Wix.com (NASDAQ:WIX - Get Free Report) had its price target reduced by investment analysts at Morgan Stanley from $276.00 to $207.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the information services provider's stock. Morgan Stanley's price target would suggest a potential upside of 41.30% from the company's previous close.
A number of other equities analysts also recently weighed in on the company. Wells Fargo & Company raised Wix.com from an "underweight" rating to an "equal weight" rating and boosted their price target for the stock from $169.00 to $176.00 in a research report on Tuesday, April 8th. Scotiabank assumed 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 objective for the company. Bank of America raised their target price on shares of Wix.com from $228.00 to $270.00 and gave the stock a "buy" rating in a research note on Wednesday, February 19th. Citigroup increased their price target on shares of Wix.com from $275.00 to $280.00 and gave the company a "buy" rating in a report on Thursday, February 20th. Finally, Cantor Fitzgerald boosted their price objective on Wix.com from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. Five equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $238.89.
Get Our Latest Research Report on WIX
Wix.com Stock Performance
WIX traded down $13.26 during trading on Wednesday, reaching $146.50. 837,974 shares of the stock were exchanged, compared to its average volume of 651,967. The stock's 50 day moving average price is $179.43 and its two-hundred day moving average price is $196.47. Wix.com has a twelve month low of $117.58 and a twelve month high of $247.11. The stock has a market cap of $8.22 billion, a P/E ratio of 62.34, a price-to-earnings-growth ratio of 2.83 and a beta of 1.65.
Wix.com announced that its board has authorized a stock 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 stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its stock is undervalued.
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in WIX. Geode Capital Management LLC lifted its stake in Wix.com by 3.2% in the third quarter. Geode Capital Management LLC now owns 461,902 shares of the information services provider's stock valued at $76,848,000 after buying an additional 14,340 shares during the period. Tidal Investments LLC boosted its position in shares of Wix.com by 3.4% during the 3rd quarter. Tidal Investments LLC now owns 34,646 shares of the information services provider's stock worth $5,792,000 after purchasing an additional 1,127 shares in the last quarter. Franklin Resources Inc. raised its stake in Wix.com by 8.9% during the 3rd quarter. Franklin Resources Inc. now owns 47,143 shares of the information services provider's stock worth $7,673,000 after buying an additional 3,864 shares during the period. GAMMA Investing LLC grew its stake in Wix.com by 962.7% in the fourth quarter. GAMMA Investing LLC now owns 542 shares of the information services provider's stock valued at $116,000 after acquiring an additional 491 shares during the period. Finally, CWA Asset Management Group LLC acquired a new position in shares of Wix.com during the fourth quarter worth approximately $1,042,000. 81.52% of the stock is owned by institutional investors.
About Wix.com
(
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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.
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