Wix.com (NASDAQ:WIX) Stock Rating Upgraded by Baird R W

Baird R W upgraded shares of Wix.com (NASDAQ:WIX) from a hold rating to a strong-buy rating in a research note issued to investors on Friday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on WIX. Bank of America dropped their price target on shares of Wix.com from $270.00 to $230.00 and set a “buy” rating on the stock in a research note on Wednesday, May 21st. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price target on shares of Wix.com in a research report on Thursday. Scotiabank began coverage on shares of Wix.com in a report on Wednesday, March 5th. They issued a “sector outperform” rating and a $250.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $250.00 target price on shares of Wix.com in a report on Wednesday, May 21st. Finally, Jefferies Financial Group decreased their price target on Wix.com from $265.00 to $230.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Four equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $226.16.

Wix.com Stock Performance

Shares of NASDAQ:WIX opened at $151.26 on Friday. The firm has a market capitalization of $8.49 billion, a P/E ratio of 64.37, a P/E/G ratio of 2.83 and a beta of 1.56. The stock has a 50 day moving average price of $165.42 and a 200-day moving average price of $196.87. Wix.com has a 52-week low of $137.94 and a 52-week high of $247.11.

Wix.com announced that its Board of Directors has approved a share buyback plan on Thursday, February 27th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the information services provider to purchase up to 1.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Wix.com

A number of institutional investors have recently bought and sold shares of the stock. Geneos Wealth Management Inc. increased its position in 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 buying an additional 215 shares in the last quarter. Bayforest Capital Ltd grew its stake in shares of Wix.com by 78.8% during the 1st quarter. Bayforest Capital Ltd now owns 1,291 shares of the information services provider’s stock valued at $211,000 after acquiring an additional 569 shares during the period. Woodline Partners LP increased its holdings in Wix.com by 9.7% in the 1st quarter. Woodline Partners LP now owns 2,292 shares of the information services provider’s stock worth $374,000 after acquiring an additional 202 shares in the last quarter. United Services Automobile Association purchased a new stake in Wix.com in the 1st quarter worth approximately $287,000. Finally, Goldman Sachs Group Inc. raised its position in shares of Wix.com by 25.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 761,566 shares of the information services provider’s stock valued at $124,425,000 after purchasing an additional 155,977 shares during the period. 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.