Wix.com (NASDAQ:WIX) Receives Market Outperform Rating from JMP Securities

JMP Securities restated their market outperform rating on shares of Wix.com (NASDAQ:WIX - Free Report) in a report published on Friday,Benzinga reports. They currently have a $250.00 price target on the information services provider's stock.

Several other brokerages have also recently issued reports on WIX. Scotiabank began coverage on shares of Wix.com in a report on Wednesday, March 5th. They issued a "sector outperform" rating and a $250.00 target price for the company. Morgan Stanley reduced their target price on shares of Wix.com from $276.00 to $207.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Cantor Fitzgerald restated an "overweight" rating and issued a $200.00 target price on shares of Wix.com in a research note on Wednesday, June 18th. 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 note on Monday, April 7th. Finally, Baird R W upgraded shares of Wix.com from a "hold" rating to a "strong-buy" rating in a report on Friday, May 23rd. Three equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $228.95.

Wix.com Stock Up 0.5%

NASDAQ WIX traded up $0.76 on Friday, hitting $158.68. 621,482 shares of the stock were exchanged, compared to its average volume of 679,742. The company has a 50-day moving average price of $161.76 and a 200-day moving average price of $189.26. 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 cap of $8.90 billion, a PE ratio of 63.22, a PEG ratio of 2.30 and a beta of 1.31.

Wix.com declared that its Board of Directors has authorized a share repurchase plan on Thursday, February 27th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the information services provider to purchase up to 1.8% of its shares through open market purchases. Shares buyback plans are usually 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 bought and sold shares of WIX. Northwestern Mutual Wealth Management Co. lifted its position in shares of Wix.com by 63.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider's stock worth $28,000 after purchasing an additional 66 shares in the last quarter. Twin Tree Management LP bought a new position in shares of Wix.com during the first quarter worth about $29,000. Global Retirement Partners LLC grew its position in shares of Wix.com by 36.0% during the fourth quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider's stock worth $47,000 after acquiring an additional 58 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Wix.com during the fourth quarter worth about $52,000. Finally, Geneos Wealth Management Inc. grew its position in shares of Wix.com by 632.4% during 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. 81.52% of the stock is owned by institutional investors and hedge funds.

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.