Wix.com’s (WIX) “Buy” Rating Reiterated at Needham & Company LLC

Wix.com (NASDAQ:WIX)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They presently have a $250.00 target price on the information services provider’s stock. Needham & Company LLC’s price target would suggest a potential upside of 37.56% from the company’s previous close.

Several other brokerages have also commented on WIX. Morgan Stanley decreased their price objective on shares of Wix.com from $276.00 to $207.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Barclays lifted their price target on shares of Wix.com from $236.00 to $240.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Citigroup lowered their price objective on Wix.com from $280.00 to $238.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Royal Bank of Canada restated an “outperform” rating and issued a $245.00 target price on shares of Wix.com in a report on Thursday, February 20th. Finally, Oppenheimer cut their target price on shares of Wix.com from $250.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Five research analysts have rated the stock with a hold rating, fifteen have given 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 “Moderate Buy” and an average price target of $237.74.

Wix.com Price Performance

NASDAQ:WIX opened at $181.74 on Wednesday. Wix.com has a 1-year low of $137.94 and a 1-year high of $247.11. The firm has a market capitalization of $10.20 billion, a price-to-earnings ratio of 77.34, a PEG ratio of 2.83 and a beta of 1.56. The company’s 50-day moving average is $166.56 and its two-hundred day moving average is $196.96.

Wix.com announced that its board has initiated a share buyback plan on Thursday, February 27th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the information services provider to repurchase up to 1.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

Several institutional investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Wix.com by 63.5% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock valued at $28,000 after purchasing an additional 66 shares in the last quarter. Twin Tree Management LP purchased a new position in Wix.com during the first quarter worth about $29,000. Avior Wealth Management LLC raised its stake in Wix.com by 79.5% during the fourth quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider’s stock worth $43,000 after purchasing an additional 89 shares during the period. Newbridge Financial Services Group Inc. acquired a new position in Wix.com in the fourth quarter valued at $43,000. Finally, Global Retirement Partners LLC lifted its position in Wix.com by 36.0% during the fourth quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock valued at $47,000 after buying an additional 58 shares in the last quarter. Hedge funds and other institutional investors own 81.52% of the company’s stock.

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.