Wix.com (NASDAQ:WIX) Sees Strong Trading Volume - Still a Buy?

Wix.com Ltd. (NASDAQ:WIX - Get Free Report) saw strong trading volume on Wednesday . 1,034,009 shares were traded during trading, an increase of 54% from the previous session's volume of 669,325 shares.The stock last traded at $152.35 and had previously closed at $157.15.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Benchmark decreased their price target on shares of Wix.com from $260.00 to $245.00 and set a "buy" rating on the stock in a research note on Monday, May 19th. JMP Securities reissued a "market outperform" rating and set a $250.00 price target on shares of Wix.com in a research note on Friday. Wall Street Zen downgraded shares of Wix.com from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 24th. Citigroup decreased their price target on shares of Wix.com from $280.00 to $238.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Finally, UBS Group decreased their price target on shares of Wix.com from $255.00 to $230.00 and set a "buy" rating on the stock in a research note on Thursday, May 22nd. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, Wix.com currently has an average rating of "Buy" and a consensus price target of $228.95.

Wix.com Stock Performance

The stock's 50-day simple moving average is $161.76 and its 200-day simple moving average is $189.91. The firm has a market capitalization of $8.86 billion, a PE ratio of 62.92, a P/E/G ratio of 2.31 and a beta of 1.31.

Wix.com announced that its board has authorized a share buyback program on Thursday, February 27th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the information services provider to repurchase up to 1.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its shares are undervalued.

Institutional Trading of Wix.com

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Wellington Management Group LLP grew its position 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 buying an additional 1,266,202 shares during the period. Dorsal Capital Management LP grew its position in shares of Wix.com by 1.8% in the 4th quarter. Dorsal Capital Management LP now owns 1,425,000 shares of the information services provider's stock worth $305,734,000 after buying an additional 25,000 shares during the period. Senvest Management LLC grew its position 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 worth $305,260,000 after buying an additional 304,712 shares during the period. Whale Rock Capital Management LLC grew its position in shares of Wix.com by 55.1% in the 4th 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 grew its position in shares of Wix.com by 21.0% in the 4th quarter. Renaissance Technologies LLC now owns 937,549 shares of the information services provider's stock worth $201,151,000 after buying an additional 162,400 shares during the period. 81.52% of the stock is owned by hedge funds and other institutional investors.

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.