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

Robert W. Baird upgraded shares of Wix.com (NASDAQ:WIX) from a neutral rating to an outperform rating in a research note issued to investors on Friday, MarketBeat.com reports. Robert W. Baird currently has $190.00 price objective on the information services provider’s stock, down from their previous price objective of $215.00.

Several other research firms have also issued reports on WIX. Morgan Stanley dropped their target price on Wix.com from $276.00 to $207.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. JMP Securities reaffirmed a “market outperform” rating and set a $250.00 price target on shares of Wix.com in a research report on Thursday. Wells Fargo & Company dropped their price objective on Wix.com from $176.00 to $173.00 and set an “equal weight” rating on the stock in a research note on Thursday. Benchmark decreased their target price on shares of Wix.com from $260.00 to $245.00 and set a “buy” rating for the company in a research note on Monday, May 19th. Finally, Scotiabank assumed coverage on shares of Wix.com in a report on Wednesday, March 5th. They set a “sector outperform” rating and a $250.00 target price on the stock. Four research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $226.16.

Wix.com Price Performance

Shares of NASDAQ:WIX opened at $151.26 on Friday. The company’s 50-day moving average price is $165.42 and its two-hundred day moving average price is $196.49. Wix.com has a one year low of $137.94 and a one year high of $247.11. 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.

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

Institutional Trading of Wix.com

Several institutional investors have recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC acquired a new stake in shares of Wix.com during the fourth quarter worth $256,000. Bank of New York Mellon Corp increased its position in Wix.com by 9.7% during the fourth quarter. Bank of New York Mellon Corp now owns 124,622 shares of the information services provider’s stock worth $26,738,000 after acquiring an additional 11,048 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in Wix.com by 5.3% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 105,353 shares of the information services provider’s stock worth $22,603,000 after purchasing an additional 5,286 shares in the last quarter. Ameritas Advisory Services LLC acquired a new stake in Wix.com in the 4th quarter worth about $321,000. Finally, Van ECK Associates Corp boosted its holdings in Wix.com by 0.6% in the 4th quarter. Van ECK Associates Corp now owns 16,946 shares of the information services provider’s stock valued at $3,636,000 after purchasing an additional 107 shares during the period. 81.52% of the stock is currently 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.