Wix.com (NASDAQ:WIX) Upgraded at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Wix.com (NASDAQ:WIX) from an equal weight rating to an overweight rating in a research note released on Monday, Marketbeat Ratings reports. They currently have $216.00 target price on the information services provider’s stock, up from their previous target price of $173.00.

A number of other research firms have also recently weighed in on WIX. Robert W. Baird upgraded Wix.com from a “neutral” rating to an “outperform” rating and lowered their price target for the stock from $215.00 to $190.00 in a report on Friday, May 23rd. Needham & Company LLC restated a “buy” rating and issued a $250.00 price target on shares of Wix.com in a report on Wednesday, May 21st. Bank of America lowered their price target on Wix.com from $270.00 to $230.00 and set a “buy” rating on the stock in a report on Wednesday, May 21st. JMP Securities restated a “market outperform” rating and issued a $250.00 price target on shares of Wix.com in a report on Thursday, May 22nd. Finally, Barclays upped their price target on Wix.com from $236.00 to $240.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Three equities research analysts have rated the stock with a hold rating, eighteen have given 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 “Buy” and an average target price of $228.95.

Wix.com Trading Up 0.9%

NASDAQ WIX opened at $158.50 on Monday. The business’s 50 day moving average is $161.71 and its two-hundred day moving average is $191.03. Wix.com has a 12-month low of $137.94 and a 12-month high of $247.11. The stock has a market capitalization of $8.89 billion, a price-to-earnings ratio of 63.15, a PEG ratio of 2.29 and a beta of 1.31.

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

Hedge Funds Weigh In On Wix.com

Large investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. lifted its position in Wix.com by 63.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock worth $28,000 after buying an additional 66 shares during the period. Twin Tree Management LP purchased a new position in Wix.com during the first quarter worth about $29,000. Geneos Wealth Management Inc. raised its position in shares of Wix.com by 632.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after buying an additional 215 shares during the period. Global Retirement Partners LLC raised its position in shares of Wix.com by 36.0% in the 4th quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock worth $47,000 after buying an additional 58 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Wix.com in the 4th quarter worth $52,000. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

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.