Wix.com (NASDAQ:WIX) Raised to Outperform at Robert W. Baird

Wix.com (NASDAQ:WIX - Get Free Report) was upgraded by research analysts at Robert W. Baird from a "neutral" rating to an "outperform" rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The firm presently has a $190.00 target price on the information services provider's stock. Robert W. Baird's price objective points to a potential upside of 22.59% from the company's previous close.

A number of other research firms also recently commented on WIX. Jefferies Financial Group reduced their target price on Wix.com from $265.00 to $230.00 and set a "buy" rating on the stock in a report on Monday, April 7th. JMP Securities restated a "market outperform" rating and issued a $250.00 price target on shares of Wix.com in a research note on Thursday. Bank of America cut their price objective on shares of Wix.com from $270.00 to $230.00 and set a "buy" rating on the stock in a research note on Wednesday. UBS Group decreased their price target on Wix.com from $255.00 to $230.00 and set a "buy" rating for the company in a research note on Thursday. Finally, JPMorgan Chase & Co. dropped their target price 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. Four analysts have rated the stock with a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $226.16.

Wix.com Price Performance

NASDAQ:WIX opened at $154.99 on Friday. Wix.com has a 1-year low of $137.94 and a 1-year high of $247.11. The firm has a 50-day moving average of $165.76 and a two-hundred day moving average of $196.59. The stock has a market cap of $8.70 billion, a P/E ratio of 65.95, a PEG ratio of 2.83 and a beta of 1.56.

Wix.com announced that its board has initiated a stock repurchase plan on Thursday, February 27th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the information services provider to reacquire up to 1.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

Large investors have recently bought and sold shares of the business. Wellington Management Group LLP grew its holdings in Wix.com by 518.3% during the fourth quarter. Wellington Management Group LLP now owns 1,510,515 shares of the information services provider's stock valued at $324,081,000 after purchasing an additional 1,266,202 shares during the last quarter. Durable Capital Partners LP acquired a new stake in Wix.com during the fourth quarter worth $89,839,000. Whale Rock Capital Management LLC increased its stake in Wix.com by 55.1% in the fourth quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider's stock valued at $229,904,000 after acquiring an additional 380,800 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Wix.com by 1,209.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 344,713 shares of the information services provider's stock worth $56,319,000 after buying an additional 318,387 shares during the period. Finally, Senvest Management LLC boosted its stake in shares of Wix.com by 27.3% in the 4th quarter. Senvest Management LLC now owns 1,422,793 shares of the information services provider's stock valued at $305,260,000 after purchasing an additional 304,712 shares in the last quarter. 81.52% of the stock is currently owned by 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.

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