Wix.com (NASDAQ:WIX) Sees Large Volume Increase - What's Next?

Shares of Wix.com Ltd. (NASDAQ:WIX - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 1,034,009 shares changed hands during mid-day 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.

Analyst Ratings Changes

WIX has been the subject of several analyst reports. Wells Fargo & Company raised Wix.com from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $173.00 to $216.00 in a research report on Monday. Oppenheimer reduced their target price on Wix.com from $250.00 to $220.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Citigroup dropped their price target on Wix.com from $280.00 to $238.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. 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 report on Monday, May 19th. Finally, Jefferies Financial Group reduced their target price on shares of Wix.com from $265.00 to $230.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Three equities research analysts have rated the stock with a hold rating, eighteen 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 presently has a consensus rating of "Buy" and a consensus price target of $228.95.

Wix.com Price Performance

The stock has a market capitalization of $8.75 billion, a price-to-earnings ratio of 62.11, a price-to-earnings-growth ratio of 2.28 and a beta of 1.31. The firm has a fifty day moving average of $161.84 and a 200 day moving average of $191.26.

Wix.com declared that its board has authorized a share repurchase program 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 repurchase up to 1.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP grew its holdings in 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 valued at $324,081,000 after buying an additional 1,266,202 shares in the last quarter. Durable Capital Partners LP purchased a new stake in shares of Wix.com in the fourth quarter valued at about $89,839,000. Whale Rock Capital Management LLC increased its position in Wix.com by 55.1% during the fourth quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider's stock worth $229,904,000 after purchasing an additional 380,800 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Wix.com by 1,209.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 344,713 shares of the information services provider's stock valued at $56,319,000 after purchasing an additional 318,387 shares during the last quarter. Finally, Senvest Management LLC grew 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 buying an additional 304,712 shares during the period. 81.52% of the stock is currently 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.

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