Wix.com (NASDAQ:WIX) Rating Increased 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 research report issued on Saturday.

A number of other equities analysts also recently weighed in on the stock. Oppenheimer lowered their target price on shares of Wix.com from $160.00 to $130.00 and set an “outperform” rating for the company in a research note on Monday, February 2nd. Scotiabank decreased their price target on Wix.com from $255.00 to $175.00 and set a “sector outperform” rating for the company in a report on Thursday, November 20th. Jefferies Financial Group lowered their price objective on Wix.com from $200.00 to $130.00 and set a “buy” rating for the company in a research report on Monday. UBS Group restated an “overweight” rating on shares of Wix.com in a research report on Thursday, December 11th. Finally, Wells Fargo & Company decreased their target price on Wix.com from $184.00 to $176.00 and set an “overweight” rating for the company in a research note on Friday, December 19th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $156.30.

Wix.com Price Performance

Shares of WIX stock opened at $70.46 on Friday. The stock has a market capitalization of $3.95 billion, a PE ratio of 30.11, a PEG ratio of 2.21 and a beta of 1.42. The business’s 50 day simple moving average is $85.23 and its 200 day simple moving average is $117.10. Wix.com has a one year low of $60.22 and a one year high of $202.65.

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

Institutional Trading of Wix.com

Hedge funds have recently bought and sold shares of the business. Ameriprise Financial Inc. increased its stake in Wix.com by 128.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,637,795 shares of the information services provider’s stock valued at $823,813,000 after purchasing an additional 2,606,204 shares in the last quarter. Lone Pine Capital LLC bought a new stake in shares of Wix.com during the second quarter worth about $342,485,000. Wellington Management Group LLP increased its position in shares of Wix.com by 90.4% during the third quarter. Wellington Management Group LLP now owns 3,390,589 shares of the information services provider’s stock worth $602,270,000 after acquiring an additional 1,609,989 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in shares of Wix.com in the 4th quarter worth about $150,622,000. Finally, Atreides Management LP bought a new position in Wix.com in the 4th quarter valued at about $129,598,000. Institutional investors and hedge funds own 81.52% of the company’s stock.

Wix.com Company Profile

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.