Wix.com (NASDAQ:WIX) Upgraded at StockNews.com

StockNews.com upgraded shares of Wix.com (NASDAQ:WIX) from a buy rating to a strong-buy rating in a report published on Tuesday.

WIX has been the subject of several other reports. Wells Fargo & Company dropped their target price on shares of Wix.com from $194.00 to $169.00 and set an “underweight” rating for the company in a research report on Friday, March 7th. Barclays boosted their price objective on shares of Wix.com from $236.00 to $240.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Morgan Stanley raised Wix.com from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $248.00 to $276.00 in a report on Monday, January 13th. JPMorgan Chase & Co. lowered their price target on Wix.com from $205.00 to $189.00 and set a “neutral” rating for the company in a report on Wednesday, February 19th. Finally, Benchmark raised their price objective on Wix.com from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $243.74.

Wix.com Stock Performance

NASDAQ:WIX opened at $173.88 on Tuesday. The company has a market cap of $9.53 billion, a price-to-earnings ratio of 73.99, a PEG ratio of 2.83 and a beta of 1.64. Wix.com has a fifty-two week low of $117.58 and a fifty-two week high of $247.11. The stock has a fifty day moving average price of $206.48 and a 200-day moving average price of $196.46.

Wix.com declared that its Board of Directors has initiated a share buyback program on Thursday, February 27th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the information services provider to purchase up to 1.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Wix.com

A number of hedge funds and other institutional investors have recently made changes to their positions in WIX. Newbridge Financial Services Group Inc. acquired a new position in shares of Wix.com in the 4th quarter worth approximately $43,000. Avior Wealth Management LLC increased its position in shares of Wix.com by 79.5% during the fourth quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider’s stock worth $43,000 after buying an additional 89 shares during the period. Global Retirement Partners LLC lifted its holdings in Wix.com by 36.0% in the fourth quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock valued at $47,000 after buying an additional 58 shares during the period. SBI Securities Co. Ltd. acquired a new position in Wix.com in the fourth quarter valued at $52,000. Finally, Advisors Asset Management Inc. grew its holdings in Wix.com by 112.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 246 shares of the information services provider’s stock worth $41,000 after acquiring an additional 130 shares during the period. 81.52% of the stock is owned by institutional investors and hedge funds.

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.