Wix.com (NASDAQ:WIX) Upgraded by Baird R W to “Strong-Buy” Rating

Wix.com (NASDAQ:WIX) was upgraded by stock analysts at Baird R W from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Friday,Zacks.com reports.

WIX has been the topic of a number of other research reports. JPMorgan Chase & Co. cut their price objective on shares of Wix.com from $205.00 to $189.00 and set a “neutral” rating on the stock in a report on Wednesday, February 19th. Cfra Research cut Wix.com from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Morgan Stanley reduced their price target on Wix.com from $276.00 to $207.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Royal Bank of Canada lowered their price objective on Wix.com from $245.00 to $210.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, UBS Group cut their target price on Wix.com from $255.00 to $230.00 and set a “buy” rating on the stock in a research report on Thursday. Four equities research 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 MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $226.16.

Wix.com Trading Down 2.4%

Shares of WIX stock opened at $151.26 on Friday. The firm has a fifty day simple moving average of $165.42 and a 200-day simple moving average of $196.49. The company 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. Wix.com has a twelve month low of $137.94 and a twelve month high of $247.11.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Geneos Wealth Management Inc. raised its stake in Wix.com by 632.4% during the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after acquiring an additional 215 shares during the period. Bayforest Capital Ltd raised its position 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 purchasing an additional 569 shares during the period. 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 worth $374,000 after purchasing an additional 202 shares during the period. United Services Automobile Association bought a new stake in shares of Wix.com in the 1st quarter worth approximately $287,000. Finally, Goldman Sachs Group Inc. boosted its position in 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 and hedge funds.

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.