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

Wix.com (NASDAQ:WIX - Get Free Report) was upgraded by stock analysts at StockNews.com from a "buy" rating to a "strong-buy" rating in a research report issued on Friday.

WIX has been the topic of a number of other research reports. Piper Sandler lifted their price objective on shares of Wix.com from $249.00 to $262.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Cantor Fitzgerald lifted their price objective on shares of Wix.com from $260.00 to $270.00 and gave the stock an "overweight" rating in a research report on Thursday, February 20th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $245.00 price objective on shares of Wix.com in a research report on Thursday, February 20th. JPMorgan Chase & Co. cut their price objective on shares of Wix.com from $205.00 to $189.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 19th. Finally, Raymond James raised shares of Wix.com from an "outperform" rating to a "strong-buy" rating and lifted their price objective for the stock 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 assigned a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $243.74.

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Wix.com Stock Performance

NASDAQ WIX opened at $172.83 on Friday. The company has a market capitalization of $9.47 billion, a price-to-earnings ratio of 73.54, a price-to-earnings-growth ratio of 2.83 and a beta of 1.64. The company's 50-day simple moving average is $217.76 and its two-hundred day simple moving average is $195.81. Wix.com has a one year low of $117.58 and a one year high of $247.11.

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

Hedge Funds Weigh In On Wix.com

Several institutional investors have recently made changes to their positions in the company. Cullen Frost Bankers Inc. increased its holdings in shares of Wix.com by 9.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 608 shares of the information services provider's stock valued at $130,000 after purchasing an additional 55 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Wix.com by 28.3% during the 4th quarter. Blue Trust Inc. now owns 254 shares of the information services provider's stock valued at $54,000 after purchasing an additional 56 shares in the last quarter. Global Retirement Partners LLC increased its holdings 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 valued at $47,000 after purchasing an additional 58 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Wix.com by 2.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,338 shares of the information services provider's stock valued at $502,000 after purchasing an additional 63 shares in the last quarter. Finally, Vestcor Inc increased its holdings in shares of Wix.com by 8.0% during the 4th quarter. Vestcor Inc now owns 853 shares of the information services provider's stock valued at $183,000 after purchasing an additional 63 shares in the last quarter. 81.52% of the stock is 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.

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