Needham & Company LLC Reiterates “Buy” Rating for Wix.com (NASDAQ:WIX)

Wix.com (NASDAQ:WIX)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They currently have a $250.00 price target on the information services provider’s stock. Needham & Company LLC’s target price points to a potential upside of 61.30% from the company’s previous close.

Other analysts have also issued research reports about the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $245.00 target price on shares of Wix.com in a research note on Thursday, February 20th. UBS Group set a $250.00 target price on shares of Wix.com in a research note on Wednesday, March 5th. Wells Fargo & Company upgraded shares of Wix.com from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $169.00 to $176.00 in a research note on Tuesday, April 8th. Piper Sandler upped their price target 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. Finally, Raymond James upgraded shares of Wix.com from an “outperform” rating to a “strong-buy” rating and upped their price target for the stock from $225.00 to $300.00 in a research report on Tuesday, January 21st. Five analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $227.47.

Wix.com Price Performance

WIX stock opened at $154.99 on Wednesday. Wix.com has a 1-year low of $137.94 and a 1-year high of $247.11. The firm has a fifty day moving average price of $165.76 and a two-hundred day moving average price of $196.59. The firm has a market cap of $8.70 billion, a price-to-earnings ratio of 65.95, a PEG ratio of 2.83 and a beta of 1.56.

Wix.com announced that its board has authorized a stock repurchase program on Thursday, February 27th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the information services provider to reacquire up to 1.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Wix.com

Several institutional investors have recently bought and sold shares of WIX. Northwestern Mutual Wealth Management Co. lifted its holdings in Wix.com by 63.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock valued at $28,000 after acquiring an additional 66 shares during the last quarter. Twin Tree Management LP acquired a new stake in Wix.com in the 1st quarter valued at about $29,000. Newbridge Financial Services Group Inc. acquired a new stake in Wix.com in the 4th quarter valued at about $43,000. Avior Wealth Management LLC lifted its holdings in Wix.com by 79.5% in the 4th quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider’s stock valued at $43,000 after acquiring an additional 89 shares during the last quarter. Finally, Global Retirement Partners LLC lifted its holdings in Wix.com by 36.0% in the 4th quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock valued at $47,000 after acquiring an additional 58 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.