Wix.com (NASDAQ:WIX) Upgraded to Overweight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Wix.com (NASDAQ:WIX) from an equal weight rating to an overweight rating in a research report sent to investors on Monday morning, MarketBeat.com reports. Wells Fargo & Company currently has $216.00 price objective on the information services provider’s stock, up from their previous price objective of $173.00.

Several other research firms have also commented on WIX. Royal Bank of Canada cut their price target on Wix.com from $245.00 to $210.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Oppenheimer cut their price target on Wix.com from $250.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price target on shares of Wix.com in a research report on Thursday, May 22nd. Morgan Stanley dropped their target price on Wix.com from $276.00 to $207.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. dropped their target price on Wix.com from $205.00 to $189.00 and set a “neutral” rating on the stock in a report on Wednesday, February 19th. Three research analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $228.95.

Wix.com Stock Performance

Shares of NASDAQ WIX opened at $156.64 on Monday. Wix.com has a fifty-two week low of $137.94 and a fifty-two week high of $247.11. The firm has a market capitalization of $8.79 billion, a PE ratio of 66.66, a price-to-earnings-growth ratio of 2.83 and a beta of 1.31. The stock’s 50-day simple moving average is $162.00 and its 200-day simple moving average is $191.50.

Wix.com announced that its board has approved a share buyback program on Thursday, February 27th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the information services provider to purchase up to 1.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Institutional Trading of Wix.com

A number of institutional investors have recently bought and sold shares of WIX. Northwestern Mutual Wealth Management Co. lifted its position in shares of Wix.com by 63.5% in the first 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 in the last quarter. Twin Tree Management LP purchased a new stake in shares of Wix.com in the first quarter valued at $29,000. Geneos Wealth Management Inc. lifted its position in shares of Wix.com by 632.4% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock valued at $41,000 after acquiring an additional 215 shares in the last quarter. Global Retirement Partners LLC lifted its position in shares of 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 acquiring an additional 58 shares in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Wix.com in the fourth quarter valued at $52,000. 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.