Wix.com (NASDAQ:WIX) Price Target Cut to $238.00 by Analysts at Citigroup

Wix.com (NASDAQ:WIX - Free Report) had its target price trimmed by Citigroup from $280.00 to $238.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a buy rating on the information services provider's stock.

A number of other brokerages have also recently issued reports on WIX. JPMorgan Chase & Co. dropped their target price on shares of Wix.com from $205.00 to $189.00 and set a "neutral" rating for the company in a report on Wednesday, February 19th. Scotiabank initiated coverage on shares of Wix.com in a research report on Wednesday, March 5th. They set a "sector outperform" rating and a $250.00 price target for the company. UBS Group set a $250.00 price objective on Wix.com in a report on Wednesday, March 5th. Piper Sandler increased their target price on Wix.com from $249.00 to $262.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Finally, Morgan Stanley lowered their price target on Wix.com from $276.00 to $207.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Five analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, Wix.com presently has a consensus rating of "Moderate Buy" and a consensus target price of $237.74.

Wix.com Trading Down 2.0 %

WIX stock traded down $3.48 during trading on Friday, hitting $166.50. 136,290 shares of the company's stock were exchanged, compared to its average volume of 654,367. Wix.com has a 52-week low of $117.58 and a 52-week high of $247.11. The stock has a market capitalization of $9.34 billion, a price-to-earnings ratio of 70.85, a PEG ratio of 2.83 and a beta of 1.65. The business has a 50-day moving average price of $170.90 and a two-hundred day moving average price of $196.18.

Wix.com declared that its Board of Directors has authorized a stock buyback plan on Thursday, February 27th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the information services provider to reacquire up to 1.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of WIX. Avior Wealth Management LLC grew its stake in shares of Wix.com by 79.5% in the 4th 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 last quarter. Newbridge Financial Services Group Inc. bought a new position in shares of Wix.com in the fourth quarter valued at $43,000. Global Retirement Partners LLC lifted its position in shares of Wix.com by 36.0% during the 4th quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider's stock valued at $47,000 after acquiring an additional 58 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Wix.com during the 4th quarter worth $52,000. Finally, Blue Trust Inc. grew its position in Wix.com by 28.3% during the 4th quarter. Blue Trust Inc. now owns 254 shares of the information services provider's stock worth $54,000 after purchasing an additional 56 shares in the last quarter. 81.52% of the stock is owned by institutional investors and hedge funds.

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.