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

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

WIX has been the topic of a number of other reports. Morgan Stanley upgraded shares of Wix.com from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $248.00 to $276.00 in a report on Monday, January 13th. Wells Fargo & Company dropped their price target on Wix.com from $194.00 to $169.00 and set an “underweight” rating on the stock in a report on Friday, March 7th. JPMorgan Chase & Co. cut their price objective on Wix.com from $205.00 to $189.00 and set a “neutral” rating for the company in a research report on Wednesday, February 19th. UBS Group set a $250.00 target price on Wix.com in a report on Wednesday, March 5th. Finally, Cantor Fitzgerald upped their target price on Wix.com from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $243.74.

Wix.com Stock Down 2.7 %

NASDAQ:WIX opened at $168.63 on Tuesday. The business’s 50-day moving average price is $207.83 and its 200 day moving average price is $196.61. Wix.com has a 52-week low of $117.58 and a 52-week high of $247.11. The firm has a market cap of $9.24 billion, a P/E ratio of 71.76, a PEG ratio of 2.83 and a beta of 1.64.

Wix.com announced that its Board of Directors has initiated a stock buyback program on Thursday, February 27th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the information services provider to purchase up to 1.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Advisors Asset Management Inc. lifted its holdings in shares of Wix.com by 112.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 246 shares of the information services provider’s stock valued at $41,000 after buying an additional 130 shares during the last quarter. Avior Wealth Management LLC raised its position in Wix.com by 79.5% during the fourth quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider’s stock valued at $43,000 after acquiring an additional 89 shares in the last quarter. Newbridge Financial Services Group Inc. acquired a new stake in Wix.com in the fourth quarter valued at approximately $43,000. Global Retirement Partners LLC grew its position in Wix.com by 36.0% in the fourth quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock worth $47,000 after acquiring an additional 58 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Wix.com during the 4th quarter worth $52,000. 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.