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

Scotiabank assumed coverage on shares of Wix.com (NASDAQ:WIX - Free Report) in a research report sent to investors on Wednesday morning, Marketbeat.com reports. The brokerage issued a sector outperform rating and a $250.00 price target on the information services provider's stock.

Several other equities analysts have also commented on the company. Royal Bank of Canada reaffirmed an "outperform" rating and set a $245.00 target price on shares of Wix.com in a report on Thursday, February 20th. 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. Morgan Stanley raised Wix.com from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $248.00 to $276.00 in a report on Monday, January 13th. Needham & Company LLC reissued a "buy" rating and issued a $235.00 price objective on shares of Wix.com in a report on Wednesday, February 19th. Finally, JPMorgan Chase & Co. decreased their price objective on Wix.com from $205.00 to $189.00 and set a "neutral" rating for the company in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $244.00.

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Wix.com Stock Down 0.2 %

Shares of NASDAQ:WIX traded down $0.44 during trading on Wednesday, hitting $186.56. 1,495,757 shares of the company traded hands, compared to its average volume of 582,882. The stock has a market capitalization of $10.23 billion, a price-to-earnings ratio of 79.39, a PEG ratio of 2.83 and a beta of 1.64. The business's fifty day moving average is $221.14 and its 200-day moving average is $195.83. Wix.com has a one year low of $117.58 and a one year high of $247.11.

Wix.com declared that its Board of Directors has approved a share repurchase program on Thursday, February 27th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the information services provider to buy up to 1.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Migdal Insurance & Financial Holdings Ltd. lifted its stake in Wix.com by 23.1% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 263,534 shares of the information services provider's stock worth $44,055,000 after purchasing an additional 49,500 shares during the period. BNP Paribas Financial Markets increased its holdings in shares of Wix.com by 60.8% during the third quarter. BNP Paribas Financial Markets now owns 30,393 shares of the information services provider's stock worth $5,081,000 after buying an additional 11,497 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new stake in shares of Wix.com during the fourth quarter worth approximately $256,000. Cumberland Partners Ltd increased its holdings in shares of Wix.com by 18.8% during the third quarter. Cumberland Partners Ltd now owns 19,000 shares of the information services provider's stock worth $3,176,000 after buying an additional 3,000 shares in the last quarter. Finally, Oppenheimer & Co. Inc. acquired a new stake in shares of Wix.com during the third quarter worth approximately $461,000. 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.