Wix.com (NASDAQ:WIX) Rating Lowered to "Buy" at StockNews.com

Wix.com (NASDAQ:WIX - Get Free Report) was downgraded by equities research analysts at StockNews.com from a "strong-buy" rating to a "buy" rating in a report released on Thursday.

Several other research firms also recently weighed in on WIX. Royal Bank of Canada reissued an "outperform" rating and issued a $245.00 price objective on shares of Wix.com in a report on Thursday, February 20th. Robert W. Baird raised their price objective on shares of Wix.com from $175.00 to $215.00 and gave the stock a "neutral" rating in a research report on Monday, November 25th. Piper Sandler lifted their price objective on shares of Wix.com from $249.00 to $262.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. JPMorgan Chase & Co. decreased their target price on shares of Wix.com from $205.00 to $189.00 and set a "neutral" rating for the company in a research note on Wednesday, February 19th. Finally, Raymond James upgraded Wix.com from an "outperform" rating to a "strong-buy" rating and boosted their price target for the company from $225.00 to $300.00 in a research report on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $243.74.

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Wix.com Trading Down 8.7 %

Shares of Wix.com stock traded down $16.16 on Thursday, hitting $170.40. The stock had a trading volume of 1,196,521 shares, compared to its average volume of 585,344. The stock has a market cap of $9.34 billion, a price-to-earnings ratio of 72.51, a P/E/G ratio of 2.83 and a beta of 1.64. Wix.com has a 52-week low of $117.58 and a 52-week high of $247.11. The company's 50 day moving average price is $221.14 and its 200 day moving average price is $196.02.

Wix.com announced that its board has authorized a stock buyback plan on Thursday, February 27th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the information services provider to reacquire up to 1.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in WIX. Newbridge Financial Services Group Inc. acquired a new stake in Wix.com in the 4th quarter valued at about $43,000. Avior Wealth Management LLC grew its position in shares of Wix.com by 79.5% in the fourth quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider's stock valued at $43,000 after purchasing an additional 89 shares during the last quarter. Global Retirement Partners LLC increased its stake in shares of Wix.com by 36.0% during the 4th quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider's stock worth $47,000 after purchasing an additional 58 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Wix.com during the 4th quarter worth approximately $52,000. Finally, Advisors Asset Management Inc. lifted its stake in Wix.com by 112.1% in 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 in the last quarter. Hedge funds and other institutional investors own 81.52% of the company's stock.

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.