Wix.com (NASDAQ:WIX) Receives “Overweight” Rating from Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Wix.com (NASDAQ:WIX) in a research report released on Thursday,Benzinga reports. Cantor Fitzgerald currently has a $200.00 price target on the information services provider’s stock.

WIX has been the subject of several other research reports. Morgan Stanley dropped their price objective on Wix.com from $276.00 to $207.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Royal Bank of Canada reissued an “outperform” rating and set a $245.00 price objective on shares of Wix.com in a research note on Thursday, February 20th. Bank of America dropped their price objective on Wix.com from $270.00 to $230.00 and set a “buy” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. dropped their price target on Wix.com from $205.00 to $189.00 and set a “neutral” rating for the company in a research note on Wednesday, February 19th. Finally, UBS Group dropped their price target on Wix.com from $255.00 to $230.00 and set a “buy” rating for the company in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $227.47.

Wix.com Stock Performance

NASDAQ:WIX opened at $154.99 on Thursday. The firm has a market capitalization of $8.70 billion, a price-to-earnings ratio of 65.95, a P/E/G ratio of 2.83 and a beta of 1.56. Wix.com has a 52-week low of $137.94 and a 52-week high of $247.11. The stock has a fifty day moving average of $165.76 and a 200 day moving average of $196.59.

Wix.com declared that its board has approved a stock buyback program on Thursday, February 27th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the information services provider to buy up to 1.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Flagship Harbor Advisors LLC purchased a new position in shares of Wix.com in the fourth quarter worth about $256,000. Bank of New York Mellon Corp increased its holdings in Wix.com by 9.7% during the 4th quarter. Bank of New York Mellon Corp now owns 124,622 shares of the information services provider’s stock valued at $26,738,000 after purchasing an additional 11,048 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in Wix.com by 5.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 105,353 shares of the information services provider’s stock valued at $22,603,000 after purchasing an additional 5,286 shares during the period. Ameritas Advisory Services LLC purchased a new position in Wix.com during the 4th quarter valued at about $321,000. Finally, Van ECK Associates Corp increased its holdings in Wix.com by 0.6% during the 4th quarter. Van ECK Associates Corp now owns 16,946 shares of the information services provider’s stock valued at $3,636,000 after purchasing an additional 107 shares during the period. Hedge funds and other institutional investors own 81.52% of the company’s stock.

Wix.com Company Profile

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.