Wix.com (NASDAQ:WIX) Upgraded by StockNews.com to "Strong-Buy" Rating

StockNews.com upgraded shares of Wix.com (NASDAQ:WIX - Free Report) from a buy rating to a strong-buy rating in a research note released on Tuesday.

Several other research analysts have also commented on WIX. Barclays lifted their price target on Wix.com from $236.00 to $240.00 and gave the stock an "overweight" rating in a research report on Thursday, February 20th. Piper Sandler boosted their target price on Wix.com from $249.00 to $262.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. JPMorgan Chase & Co. dropped their price objective 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. Jefferies Financial Group lifted their price target on shares of Wix.com from $225.00 to $260.00 and gave the stock a "buy" rating in a research note on Monday, January 6th. Finally, Raymond James raised shares of Wix.com from an "outperform" rating to a "strong-buy" rating and increased their price objective for the stock from $225.00 to $300.00 in a research report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, three have given a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Wix.com has a consensus rating of "Moderate Buy" and an average target price of $243.74.

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Wix.com Stock Performance

WIX stock traded down $7.52 during trading on Tuesday, hitting $166.36. 734,495 shares of the company's stock traded hands, compared to its average volume of 618,848. Wix.com has a 52 week low of $117.58 and a 52 week high of $247.11. The stock has a market capitalization of $9.33 billion, a price-to-earnings ratio of 70.79, a P/E/G ratio of 2.83 and a beta of 1.64. The business has a fifty day simple moving average of $206.48 and a 200 day simple moving average of $196.46.

Wix.com declared that its Board of Directors has initiated a share buyback plan on Thursday, February 27th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the information services provider to repurchase up to 1.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Institutional Investors Weigh In On Wix.com

A number of hedge funds have recently made changes to their positions in WIX. 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 in the last quarter. Flagship Harbor Advisors LLC acquired a new stake in Wix.com in the fourth quarter valued at approximately $256,000. Loomis Sayles & Co. L P grew its holdings in Wix.com by 23.9% in the third quarter. Loomis Sayles & Co. L P now owns 188,746 shares of the information services provider's stock worth $31,552,000 after purchasing an additional 36,459 shares during the last quarter. XTX Topco Ltd increased its position in shares of Wix.com by 348.6% during the third 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 in the last quarter. Finally, Maverick Capital Ltd. purchased a new stake in shares of Wix.com during the 3rd quarter valued at $890,000. 81.52% of the stock is currently owned by hedge funds and other 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.