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Wix.com (NASDAQ:WIX) Downgraded to Buy Rating by Wall Street Zen

Wix.com logo with Computer and Technology background

Wix.com (NASDAQ:WIX - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued to investors on Saturday.

A number of other equities analysts also recently commented on the stock. Citigroup reduced their price objective on shares of Wix.com from $280.00 to $238.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Wells Fargo & Company dropped their price target on Wix.com from $176.00 to $173.00 and set an "equal weight" rating on the stock in a report on Thursday, May 22nd. Barclays upped their price objective on Wix.com from $236.00 to $240.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Needham & Company LLC reiterated a "buy" rating and set a $250.00 target price on shares of Wix.com in a research note on Wednesday, May 21st. Finally, JMP Securities reissued a "market outperform" rating and issued a $250.00 price target on shares of Wix.com in a report on Thursday, May 22nd. Four research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $226.68.

Read Our Latest Research Report on WIX

Wix.com Trading Up 1.9%

Shares of WIX traded up $2.93 during trading hours on Friday, hitting $155.09. 475,285 shares of the stock traded hands, compared to its average volume of 654,250. Wix.com has a 1-year low of $137.94 and a 1-year high of $247.11. The firm has a market capitalization of $8.70 billion, a PE ratio of 65.98, a price-to-earnings-growth ratio of 2.83 and a beta of 1.56. The business has a fifty day moving average of $164.66 and a 200-day moving average of $196.41.

Wix.com announced that its Board of Directors has approved a share repurchase plan on Thursday, February 27th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the information services provider to reacquire up to 1.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Flagship Harbor Advisors LLC purchased a new stake in Wix.com in the 4th quarter worth approximately $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 buying an additional 11,048 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Wix.com by 5.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 105,353 shares of the information services provider's stock valued at $22,603,000 after buying an additional 5,286 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Wix.com by 0.6% in the fourth quarter. Van ECK Associates Corp now owns 16,946 shares of the information services provider's stock worth $3,636,000 after buying an additional 107 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Wix.com by 1,439.4% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 10,545 shares of the information services provider's stock worth $2,262,000 after buying an additional 9,860 shares during the last quarter. 81.52% of the stock is owned by hedge funds and other institutional investors.

About Wix.com

(Get Free Report)

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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