Baird R W Upgrades Wix.com (NASDAQ:WIX) to Strong-Buy

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

A number of other equities analysts also recently commented on WIX. Wall Street Zen downgraded Wix.com from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Royal Bank of Canada dropped their target price on shares of Wix.com from $245.00 to $210.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Barclays boosted their price objective on shares of Wix.com from $236.00 to $240.00 and gave the company an "overweight" rating in a research report on Thursday, February 20th. Morgan Stanley dropped their price target on Wix.com from $276.00 to $207.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Citigroup reduced their price objective on Wix.com from $280.00 to $238.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Four 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 company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $226.16.

Wix.com Stock Performance

Shares of WIX stock traded up $0.90 during mid-day trading on Friday, reaching $152.16. 1,539,361 shares of the company were exchanged, compared to its average volume of 654,802. Wix.com has a fifty-two week low of $137.94 and a fifty-two week high of $247.11. The company has a market capitalization of $8.54 billion, a P/E ratio of 64.75, a P/E/G ratio of 2.83 and a beta of 1.56. The business's 50 day simple moving average is $164.66 and its 200 day simple moving average is $196.41.

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

Hedge Funds Weigh In On Wix.com

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. boosted its position in shares of Wix.com by 63.5% in 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 valued at approximately $29,000. Geneos Wealth Management Inc. increased its stake in shares of Wix.com by 632.4% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider's stock worth $41,000 after acquiring an additional 215 shares during the last quarter. Avior Wealth Management LLC raised its holdings in shares of Wix.com by 79.5% during the fourth quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider's stock worth $43,000 after acquiring an additional 89 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Wix.com during the fourth quarter valued at $43,000. 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.