Wix.com Ltd. (NASDAQ:WIX) Receives Average Rating of “Moderate Buy” from Analysts

Wix.com Ltd. (NASDAQ:WIX) has earned an average rating of “Moderate Buy” from the twenty-one brokerages that are presently covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $238.89.

Several analysts recently weighed in on WIX shares. Piper Sandler raised their target price on shares of Wix.com from $249.00 to $262.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Morgan Stanley decreased their price objective on shares of Wix.com from $276.00 to $207.00 and set an “overweight” rating for the company in a research report on Wednesday. Raymond James upgraded Wix.com from an “outperform” rating to a “strong-buy” rating and raised their price target for the company from $225.00 to $300.00 in a research note on Tuesday, January 21st. Royal Bank of Canada reiterated an “outperform” rating and issued a $245.00 price objective on shares of Wix.com in a report on Thursday, February 20th. Finally, Scotiabank assumed coverage on shares of Wix.com in a research note on Wednesday, March 5th. They set a “sector outperform” rating and a $250.00 price target on the stock.

Wix.com Price Performance

WIX opened at $159.76 on Friday. The stock has a market capitalization of $8.96 billion, a price-to-earnings ratio of 67.98, a PEG ratio of 2.83 and a beta of 1.65. The business has a fifty day moving average price of $180.79 and a 200 day moving average price of $195.93. Wix.com has a 12 month low of $117.58 and a 12 month high of $247.11.

Wix.com declared that its board has authorized a stock repurchase plan on Thursday, February 27th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the information services provider to purchase up to 1.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Wix.com

Large investors have recently bought and sold shares of the company. Flagship Harbor Advisors LLC purchased a new position in Wix.com during the fourth quarter worth $256,000. Bank of New York Mellon Corp boosted its stake in Wix.com by 9.7% in the 4th quarter. Bank of New York Mellon Corp now owns 124,622 shares of the information services provider’s stock worth $26,738,000 after buying an additional 11,048 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Wix.com by 5.3% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 105,353 shares of the information services provider’s stock valued at $22,603,000 after buying an additional 5,286 shares during the period. Ameritas Advisory Services LLC acquired a new position in shares of Wix.com during the 4th quarter valued at about $321,000. Finally, Harbor Capital Advisors Inc. increased its stake in shares of Wix.com by 159.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 22,596 shares of the information services provider’s stock valued at $4,848,000 after acquiring an additional 13,894 shares during the last quarter. Institutional investors and hedge funds 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.