Wix.com’s (WIX) Market Outperform Rating Reaffirmed at JMP Securities

JMP Securities reiterated their market outperform rating on shares of Wix.com (NASDAQ:WIX) in a research note issued to investors on Friday morning,Benzinga reports. They currently have a $250.00 price objective on the information services provider’s stock.

WIX has been the topic of several other research reports. Morgan Stanley lowered their price objective on shares of Wix.com from $276.00 to $207.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Barclays increased their price target on shares of Wix.com from $236.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Cfra Research downgraded shares of Wix.com from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, April 15th. Oppenheimer decreased their target price on Wix.com from $250.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Finally, Robert W. Baird raised Wix.com from a “neutral” rating to an “outperform” rating and cut their price target for the company from $215.00 to $190.00 in a report on Friday, May 23rd. Three equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Wix.com has an average rating of “Buy” and a consensus price target of $228.95.

Wix.com Price Performance

WIX stock opened at $157.92 on Friday. Wix.com has a 1 year low of $137.94 and a 1 year high of $247.11. The company has a market cap of $8.86 billion, a P/E ratio of 62.92, a price-to-earnings-growth ratio of 2.31 and a beta of 1.31. The stock’s fifty day moving average price is $161.76 and its 200-day moving average price is $190.18.

Wix.com declared that its Board of Directors has approved a stock repurchase plan 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 plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in WIX. Northwestern Mutual Wealth Management Co. lifted its holdings in Wix.com by 63.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock worth $28,000 after buying an additional 66 shares during the period. Twin Tree Management LP purchased a new stake in shares of Wix.com during the first quarter worth about $29,000. Geneos Wealth Management Inc. grew its position in Wix.com by 632.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after purchasing an additional 215 shares during the last quarter. Global Retirement Partners LLC increased its position in shares of 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 period. Finally, SBI Securities Co. Ltd. purchased a new stake in Wix.com in the fourth quarter valued at approximately $52,000. Hedge funds and other institutional investors own 81.52% of the company’s stock.

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.