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

Robert W. Baird upgraded shares of Wix.com (NASDAQ:WIX - Free Report) from a neutral rating to an outperform rating in a research report report published on Friday morning, MarketBeat reports. The firm currently has $190.00 price objective on the information services provider's stock, down from their previous price objective of $215.00.

Several other analysts also recently weighed in on WIX. UBS Group lowered their target price on shares of Wix.com from $255.00 to $230.00 and set a "buy" rating on the stock in a report on Thursday, May 22nd. Cfra Research lowered Wix.com from a "moderate buy" rating to a "hold" rating in a report on Tuesday, April 15th. JMP Securities reiterated a "market outperform" rating and set a $250.00 target price on shares of Wix.com in a research report on Thursday, May 22nd. Benchmark cut their target price on 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, Oppenheimer decreased their price target on Wix.com from $250.00 to $220.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $226.68.

Wix.com Trading Up 2.3%

Shares of Wix.com stock traded up $3.46 on Friday, hitting $155.62. The stock had a trading volume of 438,499 shares, compared to its average volume of 654,049. The stock has a market cap of $8.73 billion, a price-to-earnings ratio of 66.22, a P/E/G ratio of 2.83 and a beta of 1.56. Wix.com has a 52-week low of $137.94 and a 52-week high of $247.11. The company's 50 day moving average price is $164.66 and its 200 day moving average price is $196.41.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its holdings in shares of Wix.com by 518.3% in the 4th quarter. Wellington Management Group LLP now owns 1,510,515 shares of the information services provider's stock worth $324,081,000 after purchasing an additional 1,266,202 shares during the period. Dorsal Capital Management LP raised its holdings in Wix.com by 1.8% in the fourth quarter. Dorsal Capital Management LP now owns 1,425,000 shares of the information services provider's stock valued at $305,734,000 after buying an additional 25,000 shares during the period. Senvest Management LLC lifted its position in Wix.com by 27.3% during the fourth quarter. Senvest Management LLC now owns 1,422,793 shares of the information services provider's stock valued at $305,260,000 after buying an additional 304,712 shares in the last quarter. Whale Rock Capital Management LLC grew its stake in Wix.com by 55.1% during the fourth quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider's stock worth $229,904,000 after buying an additional 380,800 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Wix.com by 21.0% in the fourth quarter. Renaissance Technologies LLC now owns 937,549 shares of the information services provider's stock worth $201,151,000 after acquiring an additional 162,400 shares in the last quarter. Institutional investors and hedge funds own 81.52% of the company's stock.

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.