Wix.com (NASDAQ:WIX) Upgraded to "Strong-Buy" at Baird R W

Baird R W upgraded shares of Wix.com (NASDAQ:WIX - Free Report) from a hold rating to a strong-buy rating in a research report sent to investors on Friday morning,Zacks.com reports.

WIX has been the subject of several other reports. Bank of America decreased their target price on shares of Wix.com from $270.00 to $230.00 and set a "buy" rating for the company in a research note on Wednesday, May 21st. Oppenheimer reduced their price objective on shares of Wix.com from $250.00 to $220.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Jefferies Financial Group reduced their price objective on shares of Wix.com from $265.00 to $230.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Needham & Company LLC reissued a "buy" rating and issued a $250.00 price objective on shares of Wix.com in a report on Wednesday, May 21st. Finally, Robert W. Baird raised shares of Wix.com from a "neutral" rating to an "outperform" rating and dropped their price objective for the company from $215.00 to $190.00 in a report on Friday, May 23rd. Four investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $226.68.

Wix.com Stock Performance

Shares of WIX traded down $1.49 during trading hours on Friday, hitting $150.81. The stock had a trading volume of 329,665 shares, compared to its average volume of 885,155. The firm has a 50-day moving average price of $164.26 and a 200 day moving average price of $196.11. Wix.com has a fifty-two week low of $137.94 and a fifty-two week high of $247.11. The firm has a market capitalization of $8.46 billion, a price-to-earnings ratio of 64.17, a PEG ratio of 2.83 and a beta of 1.56.

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

Institutional Trading of Wix.com

Several hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP lifted its stake 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 acquiring an additional 1,266,202 shares during the period. Dorsal Capital Management LP lifted its stake in shares of 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 purchasing an additional 25,000 shares during the period. Senvest Management LLC increased its holdings in Wix.com by 27.3% during 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 acquiring an additional 304,712 shares in the last quarter. Whale Rock Capital Management LLC increased its holdings in Wix.com by 55.1% during the 4th 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 in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Wix.com by 21.0% during the 4th quarter. Renaissance Technologies LLC now owns 937,549 shares of the information services provider's stock valued at $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.

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.