Wix.com (NASDAQ:WIX) Stock Rating Upgraded by Wells Fargo & Company

Wells Fargo & Company upgraded shares of Wix.com (NASDAQ:WIX - Free Report) from an equal weight rating to an overweight rating in a research note released on Monday, MarketBeat.com reports. The brokerage currently has $216.00 price target on the information services provider's stock, up from their previous price target of $173.00.

Several other research analysts have also recently commented on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $250.00 target price on shares of Wix.com in a report on Wednesday, May 21st. JPMorgan Chase & Co. dropped their price target on shares of Wix.com from $205.00 to $189.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 19th. Cfra Research downgraded Wix.com from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Baird R W raised Wix.com from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 23rd. Finally, Scotiabank started coverage on Wix.com in a report on Wednesday, March 5th. They set a "sector outperform" rating and a $250.00 price target for the company. Three equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, Wix.com has an average rating of "Buy" and a consensus price target of $228.95.

Wix.com Trading Up 0.3%

Shares of NASDAQ WIX traded up $0.51 during mid-day trading on Monday, reaching $157.15. The company had a trading volume of 877,927 shares, compared to its average volume of 667,643. The company has a 50-day moving average price of $161.84 and a two-hundred day moving average price of $191.26. The stock has a market cap of $8.82 billion, a PE ratio of 62.61, a P/E/G ratio of 2.28 and a beta of 1.31. Wix.com has a 1-year low of $137.94 and a 1-year high of $247.11.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP raised its stake in shares of Wix.com by 518.3% during the fourth 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 last quarter. Durable Capital Partners LP bought a new position in Wix.com during the fourth quarter worth about $89,839,000. Whale Rock Capital Management LLC grew its position in shares of 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 worth $229,904,000 after buying an additional 380,800 shares during the period. Assenagon Asset Management S.A. boosted its stake in Wix.com by 1,209.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 344,713 shares of the information services provider's stock worth $56,319,000 after acquiring an additional 318,387 shares during the last quarter. Finally, Senvest Management LLC grew its holdings in Wix.com by 27.3% during the fourth quarter. Senvest Management LLC now owns 1,422,793 shares of the information services provider's stock valued at $305,260,000 after purchasing an additional 304,712 shares during the period. 81.52% of the stock is owned by institutional investors.

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.