Wix.com (NASDAQ:WIX) Upgraded to “Outperform” at Robert W. Baird

Robert W. Baird upgraded shares of Wix.com (NASDAQ:WIX) from a neutral rating to an outperform rating in a report released on Friday, Marketbeat reports. Robert W. Baird currently has $190.00 price target on the information services provider’s stock, down from their prior price target of $215.00.

Several other brokerages have also commented on WIX. Wells Fargo & Company cut their price target on shares of Wix.com from $176.00 to $173.00 and set an “equal weight” rating for the company in a report on Thursday. Cfra Research cut shares of Wix.com from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Wall Street Zen upgraded shares of Wix.com from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 3rd. Oppenheimer lowered 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. Finally, Benchmark cut their price objective on Wix.com from $260.00 to $245.00 and set a “buy” rating for the company in a research note on Monday, May 19th. Four research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $226.16.

Wix.com Price Performance

Wix.com stock opened at $151.26 on Friday. The stock has a market capitalization of $8.49 billion, a PE ratio of 64.37, a price-to-earnings-growth ratio of 2.83 and a beta of 1.56. The business has a 50 day simple moving average of $165.42 and a 200-day simple moving average of $196.87. Wix.com has a 12 month low of $137.94 and a 12 month high of $247.11.

Wix.com announced that its Board of Directors has initiated a stock buyback plan on Thursday, February 27th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the information services provider to repurchase up to 1.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

A number of hedge funds have recently modified their holdings of WIX. Geneos Wealth Management Inc. boosted its holdings in Wix.com by 632.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock valued at $41,000 after purchasing an additional 215 shares during the last quarter. Bayforest Capital Ltd increased its holdings 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 worth $211,000 after buying an additional 569 shares during the last quarter. Woodline Partners LP raised its position in shares of Wix.com by 9.7% during the 1st quarter. Woodline Partners LP now owns 2,292 shares of the information services provider’s stock valued at $374,000 after buying an additional 202 shares during the period. United Services Automobile Association acquired a new position in Wix.com in the first quarter valued at approximately $287,000. Finally, Goldman Sachs Group Inc. grew its position in Wix.com by 25.8% in the first quarter. Goldman Sachs Group Inc. now owns 761,566 shares of the information services provider’s stock worth $124,425,000 after acquiring an additional 155,977 shares during the period. 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.