Wix.com (NASDAQ:WIX) Stock Rating Upgraded by Wells Fargo & Company

Wix.com (NASDAQ:WIX - Get Free Report) was upgraded by equities research analysts at Wells Fargo & Company from an "underweight" rating to an "equal weight" rating in a report released on Tuesday, MarketBeat reports. The firm currently has a $176.00 target price on the information services provider's stock, up from their prior target price of $169.00. Wells Fargo & Company's price objective would indicate a potential upside of 11.04% from the stock's current price.

Several other research analysts have also recently weighed in on the stock. StockNews.com upgraded shares of Wix.com from a "buy" rating to a "strong-buy" rating in a report on Thursday, April 3rd. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $245.00 target price on shares of Wix.com in a research note on Thursday, February 20th. Jefferies Financial Group lowered their target price on Wix.com from $265.00 to $230.00 and set a "buy" rating for the company in a report on Monday, April 7th. Scotiabank began coverage on Wix.com in a report on Wednesday, March 5th. They issued a "sector outperform" rating and a $250.00 price target on the stock. Finally, Cantor Fitzgerald increased their price objective on Wix.com from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. Four investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Wix.com presently has an average rating of "Moderate Buy" and a consensus price target of $242.53.

Remove Ads

Wix.com Trading Up 1.8 %

Shares of NASDAQ WIX traded up $2.82 during mid-day trading on Tuesday, reaching $158.50. 823,838 shares of the company's stock were exchanged, compared to its average volume of 647,676. The business has a fifty day simple moving average of $185.82 and a 200 day simple moving average of $196.37. Wix.com has a twelve month low of $117.58 and a twelve month high of $247.11. The firm has a market capitalization of $8.89 billion, a price-to-earnings ratio of 67.45, a PEG ratio of 2.83 and a beta of 1.65.

Wix.com announced that its board has initiated a share buyback plan on Thursday, February 27th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows 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 stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP grew its stake 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 valued at $324,081,000 after buying an additional 1,266,202 shares during the last quarter. Dorsal Capital Management LP boosted its holdings in shares of Wix.com by 1.8% during the fourth quarter. Dorsal Capital Management LP now owns 1,425,000 shares of the information services provider's stock worth $305,734,000 after acquiring an additional 25,000 shares during the period. Senvest Management LLC grew its position in shares of Wix.com by 27.3% in the fourth quarter. Senvest Management LLC now owns 1,422,793 shares of the information services provider's stock valued at $305,260,000 after purchasing an additional 304,712 shares during the last quarter. Whale Rock Capital Management LLC increased its stake in shares of Wix.com by 55.1% during the fourth quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider's stock worth $229,904,000 after purchasing an additional 380,800 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in Wix.com by 21.0% during the 4th quarter. Renaissance Technologies LLC now owns 937,549 shares of the information services provider's stock worth $201,151,000 after purchasing an additional 162,400 shares during the last quarter. 81.52% of the stock is owned by institutional investors and hedge funds.

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.