Wix.com (NASDAQ:WIX) Now Covered by Analysts at Scotiabank

Scotiabank began coverage on shares of Wix.com (NASDAQ:WIX) in a research report sent to investors on Wednesday, MarketBeat reports. The brokerage issued a sector outperform rating and a $250.00 target price on the information services provider’s stock.

Several other research analysts have also recently issued reports on the company. Wells Fargo & Company began coverage on Wix.com in a research note on Monday, February 3rd. They issued an “underweight” rating and a $208.00 price target for the company. Morgan Stanley raised Wix.com from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $248.00 to $276.00 in a research note on Monday, January 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $245.00 price target on shares of Wix.com in a research note on Thursday, February 20th. Piper Sandler increased their price target on Wix.com from $249.00 to $262.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Finally, Cantor Fitzgerald increased their price target on Wix.com from $260.00 to $270.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $246.05.

Wix.com Price Performance

Shares of NASDAQ WIX opened at $197.53 on Wednesday. Wix.com has a 1-year low of $117.58 and a 1-year high of $247.11. The business’s fifty day moving average price is $222.52 and its two-hundred day moving average price is $195.61. The firm has a market capitalization of $10.83 billion, a PE ratio of 84.06, a P/E/G ratio of 2.83 and a beta of 1.58.

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

Institutional Investors Weigh In On Wix.com

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP raised its stake in shares of Wix.com by 518.3% during 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 purchasing an additional 1,266,202 shares in the last quarter. Dorsal Capital Management LP raised its stake in shares of Wix.com by 1.8% during 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 purchasing an additional 25,000 shares in the last quarter. Senvest Management LLC raised its stake in shares of Wix.com by 27.3% during the 4th quarter. Senvest Management LLC now owns 1,422,793 shares of the information services provider’s stock worth $305,260,000 after purchasing an additional 304,712 shares in the last quarter. Whale Rock Capital Management LLC raised its stake 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 purchasing an additional 380,800 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of Wix.com by 21.0% during the 4th quarter. Renaissance Technologies LLC now owns 937,549 shares of the information services provider’s stock valued at $201,151,000 after acquiring an additional 162,400 shares during the last quarter. 81.52% of the stock is owned by hedge funds and other 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.