Wix.com (NASDAQ:WIX) Downgraded to “Buy” Rating by Wall Street Zen

Wix.com (NASDAQ:WIX) was downgraded by Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Saturday.

A number of other research firms also recently commented on WIX. JMP Securities restated a “market outperform” rating and set a $250.00 price target on shares of Wix.com in a research report on Thursday. Oppenheimer cut their price objective on Wix.com from $250.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Needham & Company LLC reissued a “buy” rating and set a $250.00 target price on shares of Wix.com in a research note on Wednesday, May 21st. Royal Bank of Canada reduced their price target on shares of Wix.com from $245.00 to $210.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Scotiabank began coverage on Wix.com in a research report on Wednesday, March 5th. They set a “sector outperform” rating and a $250.00 price objective for the company. Four analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, Wix.com presently has an average rating of “Moderate Buy” and an average price target of $226.16.

Wix.com Trading Down 2.4%

Shares of NASDAQ:WIX opened at $151.26 on Friday. Wix.com has a 52 week low of $137.94 and a 52 week high of $247.11. The firm has a market capitalization of $8.49 billion, a P/E ratio of 64.37, a PEG ratio of 2.83 and a beta of 1.56. The firm’s 50 day moving average is $165.42 and its two-hundred day moving average is $196.87.

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

Institutional Investors Weigh In On Wix.com

Several hedge funds have recently modified their holdings of the business. Wellington Management Group LLP lifted its position in shares of Wix.com by 518.3% in the 4th quarter. Wellington Management Group LLP now owns 1,510,515 shares of the information services provider’s stock worth $324,081,000 after acquiring an additional 1,266,202 shares during the period. Dorsal Capital Management LP boosted its stake in shares of Wix.com by 1.8% in the 4th quarter. Dorsal Capital Management LP now owns 1,425,000 shares of the information services provider’s stock valued at $305,734,000 after purchasing an additional 25,000 shares in the last quarter. Senvest Management LLC increased its holdings in shares of Wix.com by 27.3% during the fourth quarter. Senvest Management LLC now owns 1,422,793 shares of the information services provider’s stock worth $305,260,000 after buying an additional 304,712 shares in the last quarter. Whale Rock Capital Management LLC increased its holdings in Wix.com by 55.1% during the 4th quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider’s stock valued at $229,904,000 after purchasing an additional 380,800 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Wix.com by 21.0% in the fourth quarter. Renaissance Technologies LLC now owns 937,549 shares of the information services provider’s stock valued at $201,151,000 after buying an additional 162,400 shares during the last quarter. 81.52% of the stock is owned by 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.