Wix.com (NASDAQ:WIX) Earns Sector Outperform Rating from Analysts at Scotiabank

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

A number of other analysts have also issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $235.00 target price on shares of Wix.com in a report on Wednesday, February 19th. Raymond James raised Wix.com from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $225.00 to $300.00 in a report on Tuesday, January 21st. Benchmark raised their target price on Wix.com from $250.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Jefferies Financial Group raised their target price on Wix.com from $225.00 to $260.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Piper Sandler raised their target price on Wix.com from $249.00 to $262.00 and gave the company an “overweight” rating in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, three have given a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $246.05.

Wix.com Stock Performance

Shares of NASDAQ WIX opened at $197.53 on Wednesday. The firm has a market cap of $10.83 billion, a price-to-earnings ratio of 84.06, a P/E/G ratio of 2.83 and a beta of 1.58. The business’s 50-day simple moving average is $222.52 and its 200-day simple moving average is $195.61. Wix.com has a 52 week low of $117.58 and a 52 week high of $247.11.

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

Hedge Funds Weigh In On Wix.com

Several institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP raised its position 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 purchasing an additional 1,266,202 shares during the last quarter. Dorsal Capital Management LP raised its position in 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 valued at $305,734,000 after purchasing an additional 25,000 shares during the last quarter. Senvest Management LLC raised its position in 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 purchasing an additional 304,712 shares during the last quarter. Whale Rock Capital Management LLC raised its position in 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 valued at $229,904,000 after purchasing an additional 380,800 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Wix.com by 21.0% during the fourth quarter. Renaissance Technologies LLC now owns 937,549 shares of the information services provider’s stock worth $201,151,000 after acquiring an additional 162,400 shares during the last quarter. 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.