Wix.com (NASDAQ:WIX) Raised to Buy at Wall Street Zen

Wix.com (NASDAQ:WIX) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

A number of other research firms also recently weighed in on WIX. Bank of America cut their target price on Wix.com from $210.00 to $170.00 and set a “buy” rating for the company in a research report on Wednesday, November 19th. Needham & Company LLC reduced their price objective on shares of Wix.com from $200.00 to $140.00 and set a “buy” rating on the stock in a research note on Thursday, November 20th. Royal Bank Of Canada set a $70.00 target price on shares of Wix.com in a report on Wednesday, January 7th. Morgan Stanley cut their price target on shares of Wix.com from $181.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, January 15th. Finally, Barclays reduced their price target on shares of Wix.com from $210.00 to $205.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 21st. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $156.30.

Wix.com Trading Down 1.2%

Shares of WIX opened at $70.46 on Friday. The stock has a market capitalization of $3.95 billion, a PE ratio of 30.11, a P/E/G ratio of 2.21 and a beta of 1.42. The firm’s 50 day moving average is $85.23 and its 200-day moving average is $117.10. Wix.com has a 12 month low of $60.22 and a 12 month high of $202.65.

Wix.com declared that its board has approved a stock repurchase plan on Wednesday, January 28th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the information services provider to repurchase up to 40.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its position in Wix.com by 122.2% during the 4th quarter. Farther Finance Advisors LLC now owns 240 shares of the information services provider’s stock worth $25,000 after buying an additional 132 shares during the period. Westside Investment Management Inc. lifted its holdings in shares of Wix.com by 100.0% during the third quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock worth $27,000 after purchasing an additional 77 shares during the period. Flagship Harbor Advisors LLC acquired a new position in shares of Wix.com during the fourth quarter worth $27,000. Geneos Wealth Management Inc. grew its stake 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 worth $41,000 after purchasing an additional 215 shares during the last quarter. Finally, Employees Retirement System of Texas increased its holdings in Wix.com by 129.9% in the fourth quarter. Employees Retirement System of Texas now owns 446 shares of the information services provider’s stock valued at $46,000 after purchasing an additional 252 shares during the period. Institutional investors and hedge funds own 81.52% of the company’s stock.

About Wix.com

Wix.com Ltd. operates a cloud-based platform that enables individuals and businesses to create, manage and develop professional web presences through an intuitive drag-and-drop interface. The company’s software-as-a-service model provides hosting, customizable templates and a range of design tools, eliminating the need for coding expertise. Users can choose from a variety of premium plans to access custom domains, enhanced storage, and advanced performance features tailored to personal projects, small businesses and online storefronts.

Beyond its core website builder, Wix offers a suite of complementary services designed to support digital growth and marketing.