltd now owns 8,904 shares of the information services provider’s stock worth $1,488,000 after purchasing an additional 6,919 shares during the period. 81.52% of the stock is currently owned by institutional investors.

Wix.com Company Profile

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.