JMP Securities reiterated their market outperform rating on shares of Wix.com (NASDAQ:WIX – Free Report) in a research report released on Friday morning,Benzinga reports. JMP Securities currently has a $250.00 price objective on the information services provider’s stock.
Several other brokerages have also commented on WIX. Benchmark dropped their price objective on Wix.com from $260.00 to $245.00 and set a “buy” rating on the stock in a report on Monday, May 19th. Scotiabank initiated coverage on shares of Wix.com in a research note on Wednesday, March 5th. They issued a “sector outperform” rating and a $250.00 price target on the stock. Bank of America reduced their price objective on shares of Wix.com from $270.00 to $230.00 and set a “buy” rating for the company in a research report on Wednesday, May 21st. Wells Fargo & Company raised shares of Wix.com from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $173.00 to $216.00 in a report on Monday, June 16th. Finally, Wall Street Zen cut shares of Wix.com from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 24th. Three investment 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 stock. According to MarketBeat, Wix.com currently has an average rating of “Buy” and a consensus target price of $228.95.
Read Our Latest Report on Wix.com
Wix.com Trading Down 0.4%
Wix.com declared that its Board of Directors has approved a share buyback program on Thursday, February 27th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the information services provider to buy up to 1.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Institutional Investors Weigh In On Wix.com
A number of hedge funds have recently bought and sold shares of WIX. Wellington Management Group LLP grew 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 in the last quarter. Dorsal Capital Management LP boosted its holdings in Wix.com by 1.8% in the fourth quarter. Dorsal Capital Management LP now owns 1,425,000 shares of the information services provider’s stock worth $305,734,000 after purchasing an additional 25,000 shares during the period. Senvest Management LLC increased its stake in 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 valued at $305,260,000 after purchasing an additional 304,712 shares during the last quarter. Whale Rock Capital Management LLC increased its stake in Wix.com by 55.1% during the fourth 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 during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Wix.com by 21.0% during the fourth quarter. Renaissance Technologies LLC now owns 937,549 shares of the information services provider’s stock worth $201,151,000 after purchasing an additional 162,400 shares during the period. Institutional investors and hedge funds own 81.52% of the company’s stock.
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.
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